00:01
This question asks you to estimate your income, consumption, and saving for the year, and then to categorize each of your consumptions into the three main categories.
00:12
So i'll just walk you through a hypothetical one to help you think about your estimated income, consumption, and saving for the year.
00:21
All right.
00:22
So let's say that you're a college student like me, and your income was, say, around $2 ,000 from a summer job you worked over the summer.
00:32
Right? so you estimate your income to be around $2 ,000.
00:35
And then to estimate our consumption, let's start by going through each of the categories, right? so the main three categories are durable goods, non -durable goods, and services, right? so what's a durable good? those are things like furniture, anything that lasts a long time, right? cars, things like that.
00:53
So let's say that you moved into a new apartment this year.
00:56
And so you had to buy furniture.
00:58
Four or five hundred dollars right so there's one and then our non -durable goods let's say that you need to buy food right groceries and you went out to eat but you're off your meal plan so it's a lot cheaper so let's say you only spent $1 ,500 on food all right and then you also bought some clothing say that's around $200 all right now services uh that would be the rent that you're paying for your new apartment, right? so that's, say you pay around 400 a month, so you spend around 4 ,800 per year...