Web view · 2013-01-08LIFE BUDGET PROJECT. PART. ONE. OBJECTIVE: Determine Take Home Pay using basic Excel functions . DIRECTIONS: Open Excel and File > Save As > Life Budget. Fill

LIFE BUDGET PROJECTPART ONE

OBJECTIVE:Determine Take Home Pay using basic Excel functions

DIRECTIONS:1. Open Excel and File > Save As > Life Budget

2. Fill in your spread sheet with the headings you see below using size 14 and Bold and adjust the columns to fit the text (Use alt + enter to have labels go on to a second line)

3. Insert a graphic that represents your career, and a graphic that represents money

4. Open Exploratree and find the name of your career and the minimum yearly salary

5. Fill in gross yearly salary with the minimum yearly salary from your Exploratree.

6. Using the Sample Tax Table (from your teacher) fill in the Federal Income tax amount using Single

7. Using the percentages listed in each category, formulate how much will be taken out of your pay for each category

8. Formulate the total deductions for each week in the total column

9. Calculate your Net Weekly Salary in the weekly pay column

10. Calculate your Net Monthly Salary in the monthly pay column

11. On the tab at the bottom of the spread sheet, right click and rename Net Pay

YOUR NAMECareer Name

grossyearly salary

grossweekly salary

Federal Income

SocialSecurityFICA Tax

State IncomeTax

MedicareTax

Local Income

TotalTaxDeductions

NETPAY

Net Pay Per Month

.062 .03 .0145 0.01 Per

McAdams/Pisauro/Speiser Revised Fall 2012/Fisher Page 1

Week40000 769.23 119 47.69 23.08 11.15 7.69 208.61 560.62 2242.48

PART TWO OF YOUR LIFE BUDGET PROJECT

OBJECTIVE:

Determine Cost of Transportation to and from Work using PMT function

DIRECTIONS:1. Research on the internet to find an automobile that appeals to you and is within your budget.2. Cost should be a maximum of $20,000 with less than 100,000 miles if used.3. Open up your Life Budget EXCEL workbook 4. Go to tab sheet #2 at the bottom of the workbook and right click and rename it CAR.5. In cell A1 and B1, type in the Make of your car6. In cell A2 and B2, type in the Model of your car7. In cell A3 and B3, type in the year of your car8. In cell A4 and B4, type in the mileage

a. If the car is new, type in the word newb. If the car is used, it must be under 100,000 miles

9. In cell A5 and B5, type in the gas tank capacity10. In cell A6, copy and paste the URL11. In D and E 1,2,3,4, and 5 insert a picture of the car12. Now go to a bank site to find current car loan rates. You may try the following sites:

a. http://www.bankrate.com/auto.aspx b. http://www.psecu.com/vehicles/?WT.ac=vehicles-tab

13. Fill in your spread sheet with the headings below 14. Fill in the correct information in each cell 15. Using the PMT function, follow the questions asked in the PMT function dialog box.

a. First, enter the interest rate ( it must be listed as a decimal)b. Then divide the interest rate by the number of months in a year.c. Then list the Nper which is the total number of payments for the entire loan.d. Then list the pv – the present value of the car.

16. This information in the formula will give you a negative number. Insert a “minus” sign in front of the formula to change this to a positive number.

17. Once you have completed your chart, please key in the comments/justification section to justify which choice will be best for you at this time.

make Toyotamodel Rav4 Limitedyear 2010miles 50000Number of loanyears

Interest Rateper Year

Number of loanmonths

Cost of Car

Paymentsper month


http://www.psecu.com/vehicles/?WT.ac=vehicles-tab

http://www.bankrate.com/auto.aspx

2 year 0.0399 24 22025($1,443.07

)

3 year 0.0429 36 22025($1,212.04

)

4 year 0.0519 48 22025($1,253.60

)

5 year 0.055 60 22025($1,262.19

)PART THREE OF YOUR LIFE BUDGET PROJECT

OBJECTIVE:

Students will discover the cost of car insurance, gas, and repairs using basic Excel functions

