Economics Budget Project

You start this project with nothing but a job, your clothes, the money in your account on the weekly tracking sheet and your bed. (No parents, no car, no savings.)

You may work with a partner. Use only one salary – whichever is the highest. Only one packet turned in per group.

I UNDERSTAND PARTS OF THIS PROJECT ARE NOT GOING TO BE CONDUSIVE TO YOUR SITUATION. THE PURPOSE IS TO SHOW YOU A GLIMPSE INTO THE FUTURE OF HOW YOU WILL LIVE WITHOUT HELP FROM PARENTS.

Criteria For Project

  1. Your job and pay are the same from your Friday semester project.
  2. Next you must find an actual apartment to move into in the location of your choice. Hand in an ad for this apartment that shows the monthly rent
  1. You must use a car for transportation. You have the choice of buying or leasing this car.Hand in an Ad for the car if the monthly payments are not specified divide the total cost by 60 to get the monthly payment on a typical 5 year loan.
  1. You must include a grocery list for a two-week period. It must includethe quantities you are purchasing. Include incidentals like deodorant, toilet paper etc as well as food (In your final chart this number will be doubled to get a monthly total.) This grocery list is to include anythingyou need to buy from a grocery store and must be in a list format. You will have to shop online for a TV, computer and vacuum. If you cant afford these from your current bank account you must charge them and pay for them over a 12 month period.
  1. Finally you must fill out the attached SPREAD SHEET listing your budget. This budget must include the following items and prices in the format below. You can find an electronic copy on my Website and Edmodo if you wish to type it.

Your Name______Your Job ______

Your monthly pay is $______Your yearly pay is $______

Expense / Monthly / Yearly (Mx12)
Car
Maintenance
Payments
Gas
Apartment
Rent
Tuition & Textbooks
Entertainment
Medical Expenses
Clothing
Pets
Utilities
Electric
Gas
Bills
Phone
Internet
Gifts
Charitable Contributions
Food
Credit Card
Appliances
Retirement
Insurances
Health
Car
Home/Renters
College Loans
Totals:

Guidelines

Car: Must be year 2005-2013 and under 50,000 miles.Divide total by 60 (5 yr loan) for monthly total.

  • (Must Have a printed Ad for the car!)

Maintenance: 2000-2004: $100 a month 2005 or newer: $30 a month

Gas: $35 a week (x 4 weeks) for a small car and $60 a week for a mid-size or larger

Rent an apartment.Find an Ad with any extra’s and security deposits highlighted.

Utilities: If not included in apartment you should call number for est on ad or talk to parents or check web.

Tuition/Textbooks: This is for continuing education if you are going to college $50 a month in state or $100 a month if you are going out of state.

Entertainment: At least $150 a month if you plan to go out weekly or $75 a week if only 2x a month.

Medical Expenses:$30 a month

Clothing: Yearly expense, Men: 1000-2000 minimum a year. Women: 2000-2500 minimum a year. (Remember 1st year professional clothes like suits dresses, etc... plus going out and casual wear.)

Pets: Up to you if you want it. $30 a month per pet

Bills:

Cell Phone: If you want a cell phone you must give in a printout for a single person plan, not the family plan you are presently on.

Credit Card: If you are in debt on your tracking board you must add this as you will need to charge expenses. $100 a month.

Cable:$90 basic, $120 Premium, $150 Everything

High Speed Internet: $50

Gifts: At least 2 for $25 each

Food total: At least 150 every two weeks multiply by 2 for monthly. Create andPrint alist for your first shopping trip – be sure to include the basics you will need for your 1st apartment.

Vacations:$50 - $100 a month

Appliances:Buy a TV, Computer, and a Vacuum. (Need an ad or printout for each)

Retirement:$100 a month

Health Insurance:$100 a month

Car Insurance: $90 Renters Insurance $30

Charitable Contributions: If you currently give then add 8-10% of your monthly here.

College Loans: $200 a month (this is very low!)(Unless you have Grants or a Scholarship right now.)

1 Page Reflection

Write a one page, double spaced, 12 font, typed summary with 1 inch margins that includes:

-Your job and your pay both monthly and weekly

-Your yearly money goals for savings.

-Your living arrangements - Tell me about your apartment

-Your traveling arrangements- Tell me about your car

-Your overall opinion of the project what did you like most? Like least?

-How will you set up your own budget now and after you graduate

-Discuss problems you encountered