The Cost of Living Project (50 points)

Now that you are about to graduate high school it’s time to create your own budget for life after high
school. This budget will reflect your living/working/educational situation after high school. If you are
going to college you will need information from your financial aid package to complete this form. If you
are working you must give a realistic estimate of what your wages will be after graduation.

Before you start this project you must pick one of two possible post-graduation scenarios:
1. a full-time college student (may work part-time); or,
2. a full-time worker (may attend school).

This project involves three parts. The first is a written narrative explaining how your budget items are
going to be met. The narrative must be typed. Describe, in detail, your expected living, working and school
situation following graduation.

The second part is a completed budget schedule (see sample table below) in which all of your monthly
income and expenses are listed in table format. Your budget must be in balance with any excess going into
savings.

INCOME
SOURCE OF INCOME
You must determine you net wages (gross income minus all deductions) for a month. Your budget
must not exceed this amount with any left over amounts to be put into savings for future use.
Cash given to you by you parents must count as income. If you have an agreement with your parents to pay
any of your expenses (e.g. rent, utilities, tuition) you must provide details and the amount should be listed
and dollar amount noted in parenthesis on the schedule (eg. $100 paid by parents) and be factored into your
budget. If your parents provide cost free services (e.g. room and board at home), you must indicate the
equivalent market value on the schedule (eg. rent free room valued at $400).

EXPENSES
HOUSING
Describe where you are going to live for at least the next six months (at home, an apartment, at
college, etc). Will you have roommates? How will rent and utilities be paid? How will your place be
furnished? Be sure to discuss monthly rent and security deposits if required. For utilities estimate the
average monthly costs. Provide the names of the landlord/property management and utilities companies and
service providers: cable TV, Internet, telephone service, electric, water, gas, etc.

EDUCATIONAL EXPENSES
Explain how you are going to cover the costs of tuition, books, and other expenses.

TRANSPORTATION
Describe your means of transportation. Identify the lender and the amount of any car payment.
Estimate your monthly costs for insurance, repairs and maintenance (by dividing annual costs by 12). Do
the same for any other expense expected in the next year.

MEDICAL INSURANCE
You must be covered by medical insurance. Describe how you are covered. Remember if you are a
full-time worker you may or may not be covered by your parents. If necessary request a quote from a
healthcare provider. Provide details of coverage and deductibles.
Your budget should include medical expenses not covered by insurance. These can include glasses,
contact lenses, and dental care.
FOOD
Estimate your monthly cost for food/eating out. College students may be on a meal plan – get your
budgeted amount from the monthly cost of your plan.

 NON-FOOD ITEMS
Itemize monthly expenses for personal items like toothpaste and toilet paper and household items
such as soap, cleaning solutions, paper towels, plastic wrap. Walk around the kitchen where you are living
now and make a list of the items you regularly use. Include clothing, shoes, makeup, salon services, etc that
you regularly use.

RECREATION/ENTERTAINMENT /HOBBIES
Calculate you monthly expenses for recreation like softball or soccer, entertainment like movies and
parties, and hobbies like photography or snowboarding. Include in your description anything that you
routinely do for fun.

MONEY MANAGEMENT
You must describe your banking arrangements - checking accounts, ATM debit and credit cards,
investments – at banks, savings and loans, credit unions or brokerage houses. Any fees must be budgeted.

SAVINGS
Describe your savings plans and goals.
1. For predictable short term needs ( e.g.: car insurance is due in 6 months – premium
divided by six)
2. A cushion for emergency needs – worst case scenario – out of work for six months
(monthly budget x 6) It may take years to fully fund this account.
3. For long-term savings (new car or investments) 20% while living at home, 10% while
living on your own.

DEBT REPAYMENT/BILLS
1. Long-term debts that are not included elsewhere. (credit cards and furniture paid monthly)
2. Loan payments not included elsewhere.

Conclusions/Reflection (short paragraph) third part

What did you learn from this project? What more do you need to find out? What parts do you think will be
most helpful for you after graduation?
 [SAMPLE SPREADSHEET]
SOURCE OF INCOME
Jobs 1600
Parents 400
Savings
Scholarships 200
TOTAL ALL INCOME $2200
HOUSING – 1 bedroom apartment in Vista
Rent $1000
Electric/gas 40
Cable-TV – Cox cable - Basic 44
Internet – Roadrunner Hi-Speed 29
Cell phone – Verizon – Family/Friends 39
Total housing expenses $1152
EDUCATION – Cal State San Marcos
Tuition (3,600 divided by 12) $300
Books (500 divided by 12) 60
Parking (120 divided by 12) 10
Lab fees (120) 10
Photocopy 12
Student Activity Card 8
Paper, pens, etc 5
Total education expenses $405
TRANSPORTATION – 96 Honda Civic
Car Payment $75
Gas 90
Car Insurance – Mercury 100
Registration 15
Maintenance (oil change, car wash) 12
Tires (Sears) 22
Repairs 44
Total transportation expenses $347
SHOPPING -
Groceries and non-food 100
Personal items 50
Dining out, Coffee and Snacks 20
Clothing 50
Gifts 20
Total shopping expenses $240
ENTERTAINMENT/RECREATION/HOBBIES/TRAVEL/VACATION

Total entertainment expenses $50

MONEY MANAGEMENT
Savings
Total financial expenses $6
TOTAL ALL EXPENSES $2194
Income - Expenses $0
 Budget Worksheet
SOURCE OF INCOME
Job(s)
Parents (everything your parents pay for)
Savings
Scholarships and/or Loans
TOTAL ALL INCOME $
HOUSING – Dorm, Apartment, Room (circle where you will be living)
Rent
Utilities (Electricity/Gas)
TV (cable or satellite)
Internet
Telephone (Cell Phone)
Total housing expenses $
EDUCATION – Cal State San Marcos
Tuition
Books
Parking
Student Activity Card, Lab fees, photocopies, other Misc.
Total education expenses $
TRANSPORTATION –
Car Payment
Gas
Car Insurance
Registration
Maintenance / Repairs
Tires
Public Transportation (passes)
Total transportation expenses $
SHOPPING -
Groceries/Personal Items
Dining out,Fast Food, Coffee, Snacks
Clothing
Gifts
Total shopping expenses $
ENTERTAINMENT/RECREATION/HOBBIES/TRAVEL/VACATION

Total entertainment expenses $

MONEY MANAGEMENT
Savings
Credit Cards
Other Loans
Total financial expenses $
TOTAL ALL EXPENSES $