Budget Project

Lauren Leonardo
Life Skills Math
Period H

Career/Occupation
How often are you paid?
Weekly
What is your net pay per paycheck?
$745.40

What is your annual net pay?

$38,760.8

What is your monthly net pay? (If you had to adjust this from the last project show the work you did to arrive at this amount)
$3,230.06

What is the monthly net pay you will be using for the project?
$3,230.06

Marital status
I am married and decided that my husband also works, making my monthly
net pay $5,652.6
3,230.06 x 1.75 = 5,652.6

School Attended/degree earned

How much education will you need for your degree/certification?
Bachelors in Fine Arts
Where will you attend school to obtain this degree?
Montserrat College of Art, Beverly Massachusetts
What will be the total cost of your education? (tuition, room & board, etc.)
$30,000 annually = $120,000 for 4 years
Use an online loan calculator to find the monthly payment for your student loans. (Assume a loan rate of 4.66%)
Assuming that Ill be able to pay $15,000 annually, Ill need $60,000 in loans.
Monthly payment: $1,372.54
Sources:
http://money.usnews.com/careers/best-jobs/art-director
http://www.montserrat.edu
http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx?loanAmount=60000&years=4.000&terms=48&interestRate=4.
660&loanStartDate=03+Jan+2016&show=false&showRt=true&monthlyAdditionalAmount=0&yearlyAdditionalAmount=0&yearlyPay
mentMonth=+Jan+&oneTimeAdditionalPayment=0&oneTimeAdditionalPaymentInMY=+Feb+2016&ic_id=mtg_loan_calc_calculate_
btn

House/Apt
Where is your house/apartment?
3 Carl St, Enfield, CT 06082
How many people live there?
Me, Spouse and Child; 3
If renting:
What is the monthly payment?
$950 /mo
Sources:
http://www.zillow.com/homes/for_rent/Enfield-CT/condo,apartment_duplex_type/57710979_zpid/11325_rid/42.064587,
-72.407971,41.904065,-72.708035_rect/11_zm/

Insurance
Homeowners or Renters Insurance:
Who is your insurance provider?
Geico
What are the details of your policy?
Covers:
Personal Property Coverage (Coverage C)
Loss of Use (Coverage D)
Personal Liability Limit (Coverage E)
Medical Payments Limit (Coverage F)
Water Sewer Backup
Damage to Property of Others

What is the monthly cost of the policy?

$21.34
Source: https://homeowners.geico.com/SalesHISS/QuoteReview

Vehicle
What type of vehicle do you have?
Black Toyota Camry LE 2004

Are you planning to finance the vehicle?

No, was purchased by parents.

Insurance Company/Coverage
Car insurance/Coverage
Who is your Car Insurance provider?
Esurance
How many people are on the policy?
two
What are the details of your policy?
Covers:
Bodily injuries
Property damage
medical payments
Motorist Bodily injuries
What is the monthly cost of the policy?
$67.14
Source: https://sales.esurance.com/CustomerFlow/CustomerFlowStandard/YourQuoteE11.aspx

Cable/Internet/Phone
What company will be your service provider?
AT&T

What services do you expect to use?

Cable and Internet

What will the monthly cost be?

$20 /mo

Source(s):
https://www.att.com/shop/wireless/plans/planconfigurator.html

Cell Phone plan

Cell phone:
What phone/data plan will you be using?
AT&T
How much does the phone cost?
$15 /mo

How many people are on the plan?

2 people
What is the cost per month?
Data plan: $115 /mo + two access charges of $15 / mo = $145 /mo
Source: https://www.att.com/shop/wireless/plans/planconfigurator.html

Food
Groceries

Food cont.

More food

Even more food

Weekly total: $96.93
Monthly total: 96.93 x 52=5,040.36
= 5,040.36/12 = $420.03
source: https://shop.shoprite.com/store/D673799#/

Utilities
Utilities (electric, heat, water)
Conduct research based on the number of people in your home and square footage to predict how much you will spend on:
Electricity:
$60.44 /mo
Heat (specify the type):
Oil, $60 /mo
Water/sewer:
$25 /mo
If you rent, indicate if there are any utilities included.
Does not indicate if any utilities are included
Sources: https://www.chooseenergy.com/shop/residential/electricity/CT/06082/connecticut-light-power-ct-electricity/
http://ohmyapt.apartmentratings.com/breaking-down-the-average-utility-costs-per-month-whats-normal.html

Personal Expences
Choose at least 2 other expenses to include in your budget. Some possible suggestions: Child Care, Entertainment, Clothes,
Miscellaneous, Repairs (car/home), Pets, etc.
Expense 1: Childcare
$185 /week x 52 = 9,620
9,620/12 = $801.6 /mo
source: http://www.hazardvilledaycarecenter.com/Tuition.html
Expense2: art supplies
$10 /week x 52 = 520
520 / 12 = $43.3 /mo
source: personal experiences
total: $844.9

Savings
Savings
After you have calculated all other expenses see what amount you can afford to put into savings every month.

Monthly Savings:
$5652.60-$3,986.39 = $1,666.21

Major Purchase
Major Purchase:
Think about a major purchase that you would like to make within the next year.(Vacation, new TV, jet ski, down payment on a
house/car, etc).
What is the major purchase?
Disney World Vacation
How much does it cost?
$2,016 (not including food and gifts)
Source(s): https://disneyworld.disney.go.com/resorts/art-of-animation-resort/rates-rooms/
Based on how much you plan to save per month how long would it take you to save up for your purchase?
Under two months

Life Happens
Life Happens
If you were to have an unfortunate event befall you in December: (broken hot water heater, car repairs, plumbing problem, unexpected
medical bill, etc.) and it ended up costing between
$2,500 - $3000 out of pocket.
What are some changes you could make to your budget in order to adjust for this unforeseen event?
I would have to not make a major purchase and skip the Disney vacation to use my savings to pay for the damage.

Reflection
Reflection:
What about the project did you enjoy/think I should continue to use in the future? Why?
I enjoyed doing the research and learning about how to pay for different things in the future (I didnt know how to pay for
heating and other utilities) It was very helpful in learning how to create a budget with whatever paycheck you may receive and made me
realize how much much more important it is to manage your money.
What about the project did you think could be improved or changed? In what way?
I was a little confused at certain parts of the project and had to ask questions, but other than that I think the progect is a
successful one and really prepared me for organizing my money in the future.
What aspects of the project did you find meaningful/useful for your future budgeting and spending?
I found all of it useful actually! I feel like I learned so much about real-life budgeting and money management in a short amount
of time with the help of this project. I learned a lot I did not know originally.