OUGD502 - Cost of Living

I decided to fill out the cost of living form to give me an idea of how much money I spend in an annual year and how much money I need to be earning in an average year to be at a happy stable place.

Physical Needs such as House, Rent, Food and Health mounts up to £8,741.

Then I added my safety and love and belonging needs to this to give a total of £9431.

A few holidays in the year including a two week holiday abroad would add another grand making the total £10, 431. 

Self Esteem and Social Needs add another £1414 to the equation making the total now £11, 845.

Finally, adding on Self Actualisation Needs along with Travel makes the grand total, £13, 625.

Adding on tax that we need to pay makes my total income required £23, 568. A good standard wage that I feel I should be acheving. From this, I can work out how much income and profit myself or business should be turning over each year in order to survive healthily.

To work out a daily rate of charge I need to add on my business expenses which for now, say £10,000. This brings my total to £33, 568. 

I now divide this by the number of working days in a year (which is roughly 233) to give me £144.07 which again is a fairly average amount to be expecting on a daily charge for design work. 


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