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Annual Budget Project
By:Shronda Blossomgame
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Job
Job: Vocational education teacher middle schoolAnnual Salary:
$50,000
Taxes Paid a
year:$6095.00Taxableincome:40,250.00www.theworkbuzz.comwww.efiletax.com
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Transportation
l Original Price: $16,997.00l Price with 3.99% interest:
$17105.52l Down Payment: $3,400l Monthly Payments: $237.57 for
72
months
l Total Spent Annually:$2,850.84l Total Spent this year with
down
payment included: $6,250.84
l www.carmax.com
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Car Insurance
l Name of Insurance company:GeicoInsurance
l Price per month:$321.65l Coversl Bodily Injury Liability:
$613.00 Premiuml Property Damage: $556.30 Premiuml Comprehension
Comp: (Pays for damage to
vehicle not caused by collisions) Premium$133.70
l Annual Cost of Insurance: $1604.40l www.Geico.com
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Student Loan Payments
l Variable interest Range: 3.17%-9.37%l Number of Monthly
Payments: 120l Simple interest rate: 3.17%l Principle amount of
loan:$20,000l Monthly Payments:$194.69l Total Interest Cost:
$3363.38l Minimum Annual Salary to handle
payments: $29.204.00
l Total Spent Annually on car insurance:$2336.28
l www.studentaid.ed.gov/repay-loans
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Cell Phone Bill
l Includes: Unlimited Texting andTalking
Up to 500 MB of high speed data on T-mobiles network for no
extracharge.Smartphone mobile hot spotservice included
Price Per month: $50.00
Annual Price Paid:$600.00
www.t-mobile.com
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Food and Gas
l Average Price of Gas in Georgia:$3.41 Per gallon
A fill up on the car I have is about 18gallons
Total Cost of gas per week: $61.38
Total Gas per year:$ 2,946.24
Food
Based on this info from the USDAbetween $150-$300 a month for
a
average adult. One thin to note. Thisassumes that all meals will
be eaten athome except for one exception to eatout a month
Average price of food per month: $225.00
Average price of food per year:$ 2,700.00
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Entertainment
l According to the ConsumerExpenditure Survey,
entertainmentspending also varied according to age.On the low end
people 25 and youngerhad entertainment budgets that
averaged $1,221.00 a year.
l Total Spent Annually: $1,221.00l
www.budgeting.thenest.com/survey
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Credit Card
l Amount owed: $14569.00l Interest Rate: 1.99% annuallyl Time
taken to pay off: 72 monthsl Monthly Payments: $214.84l Annual
total for credit card spending:
$2578.08
l http://www.bankrate.com
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Savings Account
l Initial Amount:$10,000.00
l Interest Rate: 0.8%for any startingbalance
l Final Amount after 5years: $10,406.45
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Budget Table
Taxes $6095.00
Car $2,850
Housing $12,000
Insurance $1604.40Loan $2336.28
Phone bill $600.00
Gas $2946.24Food $2700.00
Entertainment $1221.00
Credit Card $2578.08
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Ending balance
l Total Spent Annually: 34,931.00l Spent on savings
account:10,000l
Total Spent Monthly:$2910.98l Total income after tax income per
year:
$40250.00
