1. Through this project, I have learned that budgeting is necessary to be successful financially. I learned to pay attention to the intricacies of housing, transportation, taxes, savings, utilities, and health care. For example, I didn’t know that housing required gas costs that I would have to pay separately. While searching for homes, I had to recognize the “safety” factor of a neighborhood and make my decision accordingly. <br />For transportation, Erica McGale and I decided that cars were too expensive. As a result, we chose public transportation to save money. Cars included insurance, interest rates, and other factors, while public transportation seemed a less of a hassle. For utilities, we decided to not buy a landline. Cell phones are cheap in the family plan. Also, since neither of us would watch cable, we decided to pay for Netflix instead as it was cheaper and more suited for our purpose.<br />Food was an estimate cost, but after figuring out how much groceries and eating out cost, it was much easier process. Furthermore, I didn’t realize the effects of taxation on my salary. Paying almost $7000 in taxes came as a surprise to me. I didn’t know the extent of FICA and Social Security taxes on my salary. <br />I decided to determine my savings after all my other costs. I learned the difference between a checking account and a savings account. Finding a reliable, high-interest paying bank was difficult, but I found Citibank with a sustainable interest rate, at least for the first 6 months. I realized that although living costs can be expensive, if managed correctly, I can save a considerable amount. <br />Before I worked on this project, I did not realize the extent of work my parents have to do in order to budget. I appreciate their time and effort, and realize that I will have to do the same when I graduate. <br />