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You are now on your own,you have moved in to that ultimate apartment found the your going to buy and have that first job. It is time to take a look at the cost of living on your own. Next

Follow along with this interactive power point to see the real cost of Next

What you need to bring with you on this journey: 1. Your career’s starting salary 2. Your 3 apartment choices 3. Your 3 car choices 4. Your palm with a new document titled (first initial last name.on my own) Click to see everything you need to do.first initial last name.on my own Next

Your budget spreadsheet Click the button below to view the spreadsheet you will be filling in as you proceed through this project. Next

Step 1: Taxes, who gets my money and why? Lets find out. Click the link and on your handheld document define: FICA State & local income tax withheld Federal income tax withheld Tax rate schedules Social Security & Medicare tax withheld Tax glossary Next

Lets start with taxes, the money the government takes out of our pay check. FEDERAL TAXES Click on the link below. Look at the federal tax rate chart and find your income level and filling status (single). What is your federal tax rate? Note it on your palm document. Federal taxes Next

1. What is your state tax rate? You must locate your income level to find your correct rate. (Be sure to pick the state you’ll be living in.) Note it on your palm document. State tax rate State Taxes Next

Step 2: Pay check withholdings It is time to see how much those taxes will cost you. Click on the like below and fill in the correct information. Make sure to select the state you will be living in. Select the monthly pay frequency Your filling status is single Your number of withholding allowances is 1, yourself. You do not want any additional amounts withheld or voluntary deductions. Click calculate to see what your take home pay will be Print your pay check stub in when finished. Pay check stub Next

Step 3: Enter your tax information into your budget spreadsheet Click on the budget spread and enter the following information: Monthly gross salary Monthly Federal tax Monthly Social Security taxes Monthly Medicare taxes Monthly State taxes City taxes if you have them Budget spreadsheet Next

Step 4: Auto Insurance Now it is time to compare car insurance for the three cars you’ve picked. Click on the blue links below to do the following. First lets define some insurance terms. Click on blue terms to get to the insurance glossary and define the following on your palm document. Collision insurance, comprehensive coverage, property damage liability coverage,deductible, bodily injury liability and premium.Collision insurance, comprehensive coverage, property damage liability coverage,deductible, bodily injury liability and premium. Next

Next click on the coverage analyzer and follow the instructions. Print out your insurance analysis when it’s complete. You will use that later.coverage analyzer Next

Next get an insurance quote for each of your three cars. Follow the instructions and print out each quote. Select the state you will be living in and click get quote. Click quick quote. You do not need to fill in your personal information. Your birthday should be four years earlier to make you older.insurance quote Next

Step 5: Car Loan Now you will figure the true cost of your new car. Unfortunately there is a cost to borrowing money, we are going to see how much a car payment will be along with the interest for each car. 1. Log onto the car glossary and define on your palm document the following terms: interest, interest rate, loan term, principle. Next

Click the finance center to find auto loans for your carsfinance center Find a car loan for each one of your cars. You must find 3 different interest rates, one low, one middle, one high. Figure each car at one of the rates. (You will have 3 loans, one with a low interest rate, one with a middle, and one with a high interest rate.) Make sure to print out all your information for each car. Next

Now it is time to add these items into your budget spreadsheet: budget spreadsheet 1. Decide on which apartment you want to live in. Enter in your rent 2. Decide on which car you are going to purchase. Enter in your payment and insurance per month. 3. Add in the following amounts you think you will spend on: household items (cleaners), personal items (shampoo), prescriptions, clothing, weekend entertainment, groceries, memberships (fitness clubs), dining out, pet care, cell phone, laundry, and misc. items per MONTH. We will review and edit this together. 4. Save your budget spreadsheet as first name last initial.budget on your home folder. Print it out and turn in with your palm worksheet and all other print outs. Next

Your palm worksheet should look like this: Next Back

You’re finished! How did you do? Do you have any money left over? Do you need to make any changes so you have enough money to get through the month?