Future Budget Project Congratulations!

You just graduated from college with a degree and want to start your career. You decide to take an entry level position at this career, and you need to set a budget with your new salary (no more than $50,000 a year). You will create a fake budget that will include the following: 1.) A job with a starting salary 2.) A house/apartment to rent or buy 3.) A car to lease or buy 4.) Car insurance 5.) Payments on your student loans (each person has $20,000 in student loans) 6.) A cell phone bill 7.) A credit card payment 8.) Food/gas/other necessities 9.) Entertainment/fun 10.) Savings Using various sources (each section should have at least one), you will determine the cost of each of these items and your starting salary. You will create a report that explains your monthly budget. You can do a report, PowerPoint, Excel sheet or other approved method for presentation. http://financialcalculators.com/, http://www.financialcalculator.org/, http://tcalc.timevalue.com/ You will also answer the following:
Total Spent per Month: Total Spent per Year: Total After-tax Income per Month: Total After-tax Income per Year:

Activity 1. JOB _____/15

Requirements
Describe your choice of a career including starting salary Note resources used to obtain information about this specific career and starting salary Determine the approximate amount of taxes you will pay in a year. Complete a sample copy of an I9 Form provided (http://www.uscis.gov/files/form/i-9.pdf) PLEASE USE A FAKE SSN!!!!!

Comments

2. HOUSING _____/15

List what services/benefits are included in the rent, the location of the apartment, and other information necessary for housing. If sharing an apartment with another person, you must show how to split the costs Write a rent check for the month of May. (given) Cost of lease or purchase of a car (per month and total). Include total time for payments (if financing) Information on current interest rates for car loans Write a payment check for the month of May. (given)

3. TRANSPORTATION _____/10

4. INSURANCE _____/10 5. STUDENT LOAN PAYMENTS _____/10 6. CELL PHONE/ TELEPHONE _____/5 7. CREDIT CARD

Name of the insurance company, coverage listed on the vehicle, and the monthly cost of the policy.

Information about current interest rates for student loans Amount per month to pay and time to complete payment ($20,000 loan)

List the company, the monthly costs and particulars including minutes and other necessary information.

List amount owed and interest rate (given) Determine amount per month to be paid and total time to complete payment

_____/10 8. FOOD/GAS/OTHER NECESSITIES _____/10 9. ENTERTAINMENT/ MISCELLANEOUS _____/5 10. SAVINGS

Research average costs for food and gas Determine amount per month to set aside for these necessities

Set aside money for entertainment and other activities.

_____/10

Identify the current interest rate on a personal savings account at your bank. Determine amount per month to save and amount saved after 5 years.

_____/100 Points Total