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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 4.5% - 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/2013/CostofFoodDec2013.pdf • Average Clothing Costs • http://www.bundle.com/spending/data/clothing-shoes-other-wear/

  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 Thursday.

  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 Monday and Tuesday. You must be done on Friday.

  11. Rubric

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