Commack Schools



NameBUDGET Task WorksheetDirections:Using the websites and information we will be giving you in class, you will be creating a budget to see what it would be like to live on your own and making your own economic decisions. Follow the steps below to being your research.Finding your potential costs for school:Look at the worksheet on Mr. Denton’s eSV Teacher Web-Site that lists the potential choices for college and your potential costs for your schooling.Fill in the chart information below from the choice you have made. To find the interest rate, Google: “College loan interest rates” and pick the lowest one and record that on your sheet in the correct spot.Go to the website click on student load calculator and input the total costs, interest rate and the time of ten years and press calculate. Once your calculator does the math record that on the chard below. ChoiceTotal CostsInterest ratePotential loan paymentRecord your loan payment in the Debt Expenses on the BUDGET form.Finding your potential income:Decide if you are going to stay on Long Island or if you are going to move to another part of New York or to a totally different state.Long IslandUpper New YorkAnother StateType in and put in the career you are interested in pursuing and the area that you wish to live and work in. Click the magnifying glass to find your potential jobs (click the skip this advertisement banner).On the bell curve graph go to the Education button and click the drop down that shows which level of education you earned when you graduated from college.One the bell curve graph go to the Years of Experience button and click the drop down that shows >1 year.Look at the Your Projected Salary and write down the beginning amount they give you in the section on your MONTHLY BUDGET that says Total Gross Income (line 1).To find the amount taken out in TAXES, multiply that salary by 30% or .30 and record that amount on the BUDGET form (line 2)..To find the amount you’ll pay for Healthcare, multiply that salary by 17% or .17 and record that amount on the BUDGET form (line 3).To find your NET INCOME, take the salary you found and SUBTRACT the TAXES and HEALTHCARE from it and record it on your BUDGET form (line 4). Now take that figure you just found out and DIVIDE it by 12, now you have your MONTHLY INCOME. Record it on your BUDGET form (line 5).Finding your potential mode of transportation:Depending on where you will be living, will decide your transportation costs. If you have opted to move off of Long Island and to another place, you may want to look and see about their public transportation. Major cities like Boston, LA and NYC will have a better public transportation system that might make having a car silly. If you are looking to live in places like those look into the cost of monthly public transportation, there and record that information in the TRANSPORATION section of your BUDGET form. You won’t need to look for a car and a loan or insurance if you are going to utilize only public transportation.OR If you are choosing to live on Long Island or move to a place where there isn’t a very good public transportation system, you will need a car.Go to and begin looking at a car for you to purchase. You will need to have a reliable car so purchasing a car older than 10 years is NOT an option. Once you found your car, print off a copy of the car with its information (mileage, years, etc). Once you have found the car that you will be purchasing, open a new tab and being searching for a car loan and record that information here:Bank Giving the LoanInterest RatesLength of Loan(36months, 48 months, 60 months)Once you have the loan information, go back to the car website and click on the calculate payment option. When that window pops up, plug in this information: $2000.00 down payment (a gift from your parents), a $1000.00 trade-in, interest rates and length of the loan. Put those into the calculator and press calculate. Record that payment on the BUDGET form for car payment under Transportation Expenses. Print out the calculation page.Now its car insurance time! Go to or and click on starting a rate quote. Use the information from the car print out you have and fill out the information the webpage asks for. When you get to the end of the quote where they give you choices, pick the one that suits you best, record it on your BUDGET form under Transportation expenses and print out the page with your choices on it.Using another webpage, research the potential monthly gas cost for your new vehicle and record that on your BUDGET form.Research any other aspect that you may come across with having a car and put those expenses in that section of the BUDGET form.Finding your potential home:Now you need a place to stay, so let’s research this. Open up a new tab and use such sites as , , or another website that will provide you with searches for places to stay. Remember if you chose to move off Long Island, you MUST use the city you found your job in to search for a place to live. (Hint! Try to find a place where utilities like heat, water, cable is included in the rent). You can have a roommate to split the cost of the apartment if you have enough bedrooms. Record the cost on your BUDGET form. If your rent does not included utilities like electricity, water, heat, garbage, cable, internet; then you will need to research their costs and record them on your BUDGET form.Research the average monthly cost for any other items in this section and record that on your BUDGET form.Finding your Protentional Debt:The average college senior graduates with $3,200.00 in credit card debt and sadly you are one of them. Go to and research 3 different credit cards. Record your findings here:Card Name APRAnnual FeesCredit ScoreAdditional Information Once you have recorded the necessary information above, open a new page and go to this website: and put in your balance of $3,200.00, one of the interest rates from the card you researched and 36 months (experts say you should not take more than 3 years or 36 months to pay off your credit card debt), click on calculate, record your monthly payment on your BUDGET form and then print off this page and add to your folder.Other Expenses:Look over the BUDGET form and research any other expenses that are listed on the form. Find those expenses out and record them on the form.Once the expenses are all filled out, total up each section and record that in the appropriate section.Now subtract that total from the MONTHLY Net Income you figured out in the beginning. If your totals are MORE THAN your monthly net income you are in the RED or negative and that is NOT a good thing. There might be changes that need to happen to some of your expenses. If you have money left over you are in the BLACK and that is a good thing. Look over your expenses and see if there is a place you may be able to add that money too like an emergency fund or to your savings or to paying off some other debt. ................
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