What you earn vs. what you take home
It’s exciting to think about life after CU – where you’ll live, what kind of job you’ll have, and what your salary will be. Getting your degree is an investment in yourself and your future. It means you will likely earn more over your lifetime than you would have otherwise. It helps to know what your salary will be in terms of what you have to spend so that you have realistic expectations when you graduate.
If you’ve ever held a job, you already know that what you earn and what you take home are two different amounts of money. There can be a big difference! Let’s review the terms: Gross income is what you earn before taxes and other deductions. Net income is what you will actually receive. How will you know what your net monthly income will be? The calculation below will give you an idea of what your take-home pay will be. This is not an exact calculation for you because we don’t know what your exact tax rate and deductions will be, but it gives you an idea of what to expect in general terms. If you’d like more specific information that is unique to you, make an appointment
As you can see, your net pay is very different from your gross monthly pay. This is a more realistic picture of how much money you’ll have to spend. Now you can deduct your expected expenses.