Erin Burt walks through a typical budget for someone graduating from college and starting there first job.  First she shows the taxes that come out of your paycheck.  Here is an example for a $35K/yr job.

Monthly gross pay $2,917 ($35,000 divided by 12 months)
Federal taxes $331
Social security $181
Medicare $42
State taxes $100
Employment benefits $150
NET INCOME $2,113 per month ($25,356 per year)

And then she provides a budget for the rest.

  • 30% ($634) Housing
  • 10% ($211) Utilities and other housing expenditures (including renters insurance)
  • 15% ($317) Food (at-home and away)
  • 10% ($211) Transportation (including car loan)
  • 10% ($211) Debt repayment (student loans and credit cards)
  • 10% ($211) Saving
  • 5% ($106) Clothing
  • 5% ($106) Entertainment
  • 5% ($106) Car insurance and miscellaneous personal expenses