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PERSONAL BUDGET

PERSONAL BUDGET . Class Project Mr.McEwen. Introduction . Make a Household Budget Use the Basic Math Skills Necessary to Make a Balanced Budget Valuable Life Skill. Overview . Try to make a monthly budget Explain how all the individual costs fit together for financial wellness

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PERSONAL BUDGET

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  1. PERSONAL BUDGET Class Project Mr.McEwen

  2. Introduction • Make a Household Budget • Use the Basic Math Skills Necessary to Make a Balanced Budget • Valuable Life Skill

  3. Overview • Try to make a monthly budget • Explain how all the individual costs fit together for financial wellness • Realistic as possible Rent Job Bill Car Gas Food Misc Fun Edu

  4. Income • List the income by: • Hourly wages • Monthly wages • The amounts allotted to each grade. • A: $40/hour B: $ 32/hour • C: $24/hour D: $16/hour • F: $8/hour

  5. Income • Gross income • State Taxes • Federal Taxes • SDI • FICA • Net income

  6. Household Expense • Taxes* • Mortgage * • Food * $5/meal, 3 meals/day, 30 day/mo • Heating/Cooling @ $0.35 per sq ft * • Phone – land line • Garbage/Water @ $96 (Modesto) • Transportation* • * indicates a must have

  7. Optional Expenses • Car Payments • Gas • Maintenance • Insurance • Credit Cards – payment only • Entertainment • Satellite TV • Movies

  8. Summary • Want Income as Hourly & Monthly • Want a List of Monthly Expenses • Want a Total of Monthly Expenses • Want a Income/Expense Comparison • Monthly • Yearly • No negative balances • Conclusion – What have you learned?

  9. Internet Information • Government websites have current SDI & FICA deductions. • Look up current Federal & State Taxes • Workman’s comp costs • You may look up property costs in other states • There are sites with minimum costs for expenses • Need a list of each website for references

  10. Where to Get More Information • Modesto Bee • Internet sites • Modbee.com • ATT.com • PG&E.com • Google • Hud.gov • Parent/Guardian

  11. Budget Example

  12. Conclusion Page • Conclusion must be about a page in length • Should be typed and double spaced • Need to explain what you have learned from this exercise • Want to include what kind of job would be needed to earn your dollar amount • Where you would have to live • Realistic earns max points.

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