Mstylercarroll.weebly.com

 Budget Project Overview Congratulations! You just graduated College! Now you will be assigned the task of making a life for yourself. There are 5 real-life adult phases of budgeting, that you will be tasked with conquering. Each phase will be graded as quiz grade. However, you will have to create a website and present your project to class as your final Test grade. This is the most important and most relevant real life information that I will ever be able to give you. Yes, it will make your head hurt. BUT everything is difficult the first time you learn and hopefully when the time comes, this will give you the confidence to handle the real world. This project will be worth 5 Quiz Grades and 1 Test Grade. If you do not complete this project you will fail Economics. How will you present this information?You will now create a weebly page to present to the class for your project. (You must create a weebly and only a weebly)Got to and get started creating a website. Use all the budget info/phases below to complete the website. Create a login and password. Then pick a theme and create a domain name, in order for you weebly to remain free you must chose the .(dot)weebly option at the bottom. If it says its unavailable you will have type a different name in until it offers you an available option.Now you will begin editing your cite. The first thing you should do is make a page for each of the 5 Phases and page for the Summary.Make sure to include the appropriate materials on each page (All descriptions, handouts, pictures, and anything else you used to help you form your adult life.) Use the rubric and information below to figure out what handout go on each page. You can do this by uploading the assignments as files or attaching them as images. Be sure to use your rubric throughout this process to ensure you get the maximum points.Make sure you fill out your name and web address on the google form in google classroom. You will present you website to the class in two-three minute presentations. You must be dressed professionally to present.In you presentation give a summary of the life you drew and your final findings. It will need to be 2-3 minutes long. *** All Handouts that you will need to complete each phase, will be on google classroom. They will also be separated by phases, so you won’t get confused***phase 1: Job Description , Taxes, F.I.C.A., and CreditCareerYou will draw a career and credit score from hat in order to start your existence in the real world. The career you draw will also include the amount of student loans you owe. Then you will research the job description that was drawn by visiting . Type a description of this job title, including the average salary, and responsibilities, qualifications, skills, and education. Attach and highlight your source from the BLS – Bureau of Labor Statistics website and any other sources you may have used. Taxes You will determine your gross yearly/monthly salaries as well as your net yearly/monthly salaries based on the tax bracket your career falls in. Based on the income situation that you have previously drawn, you must: Calculate your disposable income after federal, state, and payroll (F.I.C.A.) tax withholdings. Please use the form provided to determine the values of each type of withholding. For federal taxes, find where your income falls between the ranges provided. Then complete the math for federal, state, and payroll (F.I.C.A.) tax withholdings. Then subtract each withholding amount from your gross income to determine your disposable income. Double check all math! Place the figures you get in the appropriate space in your my budget worksheet and you budget allowances worksheet.To learn more about filing taxes visit: complete the basic course and print off your certificate for this project. This is an overview of the Form 1040 that all Americans earning income complete and file by April 15th every year.Credit ScoreLook up you credit score. Determine if its good bad or fair. Then look up what you have to do to either raise your credit score maintain it. Also, look up the things that could make your credit score drop. And write a summary on what you plan to do in order to get a better credit score. Credit Card Find a credit card for your credit score range that you drew from the hat. They have credit card for good, poor, and fair credit. Research and find the card you think would be best for scenario. Include a write up of the card and how it fits you scenario, why you chose it, pros and cons, and what you would use it on and your plan for paying it off. Include the Type of Card, Picture of Card, APR Rate, Pros and Cons, Why did you choose it ? What you’re going to spend it on? How do you plan on paying it off?You will have to include this in you monthly budgetUse this website to help you with your research You are NOT apply for a card so please don’t. You are just researching your options. phase 2: Budget Allowances and Food BudgetBudget Allowance WorksheetPlace the figures you get from the Taxes Worksheet in the appropriate space in your my budget worksheet and you budget allowances worksheet.Be sure to fill out the budget allowance worksheet. This will let you know the approximate allowances needed to start your budget. This is just a guide not an accurate representation on what you spend your money on. Food Use the Weekly Meal Plan, on google classroom, to identify what a typical week’s worth of meals and what its cost would be for you in this situation. On the menu grid provided, list what you might have for each meal –Breakfast, Lunch, Dinner, and Snacks. When you have completed your meal plan, on your Food Budget Worksheet, list the items that you will need to purchase from a grocery store or restaurant in order to fulfill your meal plan. Be sure to include condiments, cooking ingredients (oils, spices), as well as specific quantities to the best of your ability.Take this shopping list to the grocery store of your choice and “shop” for the food, specifically listing the quantity and price of your food “purchase”. You can also shop for these items online. If you have restaurant food on your list, go to those restaurants and price the items you plan to purchase as well – including tip where necessary. Visit for tipping guidelines. Use these prices you get from your food budget worksheet, and add it together to calculate your weekly food budget. Then multiply that number by 4 to get your total monthly food budget.You want your final cost to be less than or equal to the figure you got for food in your Budget Allowance WorksheetMy BudgetUse the budget allowance worksheet to complete the “my budget” worksheet. This will allow you to research and see what items you can afford per month.Make sure to add you Food Budget (what you just calculated above) to the My Budget Worksheet. *** You will need the My Budget Allowances and My Budget Worksheet for every phase of this project. PLease keep that in mind.