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Personal Budget Project
Hard Copy Due Date: May 17th 2017
Presentation Due Date: May 19th-24th
Students will prepare a personal budget that summarizes typical monthly expenses for a single person, living alone and newly entering the job market. The project will take place over several weeks and will involve work to be done both at school and at home. The following is a brief summary of the steps involved in completing the project. More detailed instructions will be given in class. Attendance is important to the completion of this project.
The total project is worth twice as much as a normal test grade and will be evaluated using the Personal Budget Project Rubric
- Click here for specific career-summary-instructions.
- Research your chosen career and complete a Career Summary. Questions 2-4 should be answered by researching your chosen career in the Occupational Outlook Handbook. Questions 5-7 should be answered by researching colleges or training programs.
- Look up starting salary. Use Denver Area Wage Report. Click on six-digit code next to your career and print the first page to get salary range and starting salary (25% percentile). Use the information to fill in questions 9-10 of the Career Summary.
- Budget Project. Click here to see recommended budget percentages.
- Complete a Tax Worksheet that summarizes income, Social Security and Medicare taxes. The worksheet also calculates gross monthly income and total monthly taxes.
- Use 2017 Tax Table for figure out how much federal taxes you will pay.
- Select an apartment from an on-line listing that fits within your monthly budget. Be sure to check on utilities. Click here for Apartments for Rent to find listings. Print the listing for your selected apartment and indicate if you will have one or more roommates. Include this listing in your portfolio.
- Watch these videos on health insurance, auto insurance, and renters insurance to get a brief overview. As a class we will pay $200 for healthcare, $130 for auto, and $154 for renters.
- Calculate your student loan payment on this website. Use 6.8% for your interest rate and 0.0% loan fees.
- Get an estimate of monthly utilities not included in rent (water, gas, electricity). Use Estimate my utilities to get an estimate. Print your estimate and include it in your portfolio.
- Use google to research the cost of the following. This website may also be helpful.
- Estimate monthly car maintenance. Include gasoline, oil changes, etc. Document your sources of information in your portfolio.
- Select a phone plan (either cellular or through Qwest) and document your selection in your portfolio
- Estimate monthly food expenses. Include restaurant expenses. Document how you arrived at your estimate.
- Estimate annual clothing expenses and divide by 12 to get monthly figure.
- Decide if you will have a cable TV plan or not; document and explain your choice.
- Estimate recreation expense and explain what forms of recreation are included and how you arrived at your cost estimates.
- Estimate miscellaneous/personal expense and explain what they are.
- Complete the Life Goals Essay
- Complete the pie chart percents and degrees for pie chart columns
- Create a poster with pie chart and key
- Write a few sentences to present work
- Assembly of Project:
- Place rubric on top of project.
- The Career Summary with documentation
- Tax Worksheet
- Personal Budget Worksheet
- The remaining pages of the project are documentation that explain where the numbers came from for the budget. These pages should follow the order of the Personal Budget Worksheet. Place the letter that corresponds to the Personal Budget line item in the upper right corner of each page of documentation. For example, Health Insurance should have the letter “A” on the page with your Health Insurance selection circled, the advertisement that lists the apartment rent (and whether utilities are included) should have the letter “B” in the upper right hand corner of the page, etc. Make sure to highlight the appropriate information on the advertisement (rent, statement about utilities, etc.). Documentation must be provided for each line item included in the budget. Hand-written documentation is accepted for some items like food and car maintenance estimates, but is generally discouraged. A better grade is earned for documentation that reflects the student’s effort to research and obtain objective estimates of expenses.
- Life Goals Essay