1 / 16

HOW LIFE WORKS PROJECT

HOW LIFE WORKS PROJECT. HOW LIFE WORKS PROJECT. This project will allow students to preview their lifestyle the first year after they have completed their education plans. The assignment will count for one test grade in the nine weeks average. 5 daily grades

maalik
Download Presentation

HOW LIFE WORKS PROJECT

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. HOW LIFE WORKS PROJECT

  2. HOW LIFE WORKS PROJECT • This project will allow students to preview their lifestyle the first year after they have completed their education plans. • The assignment will count for one test grade in the nine weeks average. • 5 daily grades • 2 quiz grades – job description and final monthly budget

  3. YOUR JOB • This section will give information about your job you will likely be having at this time. • Level of income • Location • Major job responsibilities • Picture of a person performing this job. *QUIZ GRADE*

  4. LIVING ARRANGEMENT • Do you have a roommate? • If so, how do you share expenses? *5 POINTS*

  5. TAXES • Calculate your income taxes using a federal income tax bracket website that will fit your income level and then subtract that amount from your income. Then divide by 12. • Then take another 5 % from your monthly income for FICA taxes. • Determine your monthly take home pay after these deductions. *10 points*

  6. HOUSING • Where do you live? Describe the location, amenities, etc. (Also include a picture– website URL is also acceptable) • What is your monthly cost for housing (rent)? • Why did you select this particular place? • Enter this cost on your monthly budget. *10 POINTS*

  7. UTILITY COSTS • List all utilities you will need (water, electricity, trash, cable, etc.). • Determine the cost for each and then total the cost per month. • Enter this cost on your monthly budget. *5 POINTS*

  8. TRANSPORTATION COSTS • Assume you will need to buy a vehicle and use an online resource (auto-trader.com, cars.com)to locate an appropriate vehicle. Provide a picture of the chosen vehicle. • Determine the monthly cost of purchasing/leasing that vehicle. You have a 20% down payment to start with. Show your financing…monthly payment x number of months, taxes, etc. • 4% APR – new….6% APR - used • Why did you chose this vehicle? • How much will it cost monthly to operate/maintain this vehicle (gas, oil change, maintenance)? • Enter this cost in your monthly budget, as “car maintenance” as well as your “car payment”. *10 points*

  9. CLOTHING COST • Select items to comprise three outfits suitable for your work (top= blouse or shirt, bottom= pants or dress, any appropriate accessories, and shoes) • Provide pictures of your choices. • Enter the cost of these three outfits to your monthly budget divided by 12 (monthly cost/savings). *10 POINTS*

  10. HOME MEAL PLAN • Create a “realistic” 7 day menu covering the basic three meals a day. • You will cite each food item in each meal and determine the cost of each item. • Enter the cost of your weekly menu X4 into your monthly budget. • DO NOT consider eating out or fast food here. *20 points*

  11. ENTERTAINMENT COST • Determine how many times/nights per month you will go out with friends for meals, movies, etc. • Then determine the average cost of these events, multiply by the number of events. • Enter the total cost of entertainment into your monthly budget. *5 POINTS*

  12. VACATION PLAN • Assume that you have one week vacation each year from your job and wish to go out of town. • Develop a plan for this week, then determine the cost of this vacation, including transportation, food, etc. • Divide the total cost by 12 to find the monthly savings needed and enter in your monthly budget. *10 POINTS*

  13. “OTHER EXPENSES” • Determine the percentage of your income you wish to save each month (emergency fund, 401K). • Determine the amount you wish to save for presents each month (Xmas, birthdays, etc.) • Determine the cost of insurance you will need to pay for each month (car, life, renters). We will assume your job pays for health insurance. Be sure to think about all other expenses here.

  14. MONTHLY BUDGET • Create a spreadsheet or Word document listing all of the costs above, as well as any others you deem appropriate to your lifestyle. • Indicate your monthly income after taxes, then list all of your expenses, then assure that you have adequate funds for this budget. If not, you will need to adjust.

  15. CREDIT PLAN • Do you have a credit card? If so, how do you plan to use it and manage your credit? If not, how would you manage an unexpected expense?

  16. DUE DATE: Friday 30 May 2014…no later than 1600

More Related