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PERSONAL BUDGET. Class Project Mr.McEwen. Introduction. Make a Household Budget Use the Basic Math Skills Necessary to Make a Balanced Budget Valuable Life Skill. Overview. Try to make a monthly budget Explain how all the individual costs fit together for financial wellness

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Personal budget

PERSONAL BUDGET

Class Project

Mr.McEwen


Introduction
Introduction

  • Make a Household Budget

  • Use the Basic Math Skills Necessary to Make a Balanced Budget

  • Valuable Life Skill


Overview
Overview

  • Try to make a monthly budget

  • Explain how all the individual costs fit together for financial wellness

  • Realistic as possible

Rent

Job

Bill

Car

Gas

Food

Misc

Fun

Edu


Income
Income

  • List the income by:

    • Hourly wages

    • Monthly wages

  • The amounts allotted to each grade.

    • A: $40/hour B: $ 32/hour

    • C: $24/hour D: $16/hour

    • F: $8/hour


Income1
Income

  • Gross income

  • State Taxes

  • Federal Taxes

  • SDI

  • FICA

  • Net income


Household expense
Household Expense

  • Taxes*

  • Mortgage *

  • Food * $5/meal, 3 meals/day, 30 day/mo

  • Heating/Cooling @ $0.35 per sq ft *

  • Phone – land line

  • Garbage/Water @ $96 (Modesto)

  • Transportation*

    • * indicates a must have


Optional expenses
Optional Expenses

  • Car Payments

    • Gas

    • Maintenance

    • Insurance

  • Credit Cards – payment only

  • Entertainment

    • Satellite TV

    • Movies


Summary
Summary

  • Want Income as Hourly & Monthly

  • Want a List of Monthly Expenses

  • Want a Total of Monthly Expenses

  • Want a Income/Expense Comparison

    • Monthly

    • Yearly

    • No negative balances

  • Conclusion – What have you learned?


Internet information
Internet Information

  • Government websites have current SDI & FICA deductions.

  • Look up current Federal & State Taxes

  • Workman’s comp costs

  • You may look up property costs in other states

  • There are sites with minimum costs for expenses

  • Need a list of each website for references


Where to get more information
Where to Get More Information

  • Modesto Bee

  • Internet sites

    • Modbee.com

    • ATT.com

    • PG&E.com

    • Google

    • Hud.gov

  • Parent/Guardian



Conclusion page
Conclusion Page

  • Conclusion must be about a page in length

  • Should be typed and double spaced

  • Need to explain what you have learned from this exercise

  • Want to include what kind of job would be needed to earn your dollar amount

  • Where you would have to live

  • Realistic earns max points.