***phase 3: Housing and Transportation BudgetHousing You will live in Henry County after college. You must determine whether you can afford to rent an apartment, rent a house, or buy a house. Your choices for living are: Be sure to account for deposits/down payments, etc. If you are renting you’ll have a deposit of at least $200 and it will increase by $300 if your your credit score is below 600. You MUST read the description of your apartment or house. Some of them tell you how much your deposit will be. It might also tell you that your rent includes t.v. and internet. You need to pay attention to that kind of information. If you decide to purchase a house you will need to calculate the mortgage for the house. Use to help you determine the amount of your monthly payment. You may have up to two roommates, but each roommate must have a separate bedroom in your apartment or house. Each person must have their own budget and final project. In addition, there is a roommate inconvenience charge of 25 dollars a month per roommate.Also, keep in mind if you have bad credit you will not be able to buy a house, you will have to rent and it might be wise for you to try and be a roommate with someone else in the class. On your website, be sure to include a picture of the place you will be living, the sq footage, and the rent/payment. Also, list the amenities that you admire about the housing option you chose. Make sure to fill out the handout with a luxury option, moderate option, and economy option form on google classroom and include it in your website as well. Homeowners/Renters Insurance Homeowners Insurance:If you chose to get roommates, you can split the cost of the homeowner’s insurance. However, whoever bought the house, has all of the responsibility and liability of the insurance and mortgage. $97 a month or $1162 for the year is the average in the state of GAUse this website to look at the policies provided by State Farm.This will be at the bottom of the web page. You must pick the policy that covers the cost of the home you purchased. Use the website above to get a better understanding of Homeowners insurance. They will also give you a list of the cheapest insurance companies in the areRenters Insurance: The average cost of renter’s insurance is between $15 and $30 dollars. The average deductible is $250 and $1000. If you have roommates, you will each get your own renter’s insurance policy. I recommend you choose a policy with a $100,000 policy. This means your monthly payment will be $20 dollars a month. You can choose which insurance company you want to be the provider. Use this website to help you figure out where you would fall in the price range. Utilities The necessary utilities include: Trash pick-up- Trash Away Sanitation - the cost is $15/month and includes a trash can. Electric Bill- Central Georgia EMC- Average of $120 per month.Water Bill- average $30 per monthTransportation You must “purchase” a vehicle, identifying the make and model. You are allotted $2500 in total trade-in value and/or cash down payment towards this vehicle’s purchase. The car must not be more than ten years old. If the car is five years or older, include extra maintenance costs, in addition to the required routine maintenance costs. Oil changes, Tire Rotations, Fluid ChecksAlso, if you have bad credit you need to buy a used car Loan terms must also be provided. Visit to calculate your monthly payments. Include the loan calculations and amortization table as documentation. The interest on car loans in Henry County averages at 4.47%You must also calculate the cost of gas per month. You need to look up the size of your gas tank and look up the current rate for gas multiply them together. That’s how much it will cost for you to get gas. Then multiply that number 4 and that should give you how much you’ll pay in gas each month. Just like you did for housing you will need to Make sure to fill out the handout with a luxury option, moderate option, and economy option from google classroom and include it on your web page. For the description of your car on the website, make sure to include the Type of Car, Picture of the Car, Age, Gas Mileage/Size of Gas Tank, Where did you get it from?, Monthly Payment, Calculated with Interest, New or Used, and Maintenance (only if car is used)Car InsuranceYou will need to research different options for your house and car.Use this website to calculate how much you would pay for insurance. You will need to scroll down the page until you see average car insurance payments in your neighborhood. Fill out the information based on where you live, pick 20 years old, you gender, and coverage option, then search. You must choose the average You MUST choose full coverage if you decided to have a new carIf the car you pick is used, then you can choose the limited liability option. You can only pick the state minimum option if you car is older the 5 years old. Also, make sure you use the average it gives you. You may only use the lowest rate if you make less than $40,000 a year after taxes.You can also pick whichever provider you want. Keep in mind this is the rate for the whole year. So, you can divide the average annual premium payment you receive by 12 in order to help you budget month to month.