Monthly Budget Project
You will be required to fill out a monthly budget for the months of January, February, March, April, and May. Each budget will be due the last school day of the month. Below is a breakdown of each month’s requirements.
I. January
Each student must make decisions on their future. How do you see yourself in 20 years?
1. Will you be married?
2. Will you have children? If so, how many?
3. Where will you live?
4. What is your occupation?
5. What kind of house will you buy?
6. What kinds of cars will you buy?
7. Do you have hobbies? Fishing, hunting, golf etc
Next find a house you would like to live in and the city you chose to live in. Write down the price of the house ______. Go to www.moneychimp.com. Click on calculator, next click mortgage. Under loan amount fill in the price of the house. Under rate, use 4.25%. under years to pay chose either 10, 15, 20, or 30.
Do the same thing with each car you will purchase. Find a car and the price. Go to Moneychimp.com. Under loan amount fill in the price of the car. Under rate use 3.0% Under years to pay chose 4,5 or 6.
Use these amounts to fill in your budget sheet.
Next find your occupation. Go to http://salary.careerbuilder.com/ and determine how much your income will be. All salaries must be approved by Coach Morrow before you continue.
Take your salary and multiply it by .28. Then subtract your answer from original salary. Take that number and divide by 12 and that is your monthly income.
Example teacher in Alabama makes $34,600. Multiply 34600 x .28= 9688
Now subtract 34600-9688= 24912 is what you make after taxes.
Divide 24912/12= $2076 is what you bring home a month. Use this number for your budget.