Do you plan to attend college? EDUCATION FORM Where do you plan to go? List all that apply - community college / four year institution and graduate school if applicable Based on 2016 fees, how much will your education cost? List a dollar amount for each institution. Include housing, books and other fees. List source(s) This information can usually be found on the college website. What will the total cost of your education be? How much will you have to borrow in school loans? What will your monthly payment be? Use the handout given on the first day of class to determine payment
INCOME FORM Job Title - Give a brief description of your job - What is the yearly median income for someone with your job in the city that you would like to one day live? List source(s) Google search How much do high school teachers make in City, State salary.com It is much easier than going to slary.com directly! Do you plan to have a second job? - Something you would enjoy doing on the side - photography, musician, ministry, dance instructor, referee sporting events, etc. If so describe the job and record the yearly income based on research. List source(s) If you would like to be married one day you may choose a spouse income card and include their income in your budget. Spouse career / income cards will be distributed in class randomly. List your spouse s career and salary as printed on your card. What is your families yearly income? Include your primary income, secondary income and spouse income if applicable Divide your families yearly income by 12 to determine your monthly income.
TAXES AND INSURANCE FORM What is your gross yearly income as recorded at the bottom of your income form? Calculate your taxes using taxformcalculator.com - use the state option and round to the nearest $5,000.00 - Make sure you use the numbers in the monthly column. Federal Income Tax - State Income Tax if applicable - Social Security - Medicare - What is you total monthly tax payment? Add all four numbers above to get a total Record the dollar amount under exemptions listed on the chart - This is the amount we will use for your health insurance coverage - If you are not married you may divide the number by 2 then record the amount. Calculate your monthly net (take home) pay. Subtract your total monthly tax payment and the cost of your health insurance premium from your monthly gross income.
HOME Select a home using www.zillow.com - they usually have pictures of the inside and outside of homes that are for sale. It can be your dream home. Don t worry about price during this phase of the project. Briefly describe your home. Attach a picture. Be sure to include address, price, age of the home and the square footage. Using the mortgage calculator at realtor.com calculate the following: - amounts are in and under the circle on the right side of the page Down Payment - Monthly Payment - Record the amount listed for Property Tax - Record the amount listed for Insurance - Add your monthly payment, property tax and insurance to get your total monthly house payment.
Utilities and Maintenance Expenses Use the bill calculator on the Lane Electric website to calculate your monthly utility bill. laneelectric.com/tools/bill-estimator/ - Use information such as square footage, number of rooms etc. for the home you selected. - For appliances and other information that you can t get from zillow.com go with what your family has/uses to calculate your estimate. What should you budget for utilities monthly? Determine how much you should budget for maintenance and repairs. Use the following information to determine an amount. How to calculate: $1.00 x square footage = If your home is 10-20 years old add an additional 10%. If your home is more than 20 years old add an additional 20%. Example - if my home is 2000 square feet and it is 20 years old I would budget $183.33 per month for maintenance and repairs. $1.00 x 2,000 square feet = $2,000 Because my home is 20 years old I would need to add another 10% of $2,000 to give me a total of $2200. The amount I would need to budget monthly would be $2200 / 12 = $183.33 What should you budget for home maintenance and repairs?
TRANSPORTATION FORM Select an automobile for you and your spouse if you are married. Briefly describe your vehicle(s). Attach a picture(s). (price, make, model, year, color etc.) Calculate your monthly payment(s). Record the amount(s). (onlineloancalculator.org - new car interest rate - 3.3% - used car - 2.97% - sales tax rate = 9.75% no downpayment & no trade in) Calculate Insurance for your vehicle(s): Record your monthly payment. (Go to nerd wallet - select insurance -car insurance quote) Other automobile expenses: Registration = $51 / year = $5 / month / vehicle Maintenance and Repairs = $70 / month / vehicle Gas = $150 / month / vehicle How much should you budget monthly for Transportation?(Add payment, insurance and other expenses together)
Food, Clothing & Personal Care Form Calculate your food budget - (single = 8% of your income, married no children = 9% of income, married with children = 10% of income) Calculate your clothing budget - (If you like name brand clothing and you enjoy shopping budget 5% of your household income for clothing. If you are an average shopper who doesn t have to have the latest styles and name brands budget 2.8% of your household income for clothing. If you are willing to buy everything you wear at discount stores and you only buy what is necessary budget 2% of your household income for clothing) Calculate your personal care expenses: (Includes hair care products, personal hygiene products, cleaning supplies, laundry supplies, salon services, make-up, etc ) Single female - budget $200.00 / month Single male - budget $100.00 / month Married couple - budget $250 / month Family - budget $300 / month List additional personal care items that you wish to include: Record an estimated cost for each additional item listed. (glasses/contact supplies, manicure/pedicure, gym membership, tanning, etc.)
Internet and Television Form Select an internet provider. List the provider and the package you selected. List the website you used to make your selection. (suggested list of providers - Time Warner, AT&T, XFINITY - packages and pricing available on websites) Record the monthly cost of your internet plan: Select a cable or internet television plan. Describe your selection. (suggestions - www.theverge.com/a/online-tv-stream-price-guide, Time Warner Cable, Comcast, you guys know way more than me about creative ways to get cheap television!) Record the monthly cost of television / cable.
Cell Phone and Entertainment Form Select a cell phone plan. List the provider and data package you selected. (Use the handout you were given in class or do your own research. If you select a plan other than one listed on the handout include a printout of the advertised package. Remember to include a plan for your spouse if you are married.) Record the monthly cost of your family cell phone plan: Determine the amount of money you need to budget each month for entertainment. List everything you want to include - movie theater, concerts, sporting events, (include snacks / babysitting), books, movie rentals, friends and family gatherings, vacation(s) etc Record the amount you will budget for entertainment each month: