Budget Project Rubric - Month 3 – Due 5/4/17

Name: ______Date Submitted: ______

Savings/Total____ / 5Home Items____ / 10

Gas____ / 5Grab Bag____ / 10

Car Insurance____ / 5Credit Score & Rating____ / 10

Auto Down Payment____ / 5Taxes (W-2, 1040EZ)____ / 10

Car____ / 5Retirement & Response____ / 10

Tires____ / 5Starting Checking____ / 5

Entertainment____ / 5Total Checking ____ / 10

Deduction(s): ______

Grade: ______All Corrections Made: Yes / No

Grading Abbreviations:

P (Proof missing), CS (Cover Sheet incorrect/missing), # (Cover Sheet & or proof not numbered), X (Missing items), ? (I have no idea what this is), OOO (out of order), M1C/M2C (previous month correction not made), HMR (How much will you need for retirement? I need to know both annually & in total, which is based on the age you retire).

Congratulations; you’re done! Hopefully this project has given you a better idea of everything you have to prepare for in your future. And hopefully you’ll be ready. Good Luck! 

Budget Project – Month 3

Per Month Avg.:

Gross$ ______Credit Rating: ______

Taxes$ ______

Net$ ______Credit Score: ______

Bills: (Per Month)

Savings: _____% = $ ______

Rent: $ ______

Food: $ ______

Sundries: $ ______Total Savings:

Health Insurance: $ ______

Electric: $ ______

Water: $ ______

Cable/Sat. TV:$ ______

Internet: $ ______Total Checking: (must be +)

Cell Phone:$ ______

Gas: $ ______

Car Insurance: $ ______

Auto Down Payment$ ______

Car:$ ______

Tires:$ ______Roth IRA:

Entertainment:$ ______

Home Items:$ ______

Roth IRA: _____%$ ______

Bag of Life:$ ______

Corrections: $ ______

Total Bills:$ ______(Add savings through corrections)

Starting Checking Amount:$ ______(Previous month’s total checking)

Net Monthly Income: $ ______(Your paycheck after taxes)

Tax Return:$ ______

Total Bills: $ ______(Subtract this # from the sum above)

Remaining Amount: $ ______(New Total Checking Amount)

Month 3: Must provide numbered PROOF with a numbered CS for every new purchase!

  • Savings: Still 5%, but Total Savings continues to add up ($111 x 3)
  • Rent: Same amount as month 2 (No CS required)
  • Food: Same as Month 1 & 2 *Unless you have corrections to make* (No CS required)
  • Sundries: Same $ as month 2 (No CS required)
  • Health Insurance: Same amount as month 1 & 2 (No CS required)
  • Electric & Water: Same amount as month 1 & 2 (No CS required)
  • Cable/Satellite & Internet: Same amount as month 1 & 2 (No CS required)
  • Cell Phone: This is only the service plan & any monthly phone payments (No CS)
  • Entertainment: Must provide a numbered CS listing the activity, prices, & proof
  • Must have 8 (any combination of dinner, date, movie, concert, sports, games, etc.).
  • Cannot repeat the same activity more than once (I do not want 4 things twice!)
  • Home Items: (18) Must provide a numbered CS of all of these items, prices, & proof

1. Dining Table & 2 chairs,

2. Bedside Table,

3. 2nd TV (32” or larger),

4. Dresser (shelves for clothes),

5. 2nd set of sheets (bed),

6. Home stereo or iPhone (iHome) Stereo or a Bluetooth speaker for your phone,

7.Work desk/table (even if you don’t have a desktop computer, it’s a work area),

8. Flashlight,

9. Batteries (AA, AAA, C, D, & 9-volt)…never know when you’ll need them.

10. Patio Table & 2 chairs

11. Bedside Table (for the other side of the bed )

12. Luggage (1 carry on size, 20”, and 1 full size, 28”+)

13. Throw pillows (2) for your couch

14. Blanket or Quilt for your couch

15. Protective case for your cell phone

16. Washer & Dryer (Must be new!)

  • They can be stackable or separates, butno portable washer/dryers!

17.Carrying case/ travel bag for your tablet/laptop

18.Work Briefcase or purse/bag (whatever the giant bags ladies carry are called )

