Senior Seminar

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Senior Seminar
Budget Project
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You are now on your own,you have moved in to that
ultimate apartment found the your going to buy
and have that first job. It is time to take a
look at the cost of living on your own.
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Follow along with this interactive power point to
see the real cost of
living on your own!
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What you need to bring with you on this journey

• Your careers starting salary
• Your 3 apartment choices
• Your 3 car choices
• Your palm with a new document titled (first
  initial last name.on my own) Click to see
  everything you need to do.

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Your budget spreadsheet

• Click the button below to view the spreadsheet
  you will be filling in as you proceed through
  this project.

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Step 1 Taxes, who gets my money and why? Lets
find out.

• Click the link and on your handheld document
  define
• FICA
• State local income tax withheld
• Federal income tax withheld
• Tax rate schedules
• Social Security Medicare tax withheld

Tax glossary
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Lets start with taxes, the money the government
takes out of our pay check.

• FEDERAL TAXES
• Click on the link below. Look at the federal tax
  rate chart and find your income level and filling
  status (single).
• What is your federal tax rate? Note it on your
  palm document.

Federal taxes
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What is your state tax rate? You must locate your
income level to find your correct rate. (Be sure
to pick the state youll be living in.) Note it
on your palm document.
State Taxes
State tax rate
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Step 2 Pay check withholdings

• It is time to see how much those taxes will cost
  you. Click on the like below and fill in the
  correct information.
• Make sure to select the state you will be living
  in.
• Select the monthly pay frequency
• Your filling status is single
• Your number of withholding allowances is 1,
  yourself.
• You do not want any additional amounts withheld
  or voluntary deductions.
• Click calculate to see what your take home pay
  will be
• Print your pay check stub in when finished.

Pay check stub
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Step 3 Enter your tax information into your
budget spreadsheet

• Click on the budget spread and enter the
  following information
• Monthly gross salary
• Monthly Federal tax
• Monthly Social Security taxes
• Monthly Medicare taxes
• Monthly State taxes
• City taxes if you have them

Budget spreadsheet
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Step 4 Auto Insurance

• Now it is time to compare car insurance for the
  three cars youve picked. Click on the blue
  links below to do the following.
• First lets define some insurance terms. Click on
  blue terms to get to the insurance glossary and
  define the following on your palm document.
  Collision insurance, comprehensive coverage,
  property damage liability coverage,deductible,
  bodily injury liability and premium.

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Next click on the coverage analyzer and follow
the instructions. Print out your insurance
analysis when its complete. You will use that
later.
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Next get an insurance quote for each of your
three cars. Follow the instructions and print
out each quote. Select the state you will be
living in and click get quote. Click quick
quote. You do not need to fill in your personal
information. Your birthday should be four years
earlier to make you older.
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Step 5 Car Loan

• Now you will figure the true cost of your new
  car. Unfortunately there is a cost to borrowing
  money, we are going to see how much a car payment
  will be along with the interest for each car.
• 1. Log onto the car glossary and define on your
  palm document the following terms interest,
  interest rate, loan term, principle.

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Click the finance center to find auto loans for
your cars
Find a car loan for each one of your cars. You
must find 3 different interest rates, one low,
one middle, one high. Figure each car at one of
the rates. (You will have 3 loans, one with a low
interest rate, one with a middle, and one with a
high interest rate.) Make sure to print out all
your information for each car.
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Now it is time to add these items into your
budget spreadsheet

• Decide on which apartment you want to live in.
  Enter in your rent
• Decide on which car you are going to purchase.
  Enter in your payment and insurance per month.
• Add in the following amounts you think you will
  spend on household items (cleaners), personal
  items (shampoo), prescriptions, clothing, weekend
  entertainment, groceries, memberships (fitness
  clubs), dining out, pet care, cell phone,
  laundry, and misc. items per MONTH. We will
  review and edit this together.
• Save your budget spreadsheet as first name last
  initial.budget on your home folder. Print it out
  and turn in with your palm worksheet and all
  other print outs.

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Your palm worksheet should look like this
Back
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Youre finished!How did you do?Do you have any
money left over?Do you need to make any changes
so you have enough money to get through the
month?