Personal Budget Project Description · You are going to create a by shuifanglj


									                                      Personal Budget Project

 You are going to create a personal budget given a specific scenario. You will calculate your Net
   Monthly Income, Living Expenses, Mortgage/Rent, Insurances, Utilities, and possibly Day Care
 You will then import your information on the Personal Budget Excel Google Doc (locate link on
   my website). Worth 65 pts (5pts for each section that needs completed)
 Each scenario will turn in a word document that shows your research: 5 jobs that relate to each
   person in the scenario, Pictures and specs of the items you purchased, Net Income calculations,
   Weekly Menu & Costs, and list other costs not considered. Worth 25pts.
 You will report out your information to your classmates; discuss facts/figures of your scenario,
   challenges you faced, did you have to settle, was it easier then you thought, etc… 10pts.
 As a group, we will compare and contrast the different scenarios and reflect on the experience.

Gross Wages:
Using the U.S. Department of Labor Website; Locate 5
jobs that would provide your annual wages. Use Table 2 and refer to the “Mean” columns.

Net Monthly Income: You have to calculate this
Calculate the percentage of Federal Taxes that will be withhold by using link off my website
( and subtract that amount off your gross income.

Also, subtract the following amounts from your gross income to calculate your total Net worth.
PA State Tax 3%
FICA (social security) 6%
FICA Med Care 1.5%
Local Tax 1%

Use to locate properties for purchase and to rent. You
may also use the newspaper or another resource.
Calculating Mortgage: When you select one of the homes off the website, if you scroll down there is a
mortgage calculator you can click on. Make sure when you calculate your mortgage you adjust the
settings based on your scenario and to add the tax listed with the specs.

Monthly Utility Bills: (These are round-about figures)
If you own or rent a home use these figures:       If you rent an apartment, condo, or townhouse
Water: $75 for every 3 months                      Water: $50 for every 3 months
Sewage: $35 a month                                Sewage: $25 a month
Heating: $100 a month (12 mo. payment plan)        Heating: $70 a month (12 mo. Payment plan)
Electric: $100 a month                             Electric: $70 a month
Garbage: $50 every 3 months                        Garbage: $50 every 3 months

Cable/Internet/Phone Bill:
You may search the internet and use the links on my website to locate the best deals.
Car Payment: Use the following websites to purchase a new car (I am not sure if they will allow you
to calculate a purchase with the down payment in your scenario, if not that is fine. However, you
should be able to access an estimate monthly payment cost) – Kelley Blue Book for new and used cars – Only used cars

Car Insurance – Estimated Cost is listed on the Excel Google Doc
Home Owners/Renting Insurance:
    $500/ yr for $160,000 home replacement coverage
    $20/ mo for renters insurance

Monthly Travel Costs:
Think about how often you fill up your car and the price of gas right now (about $2.35/gallon).

   If your scenario instructs you to buy a car, pay attention to the size of your gas tank. Since you
    don’t have information on the type of career you have, estimate filling your gas tank at least once a

   For those of you who were given a car in your scenario with no payments, estimate having a 10
    gallon tank in for that vehicle.

Monthly Food Costs:
You will have to estimate these costs based on the number of people in your household and age.
Create a Menu for one week (Breakfast, Lunch, & Dinner) for your family with costs. Use Grocery
Store Flyers to locate costs, or on your own time research items at a grocery store.

If you have school age children in your scenario; school breakfast $1.50 and school lunch $2.50.

Take that weekly cost and multiply it by 4 to calculate a rough estimate of monthly costs. (There are
4.33 weeks in a month)

Daycare Costs:
Use the following website to locate different costs of Daycare. Some daycares are more expensive if
they include meals, others require you to pack food. You pick the age of your daycare child, this may
determine if you have to buy diapers or not.

       This website has several mothers giving examples of what they pay for childcare.

This project is due ________________________________________________

Reporting Out information will begin _________________________________

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