Economics Budget After High School Assignment (Can Put All Information in a Word Document or a Powerpoint)

Car (Use Public Transportation ex. Bus / Train, etc. Info if Not Using a Car)

1.  Search for car and decide which car you will purchase (or use your existing car). make sure you have the make, model and year of the car. (Can use your existing car if you already drive)

  1. Price of Car $______(one time expense – down payment); approximate monthly payment ______

2.  Monthly gas expenses:

  1. Assume your average price of gas is $4.00/gallon.
  2. Estimate how many miles you drive each week (to work / school and recreational).
  3. Use this number to compute your monthly gas expenses.
  4. This is your monthly cost for gasoline $______

3.  Next, search for car insurance. (can use Insurance.com website)

4.  Enter all your car information as well as your personal information to receive an estimate (or enter your current car insurance company and the monthly cost)

5.  Compute your monthly cost for car insurance $______

Apartment

  1. Find an apartment near where your family lives now or where you plan on living after high school. Decide if you are going to have a roommate. If you choose to have a roommate remember you must have a two-room apartment and you can divide the below costs in half. Research the following information from the apartment complex. Note: You can also use the expenses for your college dormitory
  2. Deposit $______(one time expense)
  3. Monthly Rent $______
  4. First/Last Month Rent $______(one time expense *not all apartments charge this)

Amenities:

_____pool

_____laundry facilities

_____free parking/garage

_____gym

_____microwave

_____furnished

_____garbage collection

_____ Cable / Internet ready

Utilities

-Talk with your parents and / or older siblings about the monthly cost of gas, electricity, and water for your dorm or area you want to live.

Phone/Internet/Cable TV

1.  Look up a phone service (cellular is fine). For cell phone packages google any of the many providers and find the best deal that suits your needs. Consider your actual current phone habits. Get a plan that will allow you to text and call as you do currently without extra fees or overages. Note: if you pay for your cell phone already, you may put your monthly cell phone bill

  1. Monthly Cell Phone $______

2.  Internet service and Cable TV service. Cable TV is optional. Copy / paste the info / plan (ex. Verizon, etc.) for each per month. If it is a combined figure that is fine. Use whatever you find that is a good deal for your needs.

a.  Monthly Internet $______

b.  Monthly Cable TV $______

One-Time Purchases

Now the fun begins! Start shopping for your one time purchases. These are all the items that you will buy for your apartment and / or dorm ONE TIME and not have to repurchase. Some low cost sites are IKEA, Walmart, and Target. For a regular online store just drop everything into your cart; Usually you just click on your cart when you are finished and it will show you a list with prices for each of your purchases. Here are some examples of one-time purchases:

Kitchen:

Toaster

Microwave

Table /Chairs

Pots and Pans

Dishes

Knives

Utensils

Dishrack/Pan

Living Room:

Sofa

Coffee Table

Chair

TV

Bedroom:

Bed

Computer

Mattress

Bedding

Sheets

Dresser

Night Stand

Desk

Pillows

Hangers/Closet Organizer

Lamp

Bathroom:

Shower Curtain/plunger/towels

-Now you need to add the cost of all of your one time purchases together, and provide an itemized list of all your one time purchases.

Food

1.  Now you need to shop for food

2.  Go online to find different weekly and monthly meal plans for ideas.

3.  Make a menu for a seven day week and go shopping for the ingredients. You must plan three different meals each day for seven days. This menu can be repeated 4 times to make one month if you want. Each meal must have at least 3 food items plus a beverage. You can go out to eat twice during the week but you must budget for the luxury in the total cost for the week. Provide the food items and calculate the total cost for one weeks food shopping. Multiply your weekly cost by 4 to get your monthly budget for food.

4.  Your total cost for food in one month: $______

Other Monthly Necessities

Now you need to purchase your monthly necessities such as laundry detergent, shampoo, soap, toothpaste, hygiene products, etc. Organize these items room by room, just as you did for the one time purchases. Provide the price and item. www.target.com is a good site to find these items.

Include any monthly costs such as laundry/dry-cleaning fees. Haircuts, manicures, etc. also need to be included if you do these things on a monthly basis.

Recreation

What do you do for fun? Include the cost of sporting events, movies, concerts, etc. into your budget. Do not assume your boyfriend is going to pay for you. List your entertainment costs and your monthly budget totals.

Entertainment ______Cost$______

Entertainment ______Cost$______

Entertainment ______Cost$______

Total$______

Emergency Money

This is anything left over. You must have at least $100 left in emergency money for your monthly budget. List 3 things you might need to purchase in an emergency that is not a part of your monthly budget.

Income

-List your expected / current job with the approximate earnings you will take home (net) in a month (remember you do not take home the entire amount due to taxes); keep in mind for entry level positions out of high school you will most likely be making approximately $12 - $15 per hour for 10-30 hours per week.

-Any expected financial aid awards from college that will help with any of the above monthly expenses and /or monetary support from any family members

-Talk with your parents and / or guardians / older siblings / teachers if needed to help with this assignment!

Final Calculations:

Add up Monthly Income Versus Expenses

-Your goal is to have your monthly income exceed your expenses!!!