CAR INSURANCE—Type and cost

1. According to the STRIVE TO DRIVE poster from ECONOMICS PENNSYLVANIA, Auto Dealers, CARing for Kids Foundation at caringforKids.com, you need to consider the following types of car insurance: (put this information in a small table in this document)

a. Comprehensive Coverage = defineb. Collision = definec. Liability = defined. Uninsured Motorist = definee. Underinsured Motorist = definef. Property Damage = define

2. Open your Life Budget and open the Car sheet

3. Using the Internet, research monthly car insurance rates, for the make, model, and year of the automobile you chose. You may want to try one of the following sites:

a. www.teensurance.com/rateexplorer.aspx

GAS

4. Budget for filling your gas tank once a week. a. Find out how many gallons of gas your car holds (HINT- using google, type in the make, model

and year of your car and then the words fuel tank size) b. find the current rate for gasc. On your car sheet, calculate the number of gallons your car holds TIMES the price per gallon of

gasd. Multiply that by 52 (for the amount of weeks in a year) and divide by 12 (to find your monthly

cost)

REPAIRS NEEDED5. Budget for having your oil changed every three months

a. Search the internet to find the cost of an oil change


b. Calculate the monthly cost of 4 oil changes per year (once every three months)c. Multiply the price of one oil change by 4 and divide that total by 12. .

6. Add two commentsa. In the repair cell add the comment Change oil four times per yearb. In the gas cell add the comment Fill the tank once a week

PART FOUR

AMORTIZATION SCHEDULE FOR CAR PAYMENTS

OBJECTIVE: Using Excel Amortization Template Borrowing money from the bank means the bank will make a profit on what they lend. An amortization schedule shows how much of the monthly payment is going towards PRINCIPAL (the loan amount) and how much is going towards INTEREST (the fee the bank charges for lending the money.

DIRECTIONS:

1. Open Microsoft Excel.2. Click on the office button and choose NEW.3. When the dialogue box opens, on the left you will see the word TEMPLATES4. Click on “installed Templates” 5. Look for the one entitled “Loan Amortization”6. Using your Life Budget, fill in the required information in the top left.7. Do not add anything for Optional Extra Payments at this time. 8. Please save this as Amortization

ANALYSIS REGARDING YOUR CAR PAYMENTS

1. After one full year (12 months) of payments, how much interest have you paid?______________

2. After one full year (12 months) of payments, what is your ending balance (the money still owed)? _____________________

3. After two full years (24 months) of payments, how much interest have you paid on your car? _________

4. After two full years (24 months) of payments, what is your ending balance (the money you still owe on the car)? ___________________________

5. Take a look at your last payment. How much Cumulative (total) Interest did you pay for the loan? ________________

6. Add your initial loan amount to your cumulative (total) interest dollar amount. What did the car actually costs you? _____________________

Kelly BLUE BOOK VALUE1. Go on the internet to http://www.kbb.com/


http://www.kbb.com/

2. This is Kelley Blue Book.3. Click on the button that states: What’s my current car worth?4. Walk through the questions and answer as best you can.5. You should be able to find out how much your car is worth at that time.6. Tell us your findings: ______________________________________

PART FIVE

OBJECTIVE:

Determine the Cost of Renting and Maintaining Your Own Apartment

DIRECTIONS:

1. Go on the internet to www.apartments.com and spend approximately 5 to 10 minutes researching for an apartment that appeals to you and is within your budget

a. Select Pennsylvania, Philadelphia and Vicinity, Bucks and/or Montgomery Counties.b. Select the number of bedrooms and unfurnished. (Hint: the more bedrooms, the more expensive it

is to rent and the more costly your utilities will be.)c. Select the amenities you desire (dishwasher, air conditioner, etc.)d. If you want a pet, be sure they allow them. e. Check to see if cable TV is included in your rent.

