Many expenses are required: Mortgage or rent, utilities, insurance, transportation costs, and medical expenses, as well as taxes. A credit card or student loans are also required monthly expenditures.
If you stay within your estimated budget, you will have money left over at the end of the month. Use this to pay down debt and build your savings. Ideally, you’ll have a savings account you build up for unexpected expenses, vacations and holiday gifts, or maybe for a car or house.
After required expenses are covered and savings account contributions are made, you can use the money remaining for “discretionary expenses,” a.k.a. fun!
Budget Basics: Gain financial control of your life!
Monthly budget for a single person
Housing (Studio apartment/utilities)
Janesville/Beloit: $596
Madison: $769
Food
Janesville/Beloit: $230
Madison: $266
Transportation (car payments, gas, insurance, transit, maintenance)
Janesville/Beloit: $857
Madison: $823
Health care (insurance, out-of-pocket costs)
Janesville/Beloit: $282
Madison: $295
Personal care (clothes, hair)/ household (phone/internet)
Janesville/Beloit: $333
Madison: $418
Taxes (state, federal, FICA)
Janesville/Beloit: $458
Madison: $537
Total monthly expenses
Janesville/Beloit: $2,755
Madison: $3,108
Annual cost of living
Janesville/Beloit: $33,063
Madison: $37,291
(Source: Economic Policy Institute budget calculator for Milwaukee/Waukesha/West Allis metro area.)
Median Salaries of Hot Jobs
Check out the income for these positions in demand for southeastern Wisconsin to see what you would be able to afford on their salaries.
Business
HR specialist
$52,230 ($4,352.50/month)
Administrative assistant
$47,170 ($3,930.83/month)
Manufacturing
Machinist
$41,250 ($3,437.50/month)
Manufacturing manager
$94,670 ($7,889.16/month)
Engineering
Mechanical engineer
$71,190 ($5,932.50/month)
Industrial engineer
$73,290 ($6,107.50/month)
Trades
Construction laborer
$36,960 ($3,080/month)
Electrician
$58,160 ($4,846.67/month)
Human Services
Social worker
$44,430 ($3,702.50/month)
Nursing assistant
$27,000 ($2,250/month)
(Source: careercruising.com)
Fun Money!
Here are some estimated costs of discretionary budget items.
Based on your monthly income, how long will you have to save to afford your desired goal?
- Dinner out ($50)
- Movie ($20)
- Concert tickets ($90)
- Kayak ($150)
- Skydiving ($250)
- Bicycle ($350)
- Tablet ($425)
- TV ($435)
- Musical instrument & lessons ($1,000)
- Sofa ($2,000)
- ATV ($7,500)
- Trip to Europe ($4,500)
- Motorcycle ($10,000)
- Camper ($15,000)
- Vacation home down payment ($20,000)
