LIFE : PERSONAL BUDGET PROJECT Ms. A. Martin, M.ED.

OBJECTIVE The objective of this project is for you to set up a budget that would allow you to live the type of life you would like, as well as to understand what skills and/or education you need to get there. This will include finding a house, finding a car, developing a budget, and finding a career that would match your income needs. This project does involve doing some calculations and setting up a budget on Excel, but it's main purpose is to allow you to have fun dreaming of the future while realizing what these dreams may cost. I also hope you observe certain iron realities about work and what it takes to be a successful adult in America today. It is not easy. It takes lots of money!

THE CATCH You are in your late twenties You have just obtained this job so you are in an entry level position, therefore you are starting out with the base (beginning) salary. You are not married! All state and federal taxes count.

JOB Find the base salary of your current job (print out information) Calculate take home pay Determine monthly pay

HOUSING: You must select an apartment or house in the city where your job is located. Use the website: Print the page that lists all the facts about your apartment. If it states somewhere on the website that utilities or garbage are included in rent, you must print that page also. – If utilities are included in the rent, it will say “included”, not (put the word “included” on he amount line).

TRANSPORTATION: You must select a car using a website such as or It must be found in or around the city in which you will be living. You may select any vehicle you want, as long as you can afford the payments. Print the page that describes your vehicle. To figure your monthly payments, go to and follow these instructions: – Click on “How much will my vehicle payments be? – Enter your purchase price. – Enter “0” for Cash Rebate. – Enter “0” for the amount of your trade in and amount owed on trade in. – Enter the amount of your down payment – You may put 20% down. – Enter the months for the loan term – If the vehicle is 5 years or older, you must finance it for 3 years (36 months). If it is newer than 5 years, you may finance it for up to 5 years (60 months). – Interest rate is 9%. NOW, PRINT THE PAGE. Click “next” to see your monthly payment and PRINT THE NEXT PAGE.

TRANSPORTATION: To figure your car taxes, call the Department of Motor Vehicles, and ask them what your vehicle tax (not sales tax) would be on your vehicle. Divide that figure by 12, and that will be your monthly budget.

INSURANCE:. Health insurance is required, life insurance is optional Home or Renters insurance is required. Car insurance is required

FOOD: Go on to an online grocery and shop for the month and print out your shopping list and the cost.

CLOTHES: This figure must be calculated depending upon your job. If you have to wear professional clothes, you must budget for them. Go shopping online and print out your bag and the amount with taxes.

FURNITURE: Explain what furniture you will have and where it will come from. If you have to buy something, be sure to budget for it. Go online and shop for furniture and print out your shopping bag and price with taxes.

MISCELLANEOUS: Don’t skimp here – be realistic. Be sure to put a monthly amount to budget for gifts (Christmas, birthdays, Movies, going out to eat, etc...).

SAVINGS: 10% of what you make per month (REQUIRED).

TITHE (If your religion requires it): Must be at least 10%.

SUMMARY SHEET

What you must hand in before Presentation to Class 1.Title Page 2. Three-page budget worksheet 3.Ad for your job 4.Fact sheet about your apartment 5.Fact sheet about utilities or garbage being included in rent, if necessary 6.Fact sheet about car 7.Financing details about your monthly payment 8.Fact sheet about clothes 9.Fact sheet about furniture

POWERPOINT PRESENTATION Everything mentioned previously in a VISUALLY APPEALING PowerPoint presentation. Lots of visuals and financial expenditures The last slide will have your monthly income gross and net and then your monthly budget and how much you have left over.