2. On the 3rd tab of your Life Budget spreadsheet, rename it Apartment3. In cell A1 type in the Name of your apartment4. In cell A2 type the address of your apartment 5. In cell C3 type the monthly rent fee6. In cell D1 - F5, insert a picture of your apartment7. Underneath, list the amenities the apartment includes

NEXT Find costs for Furniture and Miscellaneous Items you will need for the apartment:

1. Log on to www.rentfurniture.com to see order furniture for your apartment a. Select PA and residential furniture.b. Find the collection you like most. c. Select your items with a nine (9) month or longer lease.d. Select the bedroom package to meet the number of bedrooms you are renting.e. Select your TV’s and other appliances you may need (if your amenities in the apartment do not

include a refrigerator, washer/dryer, etc., select them)f. Total all of these items into column C.

2. On the worksheet, under the apartment amenities, list the items that you have chosen to rent such as TV, appliances, etc. and then in the column next to the items list their individual cost.

3. SAVE.4. See sample below


http://www.rentfurniture.com/

http://www.apartments.com/

Private Home27 Concord Lane Yardley, PA 19067

1,0001 bedroom1 bathUtilities Included: NoneLease Length: 12 Month(s)Property Type: APARTMENT-UnfurnishedAir ConditioningCarpeted FloorWasher/Dryer In UnitDishwasherMicrowaveElectric Heat

FURNITUREVogue 1 bedroom package 495tv 149tv stand 652 lamps 20total furniture 729


PART SIX

OBJECTIVE:Discover the cost of food for living.

DIRECTIONS:

1. Working with a partner, brain/storm and determine the food you will need to buy weekly

2. You will need breakfast, lunch, and dinner items – at least 5 for each meal

3. In excel, create and name a new tab Food

4. List 15 – 25 items of food you will need for the week and find the prices.

ITEM COST URL Cereal – Frosted Flakes $3.69 Http://wegmans.com

Bread $2.53

Eggs $2.29 List 15 items that will

span breakfast, lunch, and dinnerTOTAL FOOD $8.41

5. Verify your list with your colleagues/co-workers and your teacher

6. TOTAL your food expenses.


PART SEVEN

OBJECTIVE:Discover the cost of utilities.

find costs for 1. Use the following website http://michaelbluejay.com/electricity/howmuch.html2. Start with Air Conditioning.

a. Medium Window Unitb. 4 months out of the yearc. 10 hours a PART (you will have it off during the PART while you are at work) d. Calculate how much this usage will cost you per month. (how much per month * 4

months/123. Next calculate for heat

a. Electric furnace for cold climateb. 8 months out of the yearc. 10 hours a PART (it will be off while you are at work)d. Calculate how much this usage will cost you per month. (how much per month * 4

months/124. Washer

a. 2 loads of laundry a week (each load takes an hour so 2 hours a week) all year longb. You will go to a special page where you will choose

i. Top loaderii. 50% hot and 50% cold; cold not heated ; 47°; electric heater; 2 hours

iii. How much per month5. Dryer

a. 2 loads a week (each load takes an hour so 2 hours a week) all year longb. How much per month

6. Dishwashera. Dishwasher 2 times a week (each time it takes an hour so 2 hours a week) all year longb. How much per month

7. Refrigeratora. 24 hours a PART all year long b. How much per month

8. Lampsa. 3 100 watt lamps for 5 hours a PART (*3 lamps is 15 hours a PART) all year long b. How much per month

9. Computera. 2 hours a PART every PART

10. Video gamesa. 2 hours a PART every PART

11. TVa. Choose the sizeb. 4 hours a PART (2 hours to watch, and 2 hours to play video games) all year long

12. Microwavea. 15 minutes a PART every PART

13. Range burnera. 1 hour every PART (to cook dinner) every PART


ITEMAMOUNT

HOURSDAILY YEARLY

MONTHLY

air conditioner 1 10 42 $ 14.00 168heat 10 2952 $ 198.75 369washer 141 $ 11.75dryer 69 $ 5.75dishwasher 17.28 $ 1.44refrigerator 24 95 $ 7.92lamps 3 8 85 $ 7.08computer 2 5.04 $ 0.42video games 2 2.04 $ 0.17tv 1 4 28 $ 2.33microwave 1 0.25 20 $ 1.67range burner 1 45 $ 3.75TOTAL $ 255.03

http://michaelbluejay.com/electricity/howmuch.html


PART EIGHT

OBJECTIVE:Discover the cost of cable TV, cell phone, and internet

1. Create a new sheet and re-name it phone-cable

2. See the sample below for headings for columns and rows

3. Using the Internet – research and find the phone you would like to own

4. Save a picture of the phone and in a cell to the right of the graphic, type in the cost

5. Calculate the phone cost by using the cost of the phone and dividing it by 24 months (the usual length of the phone contract)

