Before beginning this project​ read through each step.

This will give you an

idea of what to take note of throughout the task, and you can also refer back
to these when it comes time to create your own budget.

Step 1: Choose a career

Use the Glass Door or Simply Hired website (Resource 3) to choose a
particular career you wish to pursue. Use either website to find the average
income you will earn in this job, and any other relevant details (such as if
you will need to work in a specific location/area).

You can then use the tax calculator website (Resource 4) to calculate the
amount of income tax (​federal and state​) you will be required to pay for
your particular salary.

Step 2: Find a house/apartment/condo

Use the Real Estate website (Resource 5) to find a house in a suitable
location for your chosen career. You can either choose to rent a house or to
buy a house, but you will need to calculate the associated costs for
whichever you choose.

If you choose to rent, you will need to factor in your rental payments in your
budget. If you choose to buy, you will need to use the Mortgage Calculator
website (Resource 6) to calculate how much your monthly loan repayments
will be.

Step 3: Buy a car

You can use the Auto Trader website (Resource 7) to find a car that you
would like to buy. You can choose to pay for this car outright, which means
you will need to work out how long it would be before you could afford this
car, or you can choose to get a car loan. If you choose to get a car loan, you
will need to use the Car Loan Calculator (Resource 8) to work out what your
repayments will be.

You will need to estimate the distance you will drive to and from work each
day, and research the car you have chosen to buy to find out its average fuel
consumption (mpg). Using these two details you will calculate your
average weekly/monthly fuel costs for traveling to and from work.
(Formula: total miles to drive for the week ÷ miles per gallon = number of
gallons per week. Multiply the number of gallons per week by the price for
gas. This will give you the approximated amount of money you will spend
on gas per week.) ​If you are not buying a car, use this formula with the car
you will be using.
 Budget Project 1

If you choose to use another form of transportation, you must account for
any costs you will have regarding that type of transportation. Ex:
purchasing a bus pass, metro pass?

Step 4: Other expenses

Here you will decide on any other expenses you need to take into
consideration when planning your budget. You can use the sample budget
to give you ideas and you can add any other expenses you feel are
important. These may include groceries, utilities, leisure/entertainment,
or savings. You may want to ask an older friend or family member to help
with the average costs for certain bills like power, cable, cell phone, etc.
Feel free to use any other resources you can find to assist you. I will also
provide a list of average costs for these additional expenses when we get to
this step.

Step 5: Create a budget!

Using all of the information you have gathered, create a budget for your
chosen lifestyle using the spreadsheet available at the link in RESOURCE
2. Your spreadsheet should include your income as well as all of your
expenses.

*Make sure that all of your calculations are shown, and you keep track of
all of your expenses.

Resources
1. YouTube: “​Personal Budget Spreadsheet Demo​”
2. Make a copy: ​Monthly Budget Google Sheets
3. Salary Websites: ​http://www.glassdoor.com​, ​www.simplyhired.com
4. Tax Calculator:​ ​http://www.tax-rates.org
5. Find a home: ​http://www.realtor.com​ ​www.rent.com​ (you may use
these websites or another website that lists houses and prices for
rent/sale)
6. Mortgage Calculator: ​http://www.mortgagecalculator.org/​ (you will
​ uying​ a house)
only need this if you are b
7. Find a car: ​http://www.autotrader.com/​ (this is just one website out
of many that you can use)
8. Car Loan Calculator: ​http://www.carloancalculator.me/
9. Google Maps/Directions: ​http://maps.google.com
 2 Budget Project

Step 1: Career, Salary, and Taxes

What is your career choice for this project? Try to choose something you
might actually want to do. (let’s please avoid actor, professional athlete,
dancer, etc.- if in doubt please check with Mrs. Oltman)

diesel mechanic

What is the average annual salary that someone in this field makes?
Annual = y early

$47k

What is the ​state​ you are choosing to live and work?

iowa

What is the estimated tax you will pay each year based on your salary? (​use
www.tax-rates.org​ calculator)

What is the income tax percentage for this state? (​ use ​www.tax-rates.org​ to
find the %)

1.29%

What federal tax percentage for your income?

