Final answer:
To find a budgeted benchmark, estimate future income, calculate expected expenses, assess education costs, and create a financial plan that encompasses all these elements. Tools like the 'Reality Check' from the Jumpstart Coalition can assist in creating a detailed budget.
Step-by-step explanation:
When attempting to find the budgeted benchmark, it is essential to first understand what a budget is. A budget is a financial plan that outlines expected income and expenses over a specific period, helping an individual or organization to plan and control their financial resources. In the context of a student at Southern New Hampshire University (SNHU) learning about the budgeted benchmark, the process would involve creating a forecast or a plan that outlines financial goals and the means to achieve them based on calculations and assumptions, such as the cost of living, expected earnings, and savings goals.
To calculate a budgeted benchmark, you would:
1. Estimate your future income, taking into account factors such as your desired job and potential salary after graduation.
2. Calculate your expected expenses, including essentials like housing, utilities, food, transportation, and discretionary expenses such as entertainment.
3. Assess the amount needed for post-high school education and strategize on how to finance it, for example through loans, scholarships, or savings.
4. Create a financial plan including a monthly budget that will allow you to live the lifestyle you want after graduating.
The budget challenge tools provided by organizations, such as the Jumpstart Coalition's "Reality Check", can help students understand the kind of income required to support their chosen lifestyle and assist in creating a detailed budget that could serve as a benchmark for their financial plans.