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See attachment: Create a proposal using these examples
Budgeting Assignment
In
See attachment: Create a proposal using these examples
Budgeting Assignment
In this assignment you will be creating a monthly budget for yourself based on your new salary, $50,000.
-The average starting salary for a college graduate, class of 2014 was $48,707
Part One: Research and input all of the following expenses on your budget handout. Some expenses you will need to research and some of the budget information is given.
First, calculate your TAKE HOME/NET PAY:
✓ Firstly, you will deduct your 401K contributions. You must contribute 3%.
✓ Next you will calculate your FICA and federal income taxfrom your salary.
o You will use a federal income worksheet first & then a separate worksheet to deduct your FICA taxes.
✓ Next you will calculate your state tax.
o If you plan to live in NYC there is also a city tax!
✓ Then, deduct $150/month for health insurance, dental insurance and any other employee sponsored fund or insurance.
✓ You now have your monthly net income
Next, calculate your BASIC LIVING EXPENSES (needs):
✓ After deciding upon your state, use the internet to identify a specific property that you wish to rent. Check to make sure it offers heat and hot water. You must include THE COMPLETE ADDRESS OF YOUR RENTAL UNIT on the budget handout.
o Rentals.com
o Online newspapers
o Apartments.com
✓ Research the cost of cable, cell phone and internet
o Go to Verizon, Comcast or some other provider and find the cost of these 21st century “needs”.
Given Expenses You Must Add:
-Rental Insurance – $20/month
-Electricity – $20/month—I feel like this should be more…
Then, calculate your ADDITIONAL LIVING EXPENSES:
✓ Research a car and add your car payment or a mass transit option.
o You must include your CAR DESCRIPTION OR TRANSPORTATION DESCRIPTION on your budget sheet
o When calculating mass transit costs you must remember to and from work as well as weekend outings
✓ Calculate gas costs. Check the current gas price per gallon, the mileage on your car and then assume you commute 10 miles to work.
✓ Calculate car maintenance costs. Assume an oil change/tire rotation every 4 months. Check local auto-body shops and chains for costs. Do the necessary math to make it a monthly amount you put aside.
✓ Research a grocery store budget: Calculate estimated food costs for a week with grocery circular *
o This portion should be itemized for one single week and then multiplied by 4 as a monthly cost. ONCE YOU CALCULATE YOUR MONTHLY BUDGET ADD $50 FOR TOILETRIES, PAPER PRODUCTS, CLEANING PRODUCTS, ET CETERA.
o Go to Stop and Shop or Shoprite and create a grocery cart of your desired items.
✓ Research your anticipated purchased food expenses.
o buying coffee in the morning; buying lunch?; take out?Per week and then multiple that by 4 for the monthly bill.
GIVEN EXPENSES YOU MUST ADD:
Car Insurance: $200/month
Finally, calculate your expenses that include WANTS:
✓ Add an entertainment budget *
o Restaurants, night time events, movies, bowling, day trips to the beach, museums, et cetera.
o On your budget worksheet indicate how you came to your total.
✓ Add a vacation fund. Assume it will cost you $2000/trip. Either divide $2000 by 12 and add that amount to your budget as the monthly cost of a vacation OR if you want to go on more than 1 trip per year do the math!
✓ *Add miscellaneous and/or personal health/maintenancefund *
o Haircuts, highlights, nails
o Gym memberships
o Presents: birthdays and holidays (assume $20-$100/gift per person for every birthday and holiday)
o Clothes budget per year/12 months
o Other: weddings? Other big events that cost a lot of money! (assume $100/big event)
PART TWO: Take all of your data from the budget worksheet and input that data into excel. When you are done, share your spreadsheet with both teachers.
Due Dates:
-Your apartment and car must be chosen before class on Monday, January 11th
-Your budget worksheet must be done before class on Tuesday, January 12th (YOU MUST BRING YOUR COMPLETED WORKSHEET TO CLASS ON TUESDAY)
-Your excel sheet must be completed and SHARED with both teachers before class on Wednesday, January 13th
-You must bring your budget worksheet to class on Wednesday, January 14th. You will share your budget with the class and then submit your worksheet at the end of class.
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