22%

*Multiply each percentage by your yearly income: 10,946.3

Federal: $10,340

State: $606.3

*Subtract your State tax and Federal tax from your annual income

Yearly Income after taxes= $36,054

Divide your annual income by 12 to find your monthly income amount :

$3,004.5

Helpful Resources:

1. Glass Door Website: ​http://www.glassdoor.com

2. Tax Calculator: ​http://www.tax-rates.org

 Budget Project 3

Step 2: Find a house/apartment/condo

Use the Real Estate website (below) to find a house in your chosen state for
your chosen career. You can either choose to ​rent a house or to buy a house​,
but you will need to calculate the associated costs for whichever you
choose.

If you choose to rent, you will need to factor in your rental payments into
your budget. If you choose to buy, you will need to use the Mortgage
Calculator website (below) to calculate how much your weekly/monthly
loan repayments will be.

What is the location you are choosing to live and work?

davenport iowa

Do you want to buy or rent? Take into consideration how much money you
make. Many experts say to not exceed 20% of your monthly income on your
mortgage each month

rent

Once you find a listing, write the address here and attach a link:

https://www.rent.com/iowa/davenport-apartments/4647-n-brady-st-4
-lv131651048

1. Find a home: ​http://www.realtor.com​ ​www.rent.com​ (you may use

this website or another website that lists houses and prices for
rent/sale)

2. Mortgage Calculator: ​http://www.mortgagecalculator.org/​ (you will

​ uying​ a house)
only need this if you are b

What is your monthly rent or mortgage payment?

$490/month What will this cost you per year? $5,880

Step 3: Buy a Car and calculate payments

You can use the Auto Trader website (below) to find a car that you would
 4 Budget Project

like to buy. You can choose to pay for this car outright, which means you
will pay the full amount all at once, or you can choose to get a car loan. If
you choose to get a car loan, you will need to use the Car Loan Calculator
(below) to work out what your repayments (monthly payments) will be.

You will need to estimate the distance you will drive to and from work each
day, and research the car you have chosen to buy to find out its average fuel
consumption (mpg). Using these two details you will calculate your
average weekly/monthly fuel costs for traveling to and from work.
(Formula: total miles to drive for the week ÷ miles per gallon = number of
gallons per week. Multiply the number of gallons per week by the price for
gas. This will give you the approximate amount of money you will spend on
gas per week.) **experts say do not spend more than 10% of your gross
income on a car.

If you choose to use another form of transportation, you must account for
any costs you will have regarding that type of transportation. Ex:
purchasing a bus pass, metro pass?

1. Find a car: ​http://www.autotrader.com/​ (this is just one website out

of many that you can use)

2. Car Loan Calculator: ​http://www.carloancalculator.me/

Buying a car? ​Yes​/No (circle one)

What is your monthly car payment?

$​234.64​/month What will this cost you per year? $2815.68

What is your fuel consumption?

20 total miles to drive per week ÷ 15 miles per gallon = gallons per week ×
average cost of gas/gallon $2.810= $56.2 estimated amount of money you
will spend per week on gas.

$168.6/month on gas $2,023.2/year on gas

Step 4: Additional Expenses

Here you will decide on any other expenses you need to take into
consideration when planning your budget. You can use the sample excel
budget to give you ideas, and you can add any other expenses you feel are
important. These may include groceries, utilities, leisure/entertainment,
or savings. You may want to ask an older friend or family member to get an
 Budget Project 5

idea of things that they pay for on a monthly basis. Feel free to use any
other resources you can find to assist you.

$50 Cell Phone Monthly Cost​: If you will be using a cell phone, choose one
of the packages below to add to your budget. (These are estimated costs)

“Go” phone: ​$20/month​ (​no​ internet or text messaging)

Nice phone with texting/internet: ​$50/month

Smartphone (android or iPhone): ​$100/month​ (3G/4G data & texting)

$120 Power Bill Monthly Cost: ​research an average power bill based on the
square feet of your house. Estimations below:

8,00-1,800 sq. ft. = $120/month 3,801-4,800 sq. ft. = $420/month

1,801-2,800 sq. ft. =$220/month 4,801-5,800 sq. ft.=$520/month

2,801-3,800 sq. ft. =$320/month >5,801 sq. ft. =$1,000

$70 Water Bill Monthly Cost: ​typically ranges between $40-90.

