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Your expenses need to be less than your monthly income. If not you

VIEWS: 7 PAGES: 10

									Budget Report

   Due Day
   May 16th
• Scenario
• You have just received your diploma and
  are about to enter the real world. You will
  be given a career with a set income and
  your task is to create a realistic budget. An
  even bigger challenge is to live within that
  budget.
• Task
• A budget starts with knowing how much money
  you bring in each month. This is called your
  income. Expenses are the opposite of income.
  Money is spent on the things you need or want.
  Below are some basic categories of expenses.
  Your expenses need to be less than your
  monthly income. If not you will need to
  change your spending habits. Also, if your
  savings is not at least 5% of your income,
  you will need to adjust your spending habits.
•   student loan payment (depending on career)
•   basic health insurance
•   housing
•   utilities (10% of your rent or mortgage)
•   transportation (car payment, insurance, gas)
•   food
•   phones (home, cell)
•   cable
•   clothing
•   entertainment
•   misc. (2% of your net monthly income)
•   pet and pet supplies (optional)
•   savings (a goal of at least 5% of your net monthly income)
•   Apartment- rent per month
•   One bedroom no roommate$650
•   Two bedroom no roommate$850
•   Two bedroom with roommate$450 per person
•   Studio$500Condo-
•   mortgage and assessment per month
•   One bedroom no roommate$850
•   Two bedroom no roommate$1,050
•   Two bedroom with roommate$550 per person
•   Luxury Condo$1,400
•   Townhome- monthly mortgage and property tax
•   Two bedroom no roommate$1,350
•   Two bedroom with roommate$700 per person
•   Three bedroom with roommate$900 per person
•   Home- monthly mortgage and property tax
•   Two bedroom$1,400
•   Three bedroom$1,650
•   Four bedroom$1,900
• Choose three different cars (new or used) that
  you would consider owning. One must be under
  $15,000. You can find car prices on the web or
  use the newspaper. Complete part three of your
  student worksheet with the information you find.
  Anyone that owns a car must add an additional
  $125 per month for gas, insurance, and
  maintenance. After you research car buying, if
  you decide not to buy a car, you may pay $100
  per month for use of public transportation.
• Find out car prices
• Part Four -Other Expenses
• Food and clothing are a necessity. Cable,
  cell phone, pets, and entertainment are
  not. Fill out this section on your student
  worksheet.
•
• During class enter the information you
  have collected into your Excel worksheet.
  Make adjustments to your spending if
  necessary in order to meet project goals
• Save 5% of your income
• Don't spend more than you earn
• Use the data from your Excel worksheet
  marked circle graph information to make a
  circle graph. Place the circle graph next to
  the data and print entire spread sheet with
  graph

								
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