Personal Finances Project

Name of the project: MOVING OUT OF MY PARENTS HOUSE

Unit: UNIT VI FINANCES

Introduction:

Have you ever thought about moving out of your parents’ house? If so, how much money would you need to pay for all your expenses? What kind of job would you like to have? Would the salary you make from your job be able to pay for all your expenses?

Probability, as you are approaching graduation and starting to look at different colleges or community college, you have thought about the possibility of moving out of your parents’ house and get your own place. But what would you need in order to live by yourself?

Fortunately for you there is some math involved in this dilemma that can help you find out whether or not you’re ready to be independent!

Project:

You will research three different jobs and create a report witha table to help you compare the three different job opportunities of your choice (look for jobs you are interested in or that are appealing to you) in your community. Then you are going to build a budget table (with prices available in your area), and finally you will create a small presentation of your project to share with the rest of the class.

Report:

  • Job description:
  • Name of the position
  • Is High School diploma needed or not
  • Is a bachelor’s degree required
  • Brief description of the responsibilities or tasks of the job position
  • Salary: including information such as is the salary annual, monthly, biweekly or weekly, or is paid by the hour.
  • Taxes and other deductions
  • Table 1:

Create a table to compare the three job positions containing the following information:

  • Job position name
  • Salary
  • Annual Gross Income
  • Taxes and deductions
  • Net Annual Income (Income after taxes and deductions)
  • Net Monthly Income
  • Total Monthly Expenses (from table 2)
  • Monthly Income (After expenses)
  • Table 2:

Create a table with two columns containing thecategory (described below) and budgeted amount per month

  • Monthly rent or mortgage
  • Utilities: water, gas, electricity (estimated per month. Hint: take under consideration what your parents pay every month)
  • Groceries (per month)
  • Internet connection
  • Cell phone
  • Car loan payment or public transportation (per month)
  • Gasoline (if applicable)
  • Entertainment, such as: movie theater, dining out, buying applications or video games etc. (estimated per month)
  • Clothing (estimated per month)
  • Total Expenses per Month

Use the information gathered in this table to complete table 1.

  • Answer the following questions:
  • Would you be able to move out of your parents’ house and meet all of your expenses with any of the three jobs you selected? Explain.
  • What would be your advice, based on your finding, to yourself, will you be better if you get a bachelors’ degree or not, or would you only finish high school, etc?

Presentation:

Create a presentation with your report and share with the rest of the class your findings. You may use a computer processor like Power Point or any other method.