2015 Budget Simulation
Name:______
Yearly Gross Salary: ______
Yearly Net Salary: ______
Budget Simulation—Total Monthly Budget
Gross Salary (monthly)[yearly divided by 13]: ______
Net Income (monthly): [yearly divided by 13] ______
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Rent: ______
Utilities: ______
Renter’s Insurance: ______
Car Payment: ______
Car Insurance: ______
Gas: ______
Cell Phone: ______
Internet: ______
Cable: ______
Groceries: ______
Student Loans: ______
Furniture: ______
Entertainment: ______
Personal Expenses (i.e. haircuts, make-up, etc.): ______
Clothing: ______
Vacation Fund: ______
Misc.: ______
Savings: ______
Total monthly expenses: ______
Surplus or Shortage: ______
Budget Simulation—Job and Housing
Name:
Occupation:Gross Monthly Salary:
Find your tax bracket: (based on gross yearly income)
Tax Bracket Married Filing Jointly Single
10% $0 – $18,450 $0 – $9,225
15%$18,451 – $74,900 $9,226 – $37,450
25% $74,901 – $151,200 $37,451 – $90,750
28% $151,201 – $230,450 $90,751 – $189,300
33%$230,451– $411,500 $189,301 – $411,500
35% $411,501 - $464,850 $411,501 - $413,200
39.6%Over $464,850Over $413,201
Calculate how much you will owe for the year and divide by 13. ______
For FICA, & Medicare Payroll tax take out 7.65% from your gross monthly salary. ______
Net Monthly Salary: ______
Housing should NOT exceed 30% of your net income.
Rentals will NOT include any utilities unless otherwise specifically stated.
Address: ______
# of bedrooms/bathrooms: ______
House or apartment: ______
(1) Monthly rent: ______
Move In Fees (First/last/security deposit/pet fees): ______
(2) Maintenance/facilities fees: ______
(3) Renter’s Insurance: $25
(4) Utilities: ______(apartment) or ______(house) Highlight one
(5) Cable: ______
(6) Internet: ______
Total Monthly Housing Expenses: ______
Budget Simulation—Housing and Furniture
Remember, you began the project with $5,000. After paying your move-in fees how much do you have left? ______
At this time you need to furnish your new home. You may take whatever furniture is specifically yours. You must buy the rest. It is up to you whether you buy used or new. If you want you may finance new furniture purchases.
List all the furniture you have bought for your new home, including the price paid and from where you bought it (whether new or used). If you used Craigslist or something similar, provide a link.
List items needed to complete your home, including the price paid and where you bought them. Include items such as towels, mats, shower curtains, toasters, microwaves, pots/pans, trash cans, utensils, dishes, etc.
Total Spent on Furniture at this time: ______
Total Spent on all other items: ______
Total amount financed: ______
Length of time financed: ______
Interest Rate: ______
Monthly Furniture Payment: ______
Budget Simulation—Transportation
Vehicle:Make, model, year:
MSRP:______Invoice: ______
Monthly Payment (Calculate 20% down, 48 months @6% APR): ______
OR
You may keep your current car. (If there are payments left on it, you will be making those payments, regardless of who is currently making those payments in real life.) Make, model, year:
Monthly maintenance (used car only): $75
Estimated Car Insurance: ______
Monthly Gas expenses: ______
To calculate gas:
a. Base your estimate on driving 1,000 miles a month.
b. Miles Per Gallon: ______
c. a/b=d
d. Total gallons needed per month: ______
e. Multiply by $3.00/gallon: ______
Total Monthly Auto Expenses: ______
Budget Simulation—Grocery List
Make a shopping list and budget your grocery expenses for the month. In addition to food don’t forget necessities like napkins, paper towels, cleaning products, bathroom accessories, etc.
Separate items like soap, shampoo, deodorant, etc., that don’t need to be bought every week from items that will be purchased more frequently.
Weekly shopping trip: ______
Monthly budget for groceries: ______
Budget Simulation—Other Expenses
Student Loans
Total amount borrowed: ______
Interest rate: 6.8%
Total Payments (you may pay for anywhere from 5-30 years): ______
Monthly Payment: ______
Cable
Company/Cable Package: ______
Amount paid up front: ______
Total Monthly Payments including fees: ______
Internet
Internet provider/plan: ______
Amount paid up front/installation: ______
Total Monthly Payments including fees: ______
Cell Phone
Cell provider/plan: ______
Amount paid up front: ______
Total Monthly Payments including fees: ______
Other (Entertainment, shopping, restaurants, etc.)
Career
This section of the project requires you to do research using the Internet.
Pick a major you are considering. Complete the following tasks:
- Compile a list of jobs/careers you will qualify for with your major. (Your real life major)
- Find the average salaries (including average starting salary!) for at least 3 careers from your major. (Be sure to note whether they tell you mean or median)
- Find the projected career outlook (as in demand for that career) for the careers you’re considering.
- Use a job-finding website like careerbuilder.com or monster.com and search for jobs in your field that require NO EXPERIENCE. Briefly share the results of your searches, IE, how successful were you; what starting salaries were you finding; was it easy or difficult to find jobs with no experience?