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									Personal Budget Project                                                  Information Management Final Project

Students will prepare a personal budget that summarizes typical monthly expenses for a single person, living
alone and newly entering the job market. The project will take place over several weeks. The following is a brief
summary of the steps involved in completing the project. More detailed instructions will be given in class.
Attendance is critical to the completion of this project.

    1. Create a new folder on your desktop. Label folder Information Management Final Project. Save all
       further documents within this folder.

    2.   Create a multi-page Excel Workbook. Save as 2009PersonalBudgetProject_xx.

    3. Research your chosen career and complete a Career Summary. Questions 2-4 should be answered by
       researching your chosen career in the Occupational Outlook Handbook. Questions 5-7 should be
       answered by researching colleges or training programs. Specific directions for the Career Summary will
       be given in class.

    4. Look up starting salary. Use OES Wage Report. Choose your state of residence. Click on six-digit code
       next to your career and import the second table (Percentile wage estimates) into your
       2009PersonalBudgetProject_xx. Label tab as OES data. Return to previous page in web browser. Cut &
       paste data for your preferred state into your 2009PersonalBudgetProject_xx below the imported table.
       Use formulas to calculate estimates for 10% and 20% Percentiles. Format page attractively. Use the
       information to fill in questions 9-10 of the Career Summary.

    5. Complete a 1040EZ tax form to compute annual federal income tax. Do NOT print. Save in Information
       Management Final Project folder.

    6. Create a Tax Worksheet in your 2009PersonalBudgetProject_xx that summarizes income, Social
       Security and Medicare taxes. Label tab appropriately. Use the following link as a model for calculations:
       Tax Worksheet. Format page attractively.

    7. Create an Annual Budget Worksheet. Label tab appropriately. Label columns January through
       December. Create field labels and document data for steps #8-23. Documentation must be provided for
       each line item included in the budget. Use comments as needed.

    8. Add header with name, file name, and sheet name.

    9. Research & select an apartment that fits within your monthly budget. Be sure to check on utilities.

    10. Get a quote online for renter’s insurance to cover the value of personal assets. Use Allstate.com.
        Instructions on insurance quotes will be given in class.

    11. Select an automobile and calculate a monthly payment to finance it for 1 to 5 years. Use cars.com.

    12. Get an estimate of monthly payment on student loans. Use FinAid Calculator.

    13. Get a quote online for automobile insurance on the car selected in #11. Use Allstate.com.

                Resourced used: http://plunkonomics.com/Personal%20Budget%20Project.htm
14. Estimate monthly car maintenance. Include gasoline, oil changes, etc.

15. Get an estimate of monthly utilities not included in rent (water, gas, electricity). Use the Home Energy
    Saver Calculator.

16. Estimate monthly health insurance. (Use estimate provided by Ms. Richardson)

17. Select a phone plan (either cellular or a land line).

18. Estimate monthly food expenses. Include restaurant expenses.

19. Estimate annual clothing expenses and divide by 12 to get monthly figure.

20. Select cable TV plan.

21. Estimate recreation expense.

22. Estimate miscellaneous/personal expense.

23. Estimate monthly savings. Subtract total monthly expenses from total monthly income.

24. Make sure that Total Monthly Expenses are less than Net Monthly Income and that there is at least a
    10% savings rate. Adjust estimates if necessary to obtain a “balanced” budget.

25. Format Annual Budget Worksheet attractively.

26. Copy Annual Budget Worksheet five times. Label tabs Year1, … , Year5. Re-organize worksheets such
    that Annual Budget Worksheet is first, followed by Year1, … , Year5, then Tax Worksheet, then OES

27. Use the Compound Interest Calculator to determine when savings are sufficient to buy a home.

28. Research & select a home. Adjust yearly budgets accordingly.

29. Draw “unexpected event” from envelope. Adjust budget to accommodate change in circumstances.

30. Create a bar chart and a pie chart to summarize data appropriately. Format attractively. Embed one in
    Annual Budget Worksheet. Save the other in a separate worksheet. Label tab appropriately.

31. Publish Annual Budget Worksheet. Include title. File Print to Microsoft Office Document Image Writer.

32. Use 2009PersonalBudgetProject_xx workbook to create a report in Word. Save as Personal Budget
    Report. Make sure to embed and link a chart.

                                 LATE PROJECTS WILL NOT BE ACCEPTED.
Rubric for Personal Budget

   1. Completion of Career Summary with appropriate documentation.
      2    4      6      8    10     _____________

   2. Completion of OES Data worksheet including formatting.
      2    4      6      8     10    _____________

   3. Completion of a 1040EZ tax form and saved in the appropriate location.
      2    4      6      8      10     _____________

   4. Completion of a Tax Worksheet including formatting.
      2    4      6       8    10     _____________

   5. Completion of an Annual Budget Worksheet including formatting and documentation.
      2    4      6      8     10    12    14     16     18    20 _____________

   6. Total Monthly Expenses are less than Net Monthly Income and there is at least a 10% savings rate.
      2      4     6     8      10      _____________

   7.   Completion of Year1, … , Year5 worksheets with budgets adjusted accordingly for unexpected event &
        home purchase.
        2    4      6     8       10    12    14     16    18      20 _____________

   8. Worksheets in correct order and tabs of 2009PersonalBudgetProject_xx labeled appropriately.
      1    2      3      4      5      _____________

   9. Completion of a bar chart and a pie chart. Formatting included.
      2    4      6       8      10      _____________

   10. Copy of published Annual Budget Worksheet including title.
       1     2       3    4      5     _____________

   11. Completion of Personal Budget Report with charts embedded and linked.
       2    4      6      8     10     12    14     16    18    20 _____________

   12. Appropriate use of in-class time. (to be assessed daily)
       2     4      6      8       10      _____________ x 15 = _____________

   13. Completion of in-class presentation.
       2    4      6       8      10     12    14    16     18      20 _____________

                                                                           TOTAL: _____________ out of 300

Comments: __________________________________________________________________

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