  • Corrections: All corrections must be made to complete the project, no exceptions
  • Must provide a numbered CS explaining every correction with proof
  • Listing prices, items, where the new item was purchased, & numbered Proof
  • You have to go back & pay the cost for any previous months you forgot to pay, or put the incorrect cost.
  • So if you paid $100 for food on Month 2 & you should’ve paid $400, then you will put $300 as your correction.
  • Grab bag: Must provide a cover sheet/list of all of these items, prices, & proof.
  • If you/your class pulled from the “Bag of real life” then you must include:
  • CS listing what you pulled & the price
  • Picture, that you find or make, describing your real life situation
  • The slip of paper you pulled, so I can put it back in the bag
  • Gas: Must provide a cover sheet/list of all of these items, prices, & proof.
  • Jacksonvillegasprices.com
  • Enter your hypothetical zip code (zip code of your apartment)
  • Get the price for Regular gas, multiply that price by the amount of gas your vehicle holds (you have to look this up; for example: my car holds 16 gallons).
  • Now multiply that $ amount by 3, we will assume you have to fill up your gas tank 3 times in a month. That is your “Gas” price for the project.
  • Example: $2.50 for premium gas x 17 gallons = $42.5 x 3 = $128 per month
  • Car Insurance: Must provide a CS with monthly price, insurance carrier, & proof
  • You are going to have to get a quote for the car (will take about 10 minutes)
  • Pick a website: Esurance, Geico, State Farm, etc…
  • I recommend Esurance b/c it is easy & you don’t have to give out real info
  • You may have to do it more than once (different sites) to get a fair price
  • Try to find a site that you don’t have to give a bunch of personal information to; I would NOT give them any real info! Feel free to ask your parents for help on this.
  • Proof must show details of the insurance (summary) w/ comp & collision
  • Remember you are financing the car, typically when you finance a car they require you to have FULL COVERAGE. This is going to be expensive & based on your personal driving record it could be $$. Incentive to be a better driver = you pay less car insurance.
  • Car: Must have Cover Sheet w/ year, make, model, full price, & monthly payment
  • Real, street-legal, 4-wheeled vehicle…I recommendCars.com for simplicity
  • No Craigslist or EBay…Use a reputable site (autotrader.com or cars.com)
  • Must be 20010 or newer (2010-2016),
  • Have less than 60,000 miles, &
  • Cost at least $8,000. That means $8000 is the minimum price! Not $7999
  • Proof must show picture of the vehicle, Make, Model, Price, Year, & Mileage.
  • Use an Auto Loan Calculator (MUST PRINT!) Cars.com has an easy to use one
  • Interest Rate varies based on your credit/credit score:
  • 3% for excellent credit; no down payment required
  • 9% for fair credit; a $250 down payment required
  • 15% for bad credit; a $500 down payment required
  • 6% Sales Tax – Must be included (show on proof) on your ALC
  • Loan Term (length of the loan) can be 36-60 months
  • The Longer the loan = lower the payment, but the more interest you pay over time. I recommend 60 months for the project.

Credit:

  • The following stipulations apply for how you earned your credit score & rating for this project:
  • Excellent credit: (3% APR/Interest Rate on your auto purchase)
  • You must have turned in Month 1 & 2 on time
  • You must have earned an 90 or above on both months
  • Fair credit: (9% APR/Interest Rate on your auto purchase)
  • You must have turned both months in on time
  • You must have earned an 80 or above on both months
  • Bad credit: (15% APR/Interest Rate on your vehicle purchase)
  • You turned in your project late
  • You earned below an 79 on either or both months
  • In order to find your specific Credit Score (between 300 – 850), you need to google your rating
  • Ex. What is an excellent credit score?
  • You may list one specific score or the range
  • Then print this as proof & highlight your rating & score
  • This printed proof can be your Credit Score Cover Sheet
  • This rating (excellent, fair, bad) will affect how expensive the monthly financing/cost of your auto purchase (just like real life)
  • Do not forget that you may have to put a down payment on your vehicle purchase depending on your credit rating.
  • Rating is the term (excellent, fair, poor), score is the number (300-850)

Taxes: (Hint: If you do this correctly you will get money back to use this month)

You will be filling out a 2015 W-2 & 1040 EZ form for a tax return.

  • This is going to require some math & looking up the 2015 IRS tax table.

First you need to complete the W-2: *Round to the nearest $*

  • You only need to fill in lines 1, 2, 4, & 6 to complete this assignment.
  • Put your name in the box labeled E
  • Box 1 will be your Annual Salary (so $35,000)
  • Box 2 is 15% of line 1 (math involved)
  • Box 4 is 7.65% of line 1 (math involved)
  • Box 6 is 1.45% of line 1 (math involved)…and you’re done.

Now you have to complete your 1040 EZ (tax return) using your W2:

  • You only need to fill in the info at the top (name, fake address, & SS #), lines 1, 4, 5, 6, 7, 9, 10, 11, 12, & 13A…then sign & date at the bottom.
  • Line 1 is the same as line 1 of the W-2
  • Read the directions on the 1040 form to complete line 4, 5, & 6.
  • Line 7 is box 2 from your W-2
  • Read the directions on the 1040 form to complete line 9
  • To complete line 10 you will have to look at the 2015 tax table on my website. Then take the # you put on line 6 & find the corresponding $ to put on line 10.
  • Line 11: You will simply check the box & leave this line blank.
  • Read the directions on the 1040 form to complete line 12.
  • Line 13a is your refund. Follow directions & do the math correctly.
  • Go down to: Sign Here.
  • Sign & Date…this holds you accountable for tax fraud 

Retirement: (Read each direction carefully & complete them all)

  • Read & annotate the enclosed “Retirement planning for 20-something’s” article
  • By annotate, I want things highlighted, underlined, etc.
  • Then, on the last page, you are writing a response (minimum of 1 full paragraph). Do you agree or disagree? And how will you implement this into your project?
  • You must set aside a % of your Net Income from Month 4 to start your Roth IRA, but I want to know how much & why you are choosing that amount…thus what you are writing in your “response to the article”.
  • How much will you need annually when you retire? What age are you retiring? How long do you plan to live “retired”? All of these factor into how much you’ll need to save…& this is what you are writing in your response.
  • Must be legible! No exceptions (you may type this, as opposed to writing).