Your Task:   Make an Excel spreadsheet of your money!

Your task will be to effectively allocate your limited resources (your monthly salary) with the typical “wants and needs” of everyday life such as rent, transportation, food, and other items.  If you only take home $2075.15 per month, how will you be able to meet all of your expenses?

The following information is the breakdown of your monthly paycheck deductions and what is left available for you to spend:

Open Excel- Make a Spread sheet of your monthly Gross> Make a graph also. SAVE > You will be inserting this into your WORD document later.

Click the Second Sheet and write >   BUDGET PARAMETERS: (You may change yours, but you must submit the calculations!)

 Fill in the Actual amounts > Make a graph with this information> Save this also so you can insert later into your WORD documents.

Find a place to live!  You may choose anyplace you want, as long as it is in the continental USA !  Keep in mind that some states are cheaper to live in than others!

Suggested Links:

www.apartments.com

www.apartmentguide.com

www.vacancynet.com

 Now that you’ve found a place, complete the following:

 Name of Complex (if applicable): ______________________________________

Street Address:____________________________________________________

City, State Zip:____________________________________________________

Phone: __________________________________________________________

 Rent:____________________________________________________________

% of Monthly Salary (if more or less than 28%, you will need to adjust other budget items):_____________________________________________________

Apartment Description:______________________________________________

 Website used: ____________________________________________________

STEP TWO:   WRITE THIS INFORMATION IN WORD

Now that we’re having fun, let’s find you a car!  Keep your budget in mind; you may not be able to afford the car of your dreams!

Suggested Links:

www.autotrader.com

http://pages.ebay.com/ebaymotors/index.html?ssPageName=ML01  (can only consider cars with a “buy it now” option)

http://www.carsdirect.com/home (This site will give you lease and loan payment information)

Have you thought about leasing a car?  Check the local newspapers in the area in which you want to live (Most newspapers are available online).

Well, now that you found a car, let’s look at financing.  Let’s pretend that you have saved $5000 towards the down payment; but must finance the rest.  Use this sites to calculate your monthly payment:

http://www.peoplefirst.com/pff/site_auto_rates_terms.cfm

Now that you’ve found your car, answer the following:

Year/Make/Model of Automobile:______________________________________

Price:____________________________________________________________

Financing Information (name of bank, interest rate, monthly payment):_____________________

________________________________________________________________

% of Monthly Salary for car: __________________________________________

 Website(s) used: __________________________________________________

STEP THREE:   WRITE THIS INFORMATION IN WORD

It’s time to look up phone information.  Decide if a cell phone is in your budget, too.  Research basic service and long distance service plans.  Some places to start:

http://www22.verizon.com/foryourhome/SAS/res_cat_localphone.asp

http://www.attconsumer.com/index_js.html

http://www.saveonphone.com/

Answer the following:

Name of telephone company:_________________________________________

Describe the plan and what it includes:_________________________________

% of Monthly Salary:_______________________________________________

Cell phone- yes or no?  Give details above!_____________________________

_______________________________________________________________

Website used: ____________________________________________________

STEP FOUR:   WRITE THIS INFORMATION IN WORD

Food!  It’s a necessity, you know! Use the following link to compile an itemized list with prices.  The site will get you to an “online” grocery store that also has a drugstore and general store component.  You should print out your “shopping cart” when you finish shopping.  To get to the shopping, click on the store directory.

 www.netgrocer.com

 Answer the following and attach your copy of the shopping cart.

Weekly food allowance: _____________________________________________

Monthly food allowance:_____________________________________________

% of Monthly Salary:________________________________________________

STEP FIVE (LAST ONE!)   WRITE THIS INFORMATION IN WORD

You’ve learned a lot about budgeting, now it’s time to reflect.  Write a three-paragraph essay incorporating the following: WRITE THIS INFORMATION IN WORD

Paragraph One:

·    Is $31,500 a lot of money?  Why or why not?

·    Where did you choose to live and why?

·          Is setting a budget necessary when living on your own?  Explain

 Paragraph Two:

·          Explain the difference between “wants” and needs.”

·          Why are certain budget items “non-negotiable?"

 Paragraph Three:

·     What did you enjoy about this assignment?

·     What challenges did you face?

·          What did you learn?

 Now take your EXCEL spreadsheets above> insert both graphs into your WORD document. SAVE and print.