Posted by Anonymous on Monday, March 14, 2011 at 7:41pm.
Budget Project from yesterday--
Imagine yourself seven years from now. You are approximately 22 years old, and are looking to start a career after you have taken the previous four years for post-secondary education, travel, and some work. You are moving out of your parents house and going out on your own. You have decided to rent accommodation, you have an entry-level job and are now completely on your own!! You must now figure out how you are going to budget your money based on your take home pay.
Now that you are ready to jump into the working world, your task is to create a personal budget from scratch. You can bring your bed and personal items with you. Unless mentioned otherwise everything else has to be purchased. Do not assume that you have anything! The areas that you must include in your budget are as follows:
Your gross pay for your first year of work is $30,000. However, taxes and deductions from your pay cheque work out to 20% of your gross pay. Therefore, you will be taking home $24,000. This works out to $2000 a month. This is your only income.
Rent (payment per month)
Tenant's Insurance (payment per month)
Automobile or Bus Pass (monthly payment)
Auto Insurance (monthly payment if applicable)
Health insurance (monthly payment)
Long Term Savings
Food (groceries, restaurants, snacks)
entertainment (movies, video rental, sporting events)
gas/diesel (if applicable)
misc. out of pocket expenses
In addition, you must produce of list of move-in expenses, which will include furnishing for your new apartment. These move-in costs (along with your first month's rent) must be paid out of your savings as you will not receive a pay cheque until the middle of the month. Your items will include:
Bed and Mattress (assume you can bring this with you from home)
Dresser drawer for clothing
End Tables for your bed
Playstation, Xbox, etc,
Chairs for dinner table
Stereo System or speakers for Ipod
Assume you have saved $1200. You have to use this savings to put down a damage deposit on your rental (1/2 of your monthly rent), and your first month's rental. The remainder of your money can be used to cover your move-in expenses. If you do not have enough money to purchase all your furniture, you may have to delay some of your purchases until you can afford them.
All your amounts must be based on evidence you collect. You must document all findings on the included planning sheet. On the worksheet your must include the amount, the source (link, image, screenshot, newspaper date and page number). Some areas such as allowance for vacation and savings are items that you may ask a parent or teacher for an amount, just be sure to document your resource. After information is gathered, using the information on your planning sheet, complete a schedule of move-in expenses on one spreadsheet and a budget for six months on another spreadsheet. The design and creativity of your spreadsheets is up to you. You may choose any style as long as the spreadsheet makes sense. Simple formulas must be created in your spreadsheet to find total fixed expenses and total variable expenses, total of all expenses, and total savings. A template is included for your use if you choose to use it.
To accomplish this task, you first need to decide on where you want to live, what type of car you need etc. You then will need to begin your investigation of how much things will cost. You may find that certain things you would like are just too expensive and therefore, you must keep looking until you find something that suits your needs. Here is a list of resources available to you help you with your investigation (you are not limited to just these).
ICBC (car insurance)
Terason (natural gas)
BC Hydro (electricity)
Telus (cell phone and home phone)
Shaw (Internet, Home Phone, Cable)
Rogers (cell phone)
Bell (cell phone, Satellite tv)
Craig's List (apartments, rentals)
Questions to ask yourself as you gather financial information for your planning sheet
Standard of Living
You are required to find an apartment. You must include proof of existence and price (ex: a rent from a newspaper or online) How much per month? What is the security deposit?
Do you want cable? Please include which package you are getting and how much it will cost you each month. (You can find the information online by searching on the cable company’s website.)
Do you want cable Internet or DSL? Please include the monthly fee.
Do you want a telephone in your apartment? Please include the price of a basic local calling plan.
Do you have a cell phone? How much do you pay each month?
In order to survive you must eat. Please include a minimum of $300 a month for food.
To be happy people we need to be entertained once in awhile. The problem is that entertainment costs money. Since everyone entertains himself or herself differently, I am allowing complete freedom in this area. Be aware though that almost any recreational activity costs money. Below are some examples to help you.
Going to the movies. Please list how many times you go to the theatre in a month and calculate the price. Rent a lot of movies? Include how many rentals within a month and calculate the total.
Going to concerts. Please list how many times you go to concerts in a month and calculate the price.
Going out for coffee? Do you go to Starbucks, the price of lattes and frapacinnos adds up quickly.
This is the website--
h t t p : / / img233 . imageshack . us/f/budgetproject . jpg/
I dont get how to do the rest...
- To Writeacher - Writeacher, Monday, March 14, 2011 at 7:52pm
I don't see the $1200 your instructions say you should start out with. Put that right underneath the $2000 that is in March's wages box, and call that row Savings.
That means you will start out March with $3200 instead of $2000.
You also need to have a total at the bottom of each month's expenses.
I don't understand where the "Addition to Savings" $2000 is coming from.
I have to take my granddaughter to volleyball, but will return in about 2.5 or 3 hours. Keep working on this, and I'll check when I get home.
- To Writeacher - Anonymous, Monday, March 14, 2011 at 7:58pm
Instead of Total, I have the Total expenses written down, which is the same for every month, but it shouldn't be.
Ok, Ill wait for your return, till then, Ill upload another updated image of this project and post the link onto here.
- To Writeacher - Anonymous, Monday, March 14, 2011 at 8:03pm
h t t p : / / img145 . imageshack . us/f/60103724 . jpg/
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