1 personal budget class project mr.mcewen. 2 introduction make a household budget use the basic math...

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PERSONAL BUDGET PERSONAL BUDGET

Class Project

Mr.McEwen

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Introduction Introduction

Make a Household BudgetUse the Basic Math Skills Necessary to

Make a Balanced BudgetValuable Life Skill

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Overview Overview Try to make a monthly budgetExplain how all the individual costs fit

together for financial wellnessRealistic as possible

Gas

Edu

Misc

CarFood

Fun

BillRentJob

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IncomeIncome

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

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IncomeIncome

Gross incomeState TaxesFederal TaxesSDIFICANet income

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Household ExpenseHousehold Expense

Taxes*Mortgage *Food * $5/meal, 3 meals/day, 30 day/moHeating/Cooling @ $0.35 per sq ft *Phone – land lineGarbage/Water @ $96 (Modesto)Transportation*

– * indicates a must have

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Optional ExpensesOptional Expenses

Car Payments– Gas– Maintenance– Insurance

Credit Cards – payment onlyEntertainment

– Satellite TV– Movies

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SummarySummary

Want Income as Hourly & MonthlyWant a List of Monthly ExpensesWant a Total of Monthly ExpensesWant a Income/Expense Comparison

– Monthly– Yearly– No negative balances

Conclusion – What have you learned?

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Internet InformationInternet Information

Government websites have current SDI & FICA deductions.

Look up current Federal & State TaxesWorkman’s comp costsYou may look up property costs in other

statesThere are sites with minimum costs for

expensesNeed a list of each website for references

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Where to Get More InformationWhere to Get More Information

Modesto BeeInternet sites

– Modbee.com– ATT.com– PG&E.com– Google– Hud.gov

Parent/Guardian

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Budget ExampleBudget ExampleBudget Example

Gross Income: 21.00$ per hour840.00$ per week

3,360.00$ per month 40,320.00$ per year

Federal tax 600.00$ State Tax 150.00$ SDI 60.00$ FICA 30.00$ Net Income 2,520.00$

Monthly Expences:Mortgage 600.00$ per monthHome insurance 125.00$ MID/PGE 144.00$ per month ".12 x 1200 sq ftPac Bell 80.00$ per monthGarbage 55.00$ per monthCable 65.00$ per monthFood 550.00$ per month $5.00 per meal minimumCar Pay 400.00$ per monthInsurance 150.00$ per monthGas 200.00$ per monthVisa 100.00$ per monthTotal 2,469.00$ per month -$ per year

Income 2,520.00$ 30,240.00$ Expences 2,469.00$ 29,628.00$ Difference 51.00$ 612.00$

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Conclusion PageConclusion Page

Conclusion must be about a page in lengthShould be typed and double spacedNeed to explain what you have learned

from this exerciseWant to include what kind of job would be

needed to earn your dollar amountWhere you would have to liveRealistic earns max points.