Reverse Budget Builder :: How Much Money Will You Need?
One of the first questions we ask our students and clients when they start working with TransitionSpot is “How much money do you think you’ll need?” Budgeting is an important part of a successful life, and we want to make sure our users know what a realistic and responsible budget for their lifestyle and location will look like. It’s amazing the answers we sometimes get to this question. Anything from $1000 per month to $500,000 per year, although the most common answer is “I don’t know.” Most of the time, students (and even a lot of adults!) don’t even know where to start. They haven’t usually factored in a lot of important things like savings or debt repayment, not to mention insurance or inevitable doctor and dental visits.
To help with that, we put together a pretty inclusive budget builder that asks where you want to live, who you want to live with, how you plan to divide household bills, and what exactly those bills will look like. From there we can generate a sample monthly budget that takes into account all of your anticipated or desired expenses. From that figure, we add on an appropriate amount for taxes, and present you with a projected annual salary. This is the minimum amount you would need to live the lifestyle you’d like to live in the location you’d like to live. It’s a pre-tax amount, or the amount of money you would need to ask your prospective employer for.
From there, users are able to take their preferred minimum annual salary and use the filtering options in our research center to locate jobs that will help them meet their lifestyle goals in addition to their vocational goals. This turns out to be a very useful tool to help ensure long-term career satisfaction.