Resources
Download and use these spreadsheets, calculators, and other resources:
|
|
Project Overview:
(Scroll down for slide by slide instructions)
Part 1: (slides 1-5)
You are 24 years old and in the 3rd year of your new Career. You have been living with your parents for free and driving your parent’s car to save money to start your adult life. It is time to move out.
You need to create a budget to project the monthly expenses associated with the lifestyle that you would like to have during this phase of your life. Guidelines include:
- You saved enough money for first month rent and security deposit for an apartment.
- Your parents are giving you furniture and household items for your apartment.
- You saved $5000 cash for a down payment on a new car.
You need to create a budget to project the monthly expenses associated with the lifestyle that you would like to have during this phase of your life. Guidelines include:
- Your project must be completed in the form of a PowerPoint presentation, which will be submitted on teams
- (SCROLL DOWN FOR SLIDE BY SLIDE INSTRUCTIONS)
- All your research data and information must come from real sources in the Metro Atlanta area.
- You must include real pictures (can be copied from web sites) of the actual products and services chosen to be included in your budget. You may choose an apartment anywhere in the Atlanta Metropolitan Area.
- You may have a roommate, but they must be another student in your Econ class and the only expenses that you are allowed to share are RENT, UTILITIES, RENTERS INSURANCE, and HOUSEHOLD SUPPLIES.
- Your car must be new.
- All expenses must be true to life, illustrated, and sources cited.
- (SCROLL DOWN FOR SLIDE BY SLIDE INSTRUCTIONS)
part 2: (SLIDE 6)
Project Monthly Gross/Net Pay Calculator:
- After setting up your monthly Expense Budget, you should have an idea of how much money it will take per month to afford your chosen lifestyle. Now it's time to compare your budget with your estimated Income.
- Inform your teacher of the type of job/profession you hope to have at 25 years old.
- Your teacher will assign an annual salary appropriate for that job.
- Divide the annual income amount by 12 to get your GROSS MONTHLY INCOME, then click the link below to calculate your NET MONTHLY INCOME..
- https://smartasset.com/taxes/paycheck-calculator#6lvUvXx3Cz
- Input Salary (per year) - top of page
- Marital Status - "Single"
- Pay Frequency - "Monthly"
- Pre-Tax Deductions - Click the + to open
- Medical Insurance - $250
- Dental Coverage - $50
- Vision Insurance - $20
- 401K: 10%-15% of gross pay
- Long term disability - $50
- Life Insurance - $50
- Click "Done"
- Click "Details" under the taxes and deductions listed in the graphic at the center of the page to get the information you need for the Income/Pay slide.
- Take a screenshot of your paycheck calculations including all deductions, taxes. And take-home pay.
- Identify your total monthly expenses, monthly take home pay, and the difference +or-
part 3: (SLIDE 7)
Compare your projected budget with your net monthly take-home pay to determine if you can afford your lifestyle.
- If you have a budget surplus, what would you do with the extra money?
- If you have a budget shortage, what adjustments would you make to be able to afford your lifetstyle?
- Have fun with the project. Identify a lifestyle that you would truly want at 25 years old.
Slide 1: Housing
Rent an apartment. Required Information:
If you are married or have a roommate, these expenses may be split evenly. Be sure to include illustrations, calculations, and total amounts for each element. |
Include pictures of your actual apartment from the website.
|
Slide 2: Automobile
Required Information:
|
You must purchase a new automobile. You have $5000 that will be used as a down payment. The remainder of the purchase price will be paid by an auto loan. Requirements include:
|
Slide 3: Household expensesUsing the menu grid and food budget template, Identify what a typical week’s worth of meals would cost, then multiply it by 4 to get a monthly food expense estimate.
|
Required Information:
|
Slide 4: Discretionary expenses
Budget your monthly disposable income to provide for the following:
- Cell Phone: - shop different providers and plans. Show photo and details.
- Entertainment – Movies, dates, sporting events, restaurants, golf, weekend travel, concerts, etc.
- Clothing - include examples and estimated purchase interval (4 times per year)
- Include photos or illustrations
Slide 5: Savings
Required Information:
|
Budget your monthly disposable income to provide for the following:
Vacation: (choose 1 example) - Research and price the following:
Medical - Routine doctor visits. Annual total divided by 12. Emergency Fund - to cover unexpected car repairs, medical expenses, gifts, etc. Big Purchase - Long term saving for house or land purchase. |
Slide 6: Comparison
Total Income (Job and salary Information)
Total Expenses (Monthly Budget Spreadsheet)
Net Pay vs Net Expenses
Total Expenses (Monthly Budget Spreadsheet)
Net Pay vs Net Expenses
Slide 7: Analysis
Compare the monthly cost of your lifestyle with the actual take-home pay from your job and answer the following:
- Can you afford your lifestyle?
- How much more or less money do you take home?
- If your take home pay is lower than your expenses, what could you do to make up the difference.
- If your take home pay were more than your expenses, what would you do with the extra money.
- What did you learn from this project?