4th Marking Period:

Financial Responsibility Budget Project

This project will span nearly all of Marking Period 4 with various due dates. Please plan accordingly.

http://financialplan.about.com/cs/budgeting/l/blbudget.htm

Project Objective

The objective of this project is for you to create a budget that would potentially allow you to live the type of life you would like, as well as to understand what skills and/or education you need to get there. This includes: finding a house and car, developing a budget for these, and finding a career that would match your income needs. This project does involve doing some calculations, but it's main purpose is to allow you to have fun dreaming of the future while realizing what these dreams may cost. It is also a goal that you will observe certain realities about work and what it takes to be a successful adult in today’s society; it is certainly not easy and takes lots of money!

You will also have a master spreadsheet that will show all your calculations and contain a working budget. Please note that your expenses must fall within your income! (No debt allowed!)

Due DatesThe dates below indicate the dates each section(s) is due. Please

note that due dates are subject to change. Due on the date listed is: evidence of your completed research, which includes lists, monetary

values, companies, and any other applicable information. PLEASE STAY ORGANIZED!

School costs – Due April 25th

Find a Job – Due April 30th

Find a Home – Due April 30th

Utilities – Due May 2

Food – Due May 2

Family Obligations – Due May 7

Personal Health & Medical – Due May 9

Transportation – Due May 14

Debt Payments – Due May 14

Entertainment & Recreation – Due May 16

Pets – Due May 16

Clothing – Due May 22

Investments & Savings – Due May 22

Miscellaneous – Due May 22

Project Requirements Each week a different portion or portions of your project will

be due; refer to previous due dates. These due dates are subject to change. They will not be moved forward, but they may be moved back.

Some of the categories will be up to you decide, and the other will be left up to chance!

You will present this project once it is completed; you will be assessed on each portion as the marking period progresses, and you will be assessed on your final presentation, the required handouts, and your Power Point.

After you have completed the final project, you will generate a formal, written reflection, which will also be assessed.

The First Step

Access and look through the interactive budget worksheet found on the website below. This portion of the assignment will be ongoing, so be sure to save your document often.

This document will be due, printed, along with your Power Point Presentation.

http://www.budgetworksheets.org/

A Very Helpful Website

The website below will help you calculate your monthly budget. Be sure to read the directions on the page carefully to ensure that you complete the calculations correctly.

http://mappingyourfuture.org/money/budgetcalculator.htm

THE POWERPOINT

Each component of the project is to have its very own PowerPoint slide (or more than one if you choose). You are to label each slide appropriately and include the required information.

For example: The Job/Income slide must include your chosen profession,

your salary for one year or wages for one year and the amount that you will “bring home” after you deduct your state taxes.

YOUR FAMILY

Each student will have one spouse; that spouse will also have a job (salary or wage, part-time or full-time) to add to your home’s income.

“Fate” (a number chosen at random) will determine how many children you have.

Find a Job / Your Income

Wages and Bonuses

Investment Income (at least one)

Miscellaneous Income (at least one)

Income taxes withheld

Federal income tax

State and local income tax

Social security/Medicare Tax

Helpful Websitesohttp://lwd.dol.state.nj.us/labor/wnjpin/findjob/findjobindex.htmlohttp://www.tax-rates.org/New_Jersey/income-tax

Slide Requirements• Job Name

• Job Description• Yearly Salary/Wages• Calculated Taxes

Withheld•Amount “brought home”• Spouse’s Income &

amount “brought home”• Total amount “brought

home”• Investment(s) Income•Miscellaneous Income(s)

Find a Home

Mortgage or Rent Homeowners/Renters

Insurance Policy Taxes Home Repairs (Fate Decides) Home Improvements (Fate

Decides)Helpful Websites:

http://realestate.nj.com/

http://www.zillow.com

http://www.zillow.com/mortgage-rates/

http://www.coldwellbanker.com

http://www.weichert.com/NJ

Slide Requirements• Picture of Home

• Description of Home (bedrooms, bathrooms,

lot size, town)• Mortgage/Rent Amount• Insurance Policy: Yearly

$• Home Repairs

• Home Improvements

Expenses: There are several categories!

Utilities

Food

Family Obligations

Health and Medical

Transportation

Debt Payments

Entertainment

Pets

Clothing

Utilities

Electricity Water and Sewer

Natural Gas or Oil

Telephone (Land Line, Cell)

Helpful Website(s)

http://www.bpu.state.nj.us/bpu/assistance/utility/

Slide Requirements• Electricity ($/month)• Water ($/month)• Sewer ($/month)• Natural Gas or Oil

($/month)• Telephone-land line or

cell phone ($/month)

Food

Groceries Dining Out (Fate Decides) Lunches (Will you prepare

your own, or will you purchase them at work?)

