Budget Project



Budget Project

You and a partner will make a budget using your budget packet. Your final budget will need to be displayed on poster board- be creative and use pictures! Be as specific as possible, for example, which cable company will you use? Which cable plan? Find out the cost for your budget.

Websites:

- you can find buying and rental prices on this site

- find the car you want and the monthly payment

- pick a tv, internet, and phone plan

- pick a TV plan

- Pick a TV, internet, and phone plan

wireless.







- vacations

Assumptions:

Property tax rates: (based on $100 property value)- if you rent you do not pay property taxes! This figure is for a year, to find the monthly cost divide by 12.

City- .62652

County- .23792

School- 1.76405

Home insurance: .5% of the home value for annual cost if you own the home. If you rent a home you need renters insurance. Assume $500 a year for renters insurance.

Utilities:

Electricity- $ .15 per square foot per month

Water- $25 per person per month

Trash- $25 per month

Gas- $.03 per square foot per month

Home mortgage: 6.0% interest rate (we will assume you have good credit!)- if you rent a home you won’t have a mortgage payment, you will have to pay house rent each month.

Auto Gas: $1.85 per gallon

$5,000 trade in for old vehicle if you are purchasing a new car.

Car loan interest rate: 7% cars are usually financed from 3-6 years, decide how long to finance the car to find out the monthly payment. Some new cars are offering 0% interest financing right now.

Health insurance cost:

Your insurance: $100 per month

You + Spouse: $350 per month

Family: $450 per month

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