$30 Cable & Internet Monthly Cost: choose from below

Cable only:

$54/month: basic

$75/month: supreme
Internet only:

$30/month

Bundle: ​$126-$162/month

$125Health Insurance Monthly Cost: average $183/month (for an

individual) ​you can use this or research to find another price. This website
has an interactive map with costs for each state:
http://americanactionforum.org/research/premium-increases-for-youn
g-invincibles-under-the-aca-and-the-impending
 6 Budget Project

$100Car Insurance Monthly Cost: $175 estimated…​car insurance always

depends on your age, what you drive, and other factors.

$300Groceries Monthly Cost: $200-$400/month

$40 Dining Out Monthly Cost: estimate this! ​Think about how many times
a week you want to go out to eat. Twice? Three times? About how much will
you spend each time? $15? If you eat out 3 times a week for around $15 each
time, that is $45/week or $180 a month!

$30Pets​ ​(optional) Monthly Cost:​ Think about medical costs, food, toys,
etc. Example: Golden Retriever Costs: $30/month on food, about
$200/year on vet costs which divides out to about $17/month.

$300Savings Monthly Cost: ​if you choose to set aside money each month
for savings, record that here. Many financial planners recommend that you
save 10% to 15% of your annual income for retirement, starting in your 20s.
So, take your annual income, divide by 12 to find monthly income. Now
multiply your monthly income by 0.10 or 0.15 to find the dollar amount you
are recommended to save each month.

$40 Leisure Monthly Cost: movies, concerts, clothes, what you do for fun,
etc.

Movies= $10, Concerts=$15-$100 depending on the artist! Think through

what you like to do and how often you’ll want to do those things each
month. Do you pay a monthly fee for a website or gaming system? Include
any cost in the entertainment category here.

Resources:

Talk to your parents!

Step 5: Create a budget!

Using all of the information you have gathered, create a budget for your
chosen lifestyle using the spreadsheet in resource Your spreadsheet
should include your income as well as all of your expenses.

It can be as simple as your monthly income, listing your expenses and

finding the difference. Create a pie chart showing the your monthly
expenses.
 Budget Project 7

Attach a link to your spreadsheet

here:​https://docs.google.com/spreadsheets/d/1XcVaaDoEP7w6w_w1iDJ
tdr8re4uqa1Sm8_LR-OzUaTc/edit?usp=sharing

Once you have completed your budget, you will create some sort of
presentation (NOT GOOGLE SLIDES). You will include a picture of your
car, house, career, and other expenses. Attach a link to your presentation
here:
https://www.canva.com/design/DADNwZwHHfI/kVdtWrBVcX8EU2-U9
Bi-Ng/view?utm_content=DADNwZwHHfI&utm_campaign=designshare
&utm_medium=link&utm_source=sharebutton

In addition, answer the following questions:

1. Did you make enough money to cover all of your expenses?

yes

2. Were there any expenses we didn’t cover that you would probably want?

no not really if i did want something i should easily be able to cover it

3. Was the lifestyle you chose (the size of your house, the car you bought)
reasonable for the salary that your career makes?
yes it was and i have a little extra to!

4. After completing the budget, are there things you would change now?
(Not spend as much on certain things?)

no not really i'm kind of set if i go with this budget make that kind of money
ect.

5. Why is it a good idea to use a budget?

 8 Budget Project

its a good idea to budget because then you track every single dollar and
know whats going where and why no shady stuff!.

6. What is something you learned in doing this project?

i didn't really learn anything from this project because of the class i took
last year independent living but thats okie! I know some students learn
how to budget i know some one else will learn from this project.

7. Is there anything you would change about this project? Did you enjoy it?

there is no need for a presentation on top of all the other work it's just
making busy work for no reason add in a section about taxes possibly
even though dave ramsey covers it somewhat and no i didn't really enjoy
it but it's there and i gotta do it.