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    4.1 Personal Budget Project

    Uploaded by

    Amelia Livingston
    The document describes a personal budget project where students are asked to: 1) Enter their annual salary of $40,000 and calculate monthly take-home pay. 2) Choose a 1 or 2 bedroom apartment and enter monthly rent expenses. 3) Choose a used car under $5,000 and set aside $250 monthly for future car expenses. 4) Estimate other monthly expenses like utilities, insurance, food, gas, and savings. 5) Create an Excel spreadsheet budget balancing income and expenses with totals, charts and pictures.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    4.1 Personal Budget Project

    Uploaded by

    Amelia Livingston
    251 views4 pages
    The document describes a personal budget project where students are asked to: 1) Enter their annual salary of $40,000 and calculate monthly take-home pay. 2) Choose a 1 or 2 bedroom apartment and enter monthly rent expenses. 3) Choose a used car under $5,000 and set aside $250 monthly for future car expenses. 4) Estimate other monthly expenses like utilities, insurance, food, gas, and savings. 5) Create an Excel spreadsheet budget balancing income and expenses with totals, charts and pictures.

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    4.1 Personal Budget Project (1)

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    The document describes a personal budget project where students are asked to: 1) Enter their annual salary of $40,000 and calculate monthly take-home pay. 2) Choose a 1 or 2 bedroom apartment and enter monthly rent expenses. 3) Choose a used car under $5,000 and set aside $250 monthly for future car expenses. 4) Estimate other monthly expenses like utilities, insurance, food, gas, and savings. 5) Create an Excel spreadsheet budget balancing income and expenses with totals, charts and pictures.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    251 views4 pages

    4.1 Personal Budget Project

    Uploaded by

    Amelia Livingston
    The document describes a personal budget project where students are asked to: 1) Enter their annual salary of $40,000 and calculate monthly take-home pay. 2) Choose a 1 or 2 bedroom apartment and enter monthly rent expenses. 3) Choose a used car under $5,000 and set aside $250 monthly for future car expenses. 4) Estimate other monthly expenses like utilities, insurance, food, gas, and savings. 5) Create an Excel spreadsheet budget balancing income and expenses with totals, charts and pictures.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    NAME_______________________

    Personal Budget Project


    Objective: Students will gather information which will enable them to plan an accurate
    budget using Microsoft Excel. While the budget may not take into consideration every
    monthly expense a student might incur, it should serve as a general guide for what
    students can afford to do based on a given income.

    Directions: Follow the steps below to complete the budget project. Answer all
    questions and complete all blank spaces. Be sure you read all instructions.

    Before you begin to create your Excel spreadsheet, you will need
    to complete this worksheet.

    INCOME
    Salary- The first section of your budget will represent your income. While some people
    have many sources of income (salary, rental income, investment income, gifts, etc), we
    will consider income from salary only.

    Your Annual Salary = $40,000


    Go to http://www.suburbancomputer.com/tips_calculator.php to figure out your monthly
    “take-home” pay. You’ll need to enter your annual salary, check the “Annual?” box, set
    the pay frequency to “monthly”, set your marital/dependents status, choose a state, and
    click “Calculate Paycheck”.

    MONTHLY TAKE-HOME PAY = Click here to enter text.

    EXPENSES
    Rent- Choose a place to live by searching on www.apartments.com. If you choose a
    1-bedroom apartment, then you will be living alone and handling monthly rent and utility
    cost without any help. If you choose a 2-bedroom, then you may plan as if you have a
    roommate paying half of the rent and utility costs. You may NOT take on a third or
    fourth roommate.

    Did you choose a 1 or 2-bedroom apartment? Click here to enter text.

    List your share of the monthly rent below.

    MONTHLY RENT EXPENSE = Click here to enter text.


    Save an image of the apartment complex or interior AND an image of the listed
    monthly rent.
    NAME_______________________

    Transportation- The Dave Ramsey “Free Cars for Life” plan begins with you buying a
    VERY cheap used car with cash. You have $5,000 saved up so that you can buy your
    car without borrowing money. Shop online and choose a car that meets your needs. It
    would be a good idea to do a little research on which makes and models are most
    dependable as they get older.

    What car did you choose and why? Click here to enter text.

    Where did you find the price listed? Click here to enter text.

    Total Cost = Click here to enter text.

    In a year or two, you’ll sell this car. You’ll add the proceeds of the sale to money you’ve
    been putting away in lieu of making a car payment. How much will you be putting
    aside? $250 is the minimum. If you want a newer and nicer car soon, you may want to
    set aside more.