Snacks

Helpful Website(s)

http://www.apsupermarket.com

http://www.shoprite.com

http://www.bjs.com

http://www.njrestaurants.com/morris.html

Slide Requirements• Grocery List with Stores

& Prices for 1 Month• Lunches ($/month)• Snacks ($/month)

• Dining Out (Place & $)

Family Obligations Day Care / Babysitting

Sports/Extra Curricular

Helpful Websites

http://www.morriscountybusinesslist.com/specific/Child-Care-~-Day-Care-Centers.htm

http://www.superpages.com/yellowpages/C-Babysitting/S-NJ/Y-Morris/

Slide Requirements• Day Care cost/month• Cost of Sports/Extra

Curricular Activities• Babysitting (required if

you and your spouse dine out alone)

Health & Medical Insurance (medical, dental, vision)

Co-pays (Fate Decides)

Fitness (Yoga, Massage, Gym)

Helpful Websites

http://www.healthinsurance.org/new_jersey

http://www.healthcare.com/health-insurance/state/new-jersey/new-jersey-health-insurance/

http://www.ehealthinsurance.com/?allid=All22890&sid=NJ_cb163ca892e056942e0e62c30953bd85

http://www.morriscountybusinesslist.com/category/specific.asp?cat=Health-Clubs-~-Gyms

Slide Requirements• Insurance ($/month)

• Co-pays• Fitness

Transportation Car Payments-Will you purchase/lease

a new or used car?

Gasoline/Oil

Auto Repairs (Fate Decides)

Auto Insurance

Other Transportation (tolls, bus, subway, taxis)

Helpful Websites

http://www.edmunds.com/dealerships/all/NewJersey/MorrisCounty-1.html

http://newjerseygasprices.com/

http://www.edmunds.com/repairshops/all/NewJersey/MorrisCounty-1.html

http://www.carinsurancerates.com

http://www.state.nj.us/transportation/Slide Requirements• Car Payments/month• Gasoline/month

• Auto Repair(s) Cost• Auto Insurance

• Other Transportation

Debt Payments

Credit Cards

Student Loans (Fate Decides)

Other Loans (Fate Decides)

Helpful Website

http://www.bankrate.com/credit-cards.aspx

http://www.finaid.org/calculators/loanpayments.phtml

Slide Requirements• Credit Card ($/month)•Student Loans ($/month)• Other Loans ($/month)

Entertainment & Recreation

Cable TV/Videos/Movies

Computer Expense(s)

Hobbies

Subscriptions and Dues

Vacations (at least one required)

Helpful Website

http://www.yellowbook.com/yellow-pages/?what=Cable+And+Satellite+Companies&where=Morris+County%2C+NJ

http://www.magazinesubscriptions.com/

http://www.travelocity.com/Vacations

Slide Requirements• Cable TV/Videos/Movies

per month• Computer Expenses

($/month)• Hobbies ($/month)

• Subscriptions ($/month)• Vacation(s) (must

include travel, destination, hotel, food,

entertainment, etc.)

Pets (fate decides)

Food

Grooming, Boarding, Vet

Helpful Website(s)

http://pets.costhelper.com/dog-food.html

Slide Requirements• Food (type and

cost/month)• Other Materials

(cost/month)•Grooming, Boarding, Vet

(cost/month)

Clothing

Where will you shop?

How often will you shop?

What articles of clothing will you purchase? (Keep in mind your career!) Include prices; do not forget sales tax when budgeting!

Generate a clothing list including prices for each member of the family for one month.

Slide Requirements• Clothing List/Family

Member (place of purchase, article of

clothing, & cost required)

Investments & Savings

Choices include: 401(K), 403B or IRA Stocks/Bonds/Mutual

Funds College Fund Auto Fund House Fund Savings Emergency Fund

Slide Requirements• at least one investment

required.

Miscellaneous

Toiletries, Household Products

Gifts/Donations

Grooming (Hair, Make-up, Other)

Miscellaneous Expense

Slide Requirements• Toiletries/Household

Products (Name & Cost/month)

• Gifts/Donations• Grooming (Name &

Cost/Month)• Miscellaneous

Expense(s)

Formal Reflection

You will generate a reflection in which you answer and discuss the following questions: Describe what it was like for you to budget. What did you learn from this process? Are your expectations of the realities of budgeting the

same or did they change? Explain.

**Your formal reflection is to be TYPED, double spaced, in Times New Roman, size 12 (as always). About 2 pages.