Budgeting Project!

What will you be doing? Create a presentation that displays your personal monthly budget Add as many pictures as you can! Project is 55 points!

Budgeting your salary… Follow the instructions on the following slides to complete your personal monthly budget.

Step 1: Career/Salary Take your salary and divide it by 12 months. This is your MONTHLY INCOME. Record this number in box #1

Step 2: Taxes Refer to the box below to determine your tax rate based on your salary Divide your taxes by 12 months. Record in box #2 Federal Tax Rate Salary Taxes (per year) 10% $0- $8,700 $870 15% $8,700-$35,350 $3,998 25% $35,350-$85,650 $12,575 28% $85,650-$178,650 $26,040

Step 3: Housing-Rent Choose a city that you would like to live in. Record your rent in box #6

Maintenance and Utilities Step 4: Housing-Other Cell phone Limited service: $60 Unlimited service: $90 Smartphones: $50 (in addition to the above service fee) Cable an Internet Basic cable: $30 Basic internet: $30 HBO and High Speed Internet: $200 ***YOU DO NOT HAVE TO HAVE A CELL PHONE/INTERNET. YOU MUST HAVE MAINTENANCE AND UTILITIES*** Choose a cell phone plan- record in box #7 Choose a cable/internet plan. Record in box #8 Record maintenance and utility in box #9 Maintenance and Utilities $150

Step 5: Food Select $200 if you plan to never eat out and will shop at discount stores Select $350 if you plan to eat out 1-2 times per week Select $500 if you plan to eat out 5+ times per week Record your number in box #10

Average College Tuition *2010 Average Student Loans *2010 Step 6: Student loans Select the 5, 10, or 30 year plan Record in box #11 Average College Tuition *2010 Public University $6,585 Private University $25,143 Average Student Loans *2010 $22,700 5 Years 10 Years 30 Years 2 years of school 214.19 120.35 60.93 4 years of school $428.38 $240.70 $121.86 6 years of school 642.57 361.05 182.79

Step 7: Entertainment Select an expense within the ranges given for Movies, Concerts, and Games Record in boxes 12, 13, and 14. Movies $8-$12 Concerts $20-$60 Games $20-$60

Step 8: Transportation Research a car, truck, or motor cycle that you will be able to afford. Calculate the monthly payments by … Multiplying the amount by .2 … this give you the down payment which the Bank of Quinn assumes you have (will not be taken out of monthly budget). Subtract the down payment from the total cost. Bank of Quinn is giving you a 6 year, 0% APR Financing deal. So take the remaining balance and divide it by 72 (months).

Step 8 cont’d: Transportation Refer to the table below for insurance, fuel, and maintenance. Type of vehicle Insurance (first year/per month) Fuel (per month) Maintenance New $80 $170 $15 Used $40 Motorcycle $95 $135 Pick-up Truck $85 $250

Step 9: Personal Care Select an expense within the ranges given for toiletries, clothing, and medical/dental. Record in boxes 19, 20, 21, and 22 Toiletries $20-$50 Clothing $80-$300 Medical and Dental Medical : Dental: $200 $20-$35

THE FINAL STEP! Calculate your TOTAL expenses per month by adding up all of the highlighted total boxes. Record this number in box #4. Subtract boxes 3 and 4 to determine your “cushion” or extra money for each month. You may have to go back and reconsider your expenses!