    MONTHLY CAR FUND SAVINGS = Click here to enter text.

    Save an image of the car you decided to purchase AND an image of the asking
    price.

    Utilities- Monthly utility expenses will vary based on your individual choices and
    location of your residence. Some apartments may include certain utilities. Be sure to
    check. Use the estimates below UNLESS you choose to forego a particular expense
    OR something is included in your monthly rent.

     Power $200
     Cable/Internet Click here to enter text.(you research and choose a plan)
     Phone (landline) $40
     Phone (cellular) Click here to enter text.(you research and choose a plan)
     Gas $30
     Water $50
     Sewer/Garbage $25

    Insurance- You will sign up for health insurance through your employer, so that you
    never have to worry about an illness or an accident wiping you out financially. Auto
    insurance is required by law. Renter’s insurance is not required, but highly
    recommended.

     Health Insurance $250


     Auto Insurance $150
     Renter’s Insurance $25
    NAME_______________________

    Food- You need to estimate this expense to the best of your ability. Draw from your
    experiences grocery shopping with your family or Internet research. Include money
    spent eating out in this category, as well.

    Groceries per month Click here to enter text.


    Dining Out per month Click here to enter text.

    TOTAL MONTHLY FOOD EXPENSE = Click here to enter text.

    Gas- How many miles will you drive per month? miles I’ll drive each month
    Divide by how many miles/gallon your car gets gallons of gas I’ll need
    Multiply by current gas price per gallon… current price per gallon

    MONTHLY GAS EXPENSE = Click here to enter text.

    Personal Care (clothing, haircuts, toiletries, medicine, etc)- This number will vary
    depending on individual preferences and needs. You may not buy clothing each month,
    but you can decide how much you’ll spend in a year and divide by 12 to get a monthly
    expense.

    Clothing average per month Click here to enter text.


    Haircuts expense per month Click here to enter text.
    Toiletries/Meds per month Click here to enter text.

    TOTAL PERSONAL CARE EXPENSE = Click here to enter text.

    Savings- This category is a priority over ALL things. The lesson here is “PAY
    YOURSELF FIRST”. Then, learn to live off what you have left. If you wait until all
    expenses are taken out to save, you will likely have nothing left. YOU MUST SAVE
    ALWAYS. It is easiest if you set this money aside first.

    Research on the Internet to determine what percentage of your income should be saved
    given your age/income/financial goals/etc. 15% IS A MINIMUM.

    MONTHLY SAVINGS EXPENSE = Click here to enter text.

    Entertainment- Estimate the average amount you may spend monthly on things such
    as concerts, amusement parks, athletic events, movies, shows, etc.

    MONTHLY ENTERTAINMENT EXPENSE = Click here to enter text.

    Miscellaneous- This category will help set aside money for the continuous, random,
    unexpected expenses that arise each and every month. Examples might include gifts
    for friends and family, car maintenance/repairs, etc.

    MONTHLY MISCELLANEOUS EXPENSE = Click here to enter text.


    NAME_______________________

    THE SPREADSHEET:
    Using the skills you have learned thus far, create an Excel spreadsheet that displays
    your monthly budget. All the numbers you need (income & expenses) are included in
    this worksheet. To receive full credit, your spreadsheet must also do the following:

    o Display total income.


    o Display each monthly expense.
    o Display total expenses with the use of a formula.
    o Display the monthly balance (total income minus total expenses) with the use of
    a formula.
    o Use different cell styles for income, expenses, totals, etc.
    o Format numbers as currency with no dollar sign.
    o Display any totals as currency with dollar signs.
    o Display a title that is merged and centered.
    o Create a pie chart that illustrates your monthly expenses.
    o Include a picture of your apartment, your car, and the prices of each.

    **VERY IMPORTANT***
    IF YOUR BUDGET IS NOT BALANCED, YOU MUST MAKE ADJUSTMENTS.
    CONSIDER DOWNGRADING YOUR HOUSING, TAKING ON A ROOMMATE, OR
    FORGOING A FEW LUXURIES.

    Save to your student number as “Personal Budget Project”.


    REFLECT:

    1. What did you like about this assignment?


    Click here to enter text.
    2. What did you dislike about this assignment?
    Click here to enter text.
    3. What did you learn?
    Click here to enter text.
    4. What did you find most surprising?
    Click here to enter text.
    5. Did you learn anything that will make you think about adjusting your plans?
    Explain.
    Click here to enter text.

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