13 Jun PERSONAL FINANCE AND ECONOMICS
Project 3
Evaluation 33
Personal Finance and Economics
(BUSH 033 059)
It is now time for you to complete the third project for this course. This project is a graded assignment that gives you the opportunity to show your teacher what you have learned from reading and studying the content material. Be sure to follow all directions carefully. Since this project is worth 12% of your final grade, you will want to work hard on it and do your best job. This project may be submitted electronically using the online course management system. Follow the directions in the My Work section of your online course management system under the link for Project 3.
You may complete your project using the following pages. Feel free to add extra pages if you need them. Be sure to include your name and UNHS ID number on your project.
Personal Monthly Budget
(100 Points Possible)
Develop a personal budget based on the income from a full-time job you want after high school or after college. Be as specific as possible and keep the information local to the area in which you will be living. Now, I know you will have to use your imagination if you are still uncertain of your career path, but this will be a great opportunity for you to explore a few different careers and their potential salaries. You need to document your salary for this job through proper research, so be sure to identify your sources of information. Be sure to cite all your sources at the end of your Budget Review.
If you need a place to start, you can use the local library or the Internet. One good source of reliable information is the Occupational Outlook Handbook, which is compiled by the Bureau of Labor Statistics. (http://www.bls.gov/oco/)
Another good place is Nebraska Career Connections (http://www.nebraskacareerconnections.org/)
Once you have the annual gross salary for the job you choose, you must figure the monthly net salary. Again, you will have to research and document your sources. Review Chapter 5, pages 156-187 of your textbook, to determine approximately how much income you will keep per month after taxes. Also, you will need to calculate any other monthly income you may have from interest or other sources.
Next, you need to itemize your expenses. This should be a complete list. The form that follows has listed most of the major expenses you will have. However, you have to add or delete according to your own plan and lifestyle. You will need to complete this form as part of this project. Feel free to add items that are not currently on the form, but make sure you label all the itemized amounts so that your teacher will know what they are for.
You will also need to document all your expenses. For instance, if you do not have a car now but know you will in the future, you must research the cost of that specific car. You will also have to calculate transportation costs, housing costs, and utilities. All this information is available on the Internet or at your local library—be sure to cite your sources at the end of your Budget Review.
For expenses incurred more or less often than monthly, convert the payment to a monthly amount when calculating the monthly budget. For instance, convert an auto expense that’s billed every six months to a monthly amount by dividing the six-month premium by six. This money should be kept separate from your other money so it is available when the bill becomes due. For parking fees that are paid weekly, multiply by 4 to approximate a monthly amount.
Budget Review
Once the chart is completed, review your costs. Did you really include every cost? Did you come up short? That is, are your expenses greater than your income or vice verse? In a written budget review, discuss this and the whole budgeting process. Be sure to outline your family situation in this budget review. Are you single, married, divorced? Do you have children (List how many and their ages.)? This review should be a serious reflection of your own personal finances: be thoughtful and sincere. Your review should be at least 500 words. Don’t forget to cite any sources you used for your budget at the end of your review.
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