1. Budgeting Project!

2. 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!

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

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

5. 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

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

7. 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

8. 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

9. 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

10. 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

11. 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).

12. 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

13. 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:
$ $20-$35

14. 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!