Family Budget - an exercise in money and researching infomation using the internet
Open up a Microsoft Word document, Save, and name it Family Budget. Copy the following questions and then answer them. Search the internet concerning apartments, jobs, and the cost of utilities etc... within the city you plan to live.
You are responsible for creating a monthly budget for your family for the month of February. Your budget must be realistic and you must live within your means. Once the questions are answered, create a spreadsheet that reflects your family's monthly income and expenditures.
When the Excel spreadsheet is completed and to the teacher satisfaction, you will create a bar graph or pie chart of your data in Excel.
1. I currently live in (identify a major city.
2. I am married to _______________ and have ______ children, their names and ages are __________________________________.
(You MUST have at least two children)
3. My occupation is:
(Find, copy and paste the annual income for this occupation in the city where you live, then multiply that times 70%, for taxes (.70)(You pay about 30% for taxes). Then divide that amount by 12, the number of months in a year, to determine your monthly income.)
Each time you copy and paste you MUST also copy and paste the URL where you got the information.4. Your spouse's occupation,
(Find, copy and paste the annual income for this occupation in the city where you live, then multiply that times 70%, for taxes (.70)(You pay about 30% for taxes). Then divide that amount by 12, the number of months in a year, to determine your monthly income.)
5. I live in a ___ bedroom apartment/house with your family.
(Find, copy and paste the cost of the apartment/house per month)
to find the Interest you will have to pay the formula is I=PxRxT :
I=Interest
P=Principle: how much the house costs initially
R=Rate: use 0.05
T=Time: 30 years
Then add the Interest and the initial cost of the car and divide 360 (360 months).
6. Your apartment/house doesn't include water, gas, and electricity, so determine your monthly costs for these expenses.
(Find, copy and paste the documentation that supports your figures.)
7. You will need renter's/home insurance for the contents of your apartment/house which is about 5% (.05) of the value of your apartment/house. Please figure this monthly expense.
8. Determine your monthly telephone expenses. (Copy and paste any information that supports your findings.)
9. Determine your monthly cable expenses. (Copy and paste any information that supports your findings.)
10. Determine your automobile expenses - also expenses must include - monthly payment including insurance, and gas.
To find the Interest you will have to pay the formula is I=PxRxT :
I=Interest
P=Principle: how much the car costs initially
R=Rate: use 0.04
T=Time: 5 years
Then add the Interest and the initial cost of the car and divide by 60 (60 months)
(Copy and paste all information that supports your findings.)
11. Set some money aside for your monthly entertainment expenses
12. Set some money aside for your clothing expenses:
13. Grocery expenses: Determine the monthly food expenses for your family.
14. Childcare expenses: Find and print the monthly childcare expenses for your family. Even if your children are school aged, you must budget for after school care.
15. Birthdays/Valentine's Day: You must give your spouse and children Valentine's Day gifts. If any of your friends/relatives have a February birthday, you must also purchase a gift for them. Set aside some money for gifts.
16. Savings: Set aside some money to go into your savings account.
After you have gathered all of the above information, create a spreadsheet showing your budget. Your spreadsheet should contain formulas so you can plug in different numbers each month and your spreadsheet will accurately calculate the current month's expenses.
Graph your spreadsheet using a graph style that you feel best illustrates the breakdown of your monthly expenses. Customize your graph to look visually pleasing.
Be prepared to share your results with the class.