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Excel: Project 1 Personal Budget

Excel: Project 1 Personal Budget. Computer Information Technology. Creating a Personal Budget. For this project you will create a personal budget for your future. You will: Pick a career Rent or Buy a House Pay Taxes, Utilities, etc. Buy Food, Clothing, Entertainment, etc.

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Excel: Project 1 Personal Budget

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  1. Excel: Project 1Personal Budget

    Computer Information Technology
  2. Creating a Personal Budget For this project you will create a personal budget for your future. You will: Pick a career Rent or Buy a House Pay Taxes, Utilities, etc. Buy Food, Clothing, Entertainment, etc.
  3. Finding the Data Use the Internet to find the data you need… Salary: If you can’t find specific information on your career choice try http://www.salary.com/mysalary.asp www.salaryexpert.com http://www.bls.gov/ooh You need the starting salary for the job – Choose the low end of the scale. Taxes: Assume 25% of your salary goes for federal, state and social security
  4. Finding the Data Rent/House: See if you can find a apartment listing or a listing for a house. If you can’t find that and know where you want to live go to www.city-data.com and find the “median house/condo value” or the “Median gross rent” – For House assume 30 year mortgage at 4% - Use the loan calculator www.planningtips.com/cgi-bin/simple.pl Insurance – Assume 10% of Mortgage or 5% of Rent Property Tax – If you plan on buying a house/condo assume 1.8% of the property value per year in real estate taxes.
  5. Finding the Data Phone and Cable: Find the price for the service you want. Electric/Heat/Water: Assume $200 per month Car Payment: Find the car you want, look up the price (cars.com, etc). Calculate a payment using the loan calculator (New car 4.2% for 5 years, Used car 4.8% for 3 years) www.planningtips.com/cgi-bin/simple.pl Car Insurance: Assume $1200 per year
  6. Finding the Data Student Loans: If you think you will have student loans to repay, calculate the amount of the loan and use the loan calculator www.planningtips.com/cgi-bin/simple.pl (assume 6.8% and a 10 year term)
  7. Finding the Data Food, Clothing and Fun: Decide what you will spend on those each month. In the comments section tell us how you decided on the amounts. Average Food Costs: http://www.cnpp.usda.gov/Publications/FoodPlans/2012/CostofFoodJan2012.pdf Average Clothing Costs http://www.irs.gov/pub/irs-utl/national_standards-2012.pdf
  8. Complete the Spreadsheet Complete the spreadsheet including all the data. Use formulas to do the calculations. Calculate monthly or annual Taxes, etc. All lines need a comment explaining where the information came from.
  9. Worksheet In the homework section of the website you will find a worksheet to help you pull together the information you need. You must complete, print out and turn in this worksheet. It is due at the end of class on Tuesday.
  10. Excel Project 1 You will present your budget to the class. Begin gathering the data today. By the end of the day have your job and salary information complete. Begin laying out your spreadsheet Presentations are next Thursday and Friday. You must be done on Wednesday.
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