Excel: Project 1 Personal Budget Computer Information Technology.

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Presentation transcript:

Excel: Project 1 Personal Budget Computer Information Technology

Creating a Personal Budget For this project you will create a personal budget for your future. You will: –Pick a career –Rent or Buy a House –Pay Taxes, Utilities, etc. –Buy Food, Clothing, Entertainment, etc.

Finding the Data Use the Internet to find the data you need… 1.Salary: If you can’t find specific information on your career choice try – – –You need the starting salary for the job – Choose the low end of the scale. 2.Taxes: Assume 25% of your salary goes for federal, state and social security

Finding the Data 3.Rent/House: See if you can find a apartment listing or a listing for a house. If you can’t find that and know where you want to live go to and find the “median house/condo value” or the “Median gross rent” – For House assume 30 year mortgage at 5% - Use the loan calculator Insurance – Assume 10% of Mortgage or 5% of Rent 5.Property Tax – If you plan on buying a house/condo assume 1.8% of the property value per year in real estate taxes.

Finding the Data 6.Phone and Cable: Find the price for the service you want. 7.Electric/Heat/Water: Assume $200 per month 8.Car Payment: Find the car you want, look up the price (cars.com, etc). Calculate a payment using the loan calculator (4 years, 2.9% interest) bin/simple.plwww.planningtips.com/cgi- bin/simple.pl 9.Car Insurance: Assume $1200 per year

Finding the Data 10.Student Loans: If you think you will have student loans to repay, calculate the amount of the loan and use the loan calculator (assume 6% and a 10 year term) 11.Food, Clothing and Fun: Decide what you will spend on those each month. In the comments section tell us how you decided on the amounts.

Complete the Spreadsheet Complete the spreadsheet including all the data. Use formulas to do the calculations. –Calculate monthly or annual –Taxes, etc. All lines need a comment explaining where the information came from.

Excel Project 1 You will present your budget to the class. Begin gathering the data today. –By the end of the day have your job and salary information complete. Begin laying out your spreadsheet