***Make all figures, you got above are less than or equal to the figures you got on your Monthly Allowances Worksheet****** Make sure you enter the figures you got above onto you My Budget Worksheet***phase 4: Medical Insurance, Loans, Savings, and InvestingPersonal Debt Student Loans (listed on your Career Choice) $ ___________You will need to use this website to figure out your monthly payment for your student loans. The average Interest Rate on Student Loans is 5.7% Pick the amount of years you would like to spend repaying your loans. Make sure the monthly payment it gives you is less than or equal to the figure you got on your budget allowances worksheet. If it is greater than, you’ll need to increase the amount of years you’ll spend repaying the loans. If you’re a teacher or a government employee, you only need to repay your loan for half the price it gives you and for 10 years. Then your loans are forgiven. Medical Insurance Shop around for affordable healthcare. Keep in mind that many companies today no longer provide healthcare to their employees. So you’ll have to provide your own. Pay attention to deductibles, as they are the amount you must pay before insurance covers the costs. Use the following website to compare and choose an option You will need to enter in some information but it will not ask for your name or email address. You won’t have to sign up for anything. Make sure the date of birth you enter is at least 1999. For your description on the website, make sure to include, the Name of Provider, Name of Plan, What it includes, Monthly Payment, Out of Pocket, Premium, Deductible Savings and InvestmentCreate an investment plan using the information provided to you in the handouts on google classroom. The first handout is just a description of your different options. The second handout you will need to fill out and complete. You will need one long term option and one short term option.Follow the instructions on the second handout to complete the math and fill out the chart.Make sure to put the handout on your weebly website. ***Make all figures, you got above are less than or equal to the figures you got on your Monthly Allowances Worksheet****** Make sure you enter the figures you got above onto you My Budget Worksheet***phase 5: Disposable incomeMiscellaneous Clothing: For clothing: provide an outfit based on your budget. (Something you would buy) Include pictures and description on the website. Make sure the price is less than or equal to the amount on your Budget Allowance Worksheet. Charity (OPTIONAL): This is an optional. If you choose not to give to charity you can use that money on food , clothes, car, house, or anywhere else you feel would be more beneficial. Just make a note on your My Budget Worksheet that you chose not use this money on charity and then tell me where you used it instead. Entertainment: List anything extra that you will pay for monthly in this space (Movies, Concerts, Sporting Events, ect.) Make sure to calculate the expenses. Your payment should be less than or equal to the amount given from the Budget Allowances Worksheet. Keep in mind you are a year out of college. Choose entertainment that is age appropriate and school appropriate. NO, you do not just sit at home and watch Netflix’s . . . let's be real . . . Luxury Utilities These are optional depending on your budget. However, if you chose not get these utilities you need to state than in your website and explain why. Cellphone: Shop the provider, type of phone, and the approximate cost per month. Consider talk, text, and data You do not have to use these, you can find another provider. Also, I’m not asking you to purchase a phone. You can keep the one you have. I’m just asking you to buy a service provider. TV/Netflix/Hulu- Give the provider, type of service, and the approximate cost per month Again, yo do not have to use these option, you can find another provider. Also, you can get a cable provider and have netflix or hulu or something else as well. That just depends on you and your budget. If you have bad credit, you can’t get cable or satellite t.v. so research the other alternatives such as live streaming.Internet- Give the provider, type of service, and the approximate cost per monthHousehold Items Price the items that you would need in your house on a weekly basis, such as cleaning supplies, laundry detergent, etc. (THIS DOES NOT MEAN FURNITURE, COMPUTERS, OR OTHER “BIG” HOUSEHOLD ITEMS). You can use Walmart, CVS, or any other convenience store for pricing of individuals items.Include pictures of items on website and add up the total amount you spend on these items.Personal Care Items List and price your toiletries and other personal care items, such as toothpaste and deodorant. Include grooming such as haircuts, make-up, pedicures/manicures. EtcInclude pictures of items on website and add up the total amount you spend on these items.***Make all figures, you got above are less than or equal to the figures you got on your Monthly Allowances Worksheet****** Make sure you enter the figures you got above onto you My Budget Worksheet***Final SummaryBe sure to include a summary page about what you learned from this project. Include 3 key items or specific examples of what you learned in this summary. Make sure to describe if you feel like you can make a life for yourself based on what you learned. Summarize your findings for the life you had drawn from a hat. Mention something that you didn’t expect to learn from this project but did end up learning about. Self-Evaluation/Peer EvaluationYou will need to complete one self-evaluation and 5 Peer-Evaluations. Forms will be on Google Classroom. The completion of these items will be counted on the rubric and your final grade. This project will be your Final Grade for Economics and it does count for a total of 6 grades (5 Quizzes and 1 Test).Below is the presentation/exam schedule. Be sure your website is done by the appropriate day. All the files and handouts you will need to complete the assignment will be on Google Classroom and my weebly (mstylercarroll.) Budget Project Presentations will be held on Thursday and Friday May 17th and 18th. If you have any questions, you know who to ask ................
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