Excel: Project 1 Personal Budget Computer Information Technology.
-
Upload
darcy-clarke -
Category
Documents
-
view
214 -
download
2
Transcript of Excel: Project 1 Personal Budget Computer Information Technology.
Excel: Project 1Personal Budget
Computer Information Technology
Creating a Personal Budget
• For this project you will create a personal budget for your future.
• You will:– Pick a career– Rent or Buy a House– Pay Taxes, Utilities, etc.– Buy Food, Clothing, Entertainment, etc.
Finding the Data• Use the Internet to find the data you
need…1. Salary: If you can’t find specific information
on your career choice try – http://www.salary.com/mysalary.asp– www.salaryexpert.com– http://www.bls.gov/ooh– You need the starting salary for the job – Choose
the low end of the scale.
2. Taxes: Assume 25% of your salary goes for federal, state and social security
Finding the Data3. Rent/House: See if you can find a apartment
listing or a listing for a house. If you can’t find that and know where you want to live go to www.city-data.com and find the “median house/condo value” or the “Median gross rent” – For House assume 30 year mortgage at 4.5% - Use the loan calculator www.planningtips.com/cgi-bin/simple.pl
4. Insurance – Assume 10% of Mortgage or 5% of Rent
5. Property Tax – If you plan on buying a house/condo assume 1.8% of the property value per year in real estate taxes.
Finding the Data
6. Phone and Cable: Find the price for the service you want.
7. Electric/Heat/Water: Assume $200 per month8. Car Payment: Find the car you want, look up
the price (cars.com, etc). Calculate a payment using the loan calculator (New car 4.2% for 5 years, Used car 4.8% for 3 years) www.planningtips.com/cgi-bin/simple.pl
9. Car Insurance: Assume $1200 per year
Finding the Data
10. Student Loans: If you think you will have student loans to repay, calculate the amount of the loan and use the loan calculator www.planningtips.com/cgi-bin/simple.pl (assume 6.8% and a 10 year term)
Finding the Data11. Food, Clothing and Fun: Decide what you
will spend on those each month. In the comments section tell us how you decided on the amounts.
• Average Food Costs: – http://
www.cnpp.usda.gov/Publications/FoodPlans/2013/CostofFoodDec2013.pdf
• Average Clothing Costs– http://www.bundle.com/spending/data/clothing-shoes-oth
er-wear/
Complete the Spreadsheet
• Complete the spreadsheet including all the data. Use formulas to do the calculations.– Calculate monthly or annual– Taxes, etc.
• All lines need a comment explaining where the information came from.
Worksheet
• In the homework section of the website you will find a worksheet to help you pull together the information you need.
• You must complete, print out and turn in this worksheet. It is due at the end of class on Thursday.
Excel Project 1
• You will present your budget to the class.• Begin gathering the data today.
–By the end of the day have your job and salary information complete.
• Begin laying out your spreadsheet• Presentations are next Monday and
Tuesday. You must be done on Friday.
Rubric
Excel Project 1 – Personal Budget
Area Possible Points
Overall Format 10
$s Formatted Correctly (No decimal places) 10
Annual to Monthly Formulas Correct 10
Taxes formula Correct 10
Reasonable Values in cells 10
Totals done correctly 10
Living within means 10
Comments completed 10
Presentation 20
Total 100