Senior Budget Project - Mrs. Ellwanger



Economics Budget Project

You start this project with nothing but a job, your clothes, the money in your account on the weekly tracking sheet and your bed. (No parents, no car, no savings. Starting from scratch)

I UNDERSTAND PARTS OF THIS PROJECT ARE NOT GOING TO BE CONDUSIVE TO YOUR SITUATION. THE PURPOSE IS TO SHOW YOU A GLIMPSE INTO THE FUTURE OF HOW YOU WILL LIVE WITHOUT HELP FROM PARENTS.

Criteria For Project

1. Your job and pay are the same from your Friday semester project. You may work with a partner. Use only one salary – whichever is the highest. Only one packet per group needs handed in.

2. Next you must find an actual apartment to move into in the location of your choice - can be in any state you choose. You will hand in an ad for this apartment that shows the monthly rent.

3. You must use a car for transportation. You have the choice of buying or leasing this car. Hand in an Ad for the car. If the monthly payments are not specified. To get the amount financed multiply the amount by .08 for interest and add that to the car total. Take the new total and divide the total cost by 60 to get the monthly payment on a typical 5-year loan. (Total x .08) + Total/60 = monthly payment

4. You must include a grocery list for a two-week period. It must include the quantities you are purchasing. Include incidentals like deodorant, toilet paper etc. as well as food. This grocery list is to include anything you need to buy from a grocery store and must be in a list format. You do NOT need individual prices just list a budgeted amount.

5. You will have to shop online for a TV, computer and vacuum. Ultimately, they will be financed on an Electronics store credit card that charges 18 % interest. To figure out your monthly payment add the 3 totals together then multiply by .18 and add that amount back to the total and divide by 36. (Total x .18) + Total/36 = monthly payment

6. Finally you must type out the attached SPREAD SHEET in EXCEL listing your budget. This budget must include the following items and prices in the format below. You will find an electronic copy on my website and Edmodo. It should auto total for you.

Your Name___________________________ Your Career ____________________________

Your yearly pay before taxes is $____________

Your weekly pay is $____________ (can be found on your tracking board – what you pay yourself each week)

Your monthly pay is $____________ (weekly x 4)

|Expenses |Monthly |Yearly |

|Car |  |  |

|Car Payments |  |0 |

|Maintenance |  |0 |

|Gas |  |0 |

|Basics |  |  |

|Grocery |  |0 |

|Clothing |  |0 |

|Pets |  |0 |

|Rent |  |0 |

|Electric |  |  |

|Gas |  |0 |

|Phone |  |0 |

|Cable |  |0 |

| Internet |  |0 |

|Electronics Credit Card |  |0 |

|Bank Credit Card |  |0 |

|Insurances |  |  |

|Health |  |0 |

|Car |  |0 |

|Renters |  |0 |

|Medical Expenses |  |0 |

|School |  |  |

|Tuition & Textbooks |  |0 |

|College Loans |  |0 |

|Misc. |  |  |

|Entertainment |  |0 |

|Charitable Contributions |  |0 |

|Gifts |  |0 |

|Vacation |  |0 |

|Savings |  |0 |

|Retirement |  |0 |

Guidelines

Car:  Must be year 2006-2014 and less than 50,000 miles.  (Total x .08) + Total/60 = monthly payment

• (Must have a printed Ad for the car!)

Maintenance:  2006-2011:  $100 a month   2012 or newer:  $30 a month

Gas:  $35 a week (x 4 weeks) for a small car and $60 a week for a mid-size or larger

Rent an apartment. Find an Ad with any extra’s and security deposits highlighted.

Utilities:  If not included in apartment: 1 bedroom apartment in Ohio |$15 gas |$15 electric. | If 2+ bedroom add $5 to each. Out of state apartments add $10.

Tuition/Textbooks:  For continuing education for your job you will be going to school. $50 a month in state or $100 a month if you are going out of state.

Entertainment:  At least $150 a month if you plan to go out weekly or $75 a month if only 2x a month.

Clothing:  Yearly expense, Men:  500-1000 minimum a year.  Women:  850-1500 minimum a year. Will have to divide by 12 for monthly cost.(Remember 1st year professional clothes like suits dresses, etc... plus going out and casual wear.)

Pets:  Up to you if you want it. $30 a month per pet

Bills: 

Cell Phone Go online and find a monthly plan that will fit your needs. You cannot use the plan you are currently on and it must be a single person plan. You need a printout for a single person plan,

Credit Card: If in debt on your tracking board $100 a month. If not, $20 a month

Cable:  $90 basic, $120 Premium, $150 Everything

Regular slow Internet $30 or High Speed Internet: $50

Gifts:  At least 2 for $20 each = $40 A MONTH

Grocery:  If 2 bedroom apartment then at least 150 every two weeks. If one bedroom then $75 every two weeks. - multiply by 2 for monthly

*Create and Print a list for your first shopping trip – be sure to include the basics you will need for your 1st apartment. Ask an adult if you need ideas! You do NOT need prices for this just a one-time estimate on the list. This estimate will NOT go into the spreadsheet, as it’s a one-time cost.

Vacations:  $50 - $100 a month set aside

Appliances:  Buy a TV, Computer, and a Vacuum. (Need an ad or printout for each) Add totals together add interest and calculate monthly payment. . (Total x .18) + Total/36 = monthly payment

Retirement:  $100 a month or $50 a month your choice

Health Insurance:  $100 a month for a max coverage plan or minimum coverage for $75 a month

Medical Expenses:  $30 a month if you chose max coverage and $60 if you chose minimum.

Car Insurance: 2006-2011:  $90 a month   2012 or newer:  $60 a month

Renters Insurance $30

Savings: Set aside SOMETHING a month for savings – your choice..

Charitable Contributions: If you currently give and plan to continue then add 8-10% of your monthly pay here.

College Loans:  If you make $75,000 or more you pay $200 a month. Less than $75,000 is $150 a month.

1 Page Reflection

Write a one page, double spaced, 12 font, typed summary with 1 inch margins that includes:

- Your job and your pay both monthly and weekly .Your yearly money goals for savings.

- Your living arrangements - Tell me about your apartment

- Your traveling arrangements - Tell me about your car

- How will you set up your own budget now and after you graduate

- Your overall opinion of the project what did you like most? Like least? Discuss problems you encountered

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Final packet should be in this order:

• 1- Page Typed Paper

• Typed Budget Spreadsheet

• Apartment Ad

• Car Ad

• Detailed Grocery List

• Cell Phone Plan Quote

• TV Ad

• Computer Ad

• Vacuum Ad

• Tracking Board

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In order to avoid copyright disputes, this page is only a partial summary.

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