Saving & Spending in All Stages of Life

SAVING & SPENDING IN ALL STAGES OF LIFE Saving well and spending wisely can take you far in life, but making and maintaining a budget is one of the surest ways to create a steadfast financial foundation. Here are some numbers to consider when budgeting for all stages of life. College Graduates' Salaries by Field of Study 2013 2012 Avg. Salary Avg. Salary Percent Change $55,635 $51,541 $43,835 $42,286 Business 7.9% Communications 3.7% Computer Sciences $58,547 $60,038 -2.5% Education $40,337 $39,080 3.2% Engineering $62,062 $60,639 2.3% Humanities and Social Sciences $37,791 $36,824 2.6% Math and Science $42,731 $42,355 0.9% Newlyweds * Seattle, WA $25,356 – $42,260* * Los Angeles, CA $23,781 – $39,635 * Las Vegas, NV $19,835 – $33,059 A Denver, CO $17,900 – $29,834 * Houston, TX $19,667 – $32,778 * Minneapolis, MN $20,732 – $34,553 * Chicago, IL $19,877 – $33,129 * Nashville, TN $16,808 – $28,013 * Orlando, FL $18,499 - $30,831 * New York, NY $19,913 – $33,189 *Cost based on wedding with 100 – 150 guests New Parents Child Care & Education 2% What We Spend on Our Kids, 1960 vs. 2011 Housing 31% Food 24% Transport 16% Misc. 12% Clothing 11% Housing 30% Food 16% Transport Misc. 14% 8% Health Care 8% Child Care & Education 18% Parents of College Students .4 Tuition, Room and Board** 4-Year Schools 2-Year Schools 2012 – 2013 $22,261 $9,180 2010 – 2011 $22,092 $8,909 2009 – 2010 $21,093 $8,533 2008 – 2009 $20,409 $8,238 2007 – 2008 $19,363 $7,637 2006 – 2007 $18,471 $7,466 2005 – 2006 $17,451 $7,236 2004 – 2005 $16,510 $7,095 2003 – 2004 $15,505 $6,705 2002 – 2003 $14,439 $6,252 **Cost per year of school Retirees/Seniors .5 4 Hidden Costs of Retirement Health Care Housing $240,000 1% - 4% Percentage of home's value needed each year of retirement Amount needed for average couple's out-of-pocket health care expenses Ex: $3,000 – $12,000 per year for a $300,000 home Relocation Grandchildren Hidden costs can stack up once you start adding things to the equation, such as: • Movers • Furniture • Décor • Increased living costs in the new location While presents and trips may have been considered, assisting with a grandchild's college tuition can be an unexpected financial burden The information in this infographic is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this infographic is not intended to be and does not constitute financial or any other advice. The information in this infographic is general in nature and is not specific to you the user or anyone else. References 1) National Association of Colleges and Employers. (2014, Sep. 4). Salary survey: average starting salary for class of 2013 grads increases 2.4 percent. Retrieved from http://naceweb.org/s09042013/salary-survey-average-starting-class-2013.aspx 2) Cost of Wedding. (n.d.). Average wedding cost $25,656 - wedding budget vs real wedding cost. Retrieved from http://www.costofwedding.com/ 3) Carr, C. (2013, Aug. 26). What's really behind the ever-rising cost of raising a child in America. Retrieved from http://www.theatlantic.com/business/archive/2013/08/what-s-re- ally-behind-the-ever-rising-cost-of-raising-a-child-in-america/279034/ 4) U.S. Department of Education. (2013, Nov. 23). Average cost of college tuition. Retrieved from http://www.statisticbrain.com/average-cost-of-college-tuition/ 5) Rafter, D. (2014, Jan. 24). Hidden costs of retirement: how to plan for them. Retrieved from http://www.money-rates.com/personal-finance/hidden-costs-retirement.htm?WT.qs_osrc=fxb-179517510 CaşhNetUSA. Money's on the waye %2425,656 %$445,327 2011 1960 What the Average Wedding Costs What the Average 2013 College Grad Makes 2 Clothing * Health Ca