6. Find the phone service carrier and plan you would like to use

7. Save a picture of the phone company logo and insert to spread sheet

8. Enter the amount of the monthly phone cost on your spread sheet

9. Find internet service

10. Save a picture of the internet company’s logo

11. Insert the price of internet service

12. Insert a picture of the internet company logo

company cost item

apple $ 199.00 iPhone

att&t $ 69.99phone service

comcast $ 29.99 tvcomcast $ 19.99 internetTOTAL $ 318.97


PART NINE

OBJECTIVE:Discover the cost of gifts and entertainment

1. Open your Budget spreadsheet

2. Rename a new tab Gifts

3. Create a list of names of people for whom you will need to buy gifts (list at least four.)

4. Create headings of the holiPARTs you will be buying gifts

5. Under each heading, next to each name, determine the amount of money you will spend on that person for that particular holiPART (see sample below)

6. Total up the entire amount you intend on spending for gifts and diving by 12.

GIFTSPerson HoliPART Costmom mother's PART $25

christmas $30birthPART $20

brother Christmas $30sister birthPART $20

christmas $20Grandmom christmas $25TOTAL $170

ENTERTAINMENT

1. Rename a new tab Entertainment2. Create a list of types of entertainment you might want to spend money (movies, food at the movies, dinner

out, etc.)

Gifts and entertainment


QUALITY OF LIFE BUDGET PROJECTDAY TEN

Ultimate Vacation Planner—ABSOLUTE REFERENCING

Now that you have handled your necessities, here is something nice to think about. A VACATION. You will plan your ultimate vacation within your budget at this time in your career. You must provide information about the departure, return, destination, budget, and accommodations.

Use this sheet to think through your plans.

Then create a VACATION BUDGET using the sample as a guide.

Retrieve your Quality of Life Workbook.

Rename the new sheet VACATION PLANNER.

Begin in cell A1.

Use E1 as ABSOLUTE REFERENCE CELL (Use F4 command key) to obtain the $ in front of the column letter and $ in front of the row number.

Put your budgeted amount in E1. We recommend that you keep your budget to $2000. This would come to approximately $40 a week you would have to save for the vacation or $160 a month.

If you cannot afford that much, you may consider a smaller amount as your budget. It’s up to you.Consult with a colleague if you think you need to talk this over. Certainly, you may ask Mrs. McAdams or Ms. Mary.

-------------------------------------------------------------- DIRECTIONS:

1. You have $2000 or less to spend (depending on your vacation savings as described above).2. You may choose to go to an all-inclusive resort (this is where everything is just one price total)3. Or you may choose to venture out on your own, paying for everything individually.4. Whichever you choose, make sure you include those costs in your budget. 5. You will stay for 7 nights.6. Include a graphic in your spreadsheet that is appropriate to the topic/resort/theme of your vacation.7. You may go on-line to research your prices.8. Yahoo has a vacation planner that may be useful.9. Or you may try the cruise lines for cruise packages.

------------------------------------------------


Fill in your plans on this sheet:

1. Destination: ____________________________

2. Travel Accommodations (how will you get there?)

3. Mode of Travel:___________________________________ Cost: ____________

4. Sleeping Accommodations (hotel, cabin, camping)

Where: ____________________________________________ Cost: ____________

5. Meals ( 7 days X 3 meals a day) ________________________________________

6. Additional Excursions (little side trips)

Name the excursion ________________________________ Cost: _______________

Name additional excursion (if any) ____________________ Cost: _______________

7. Tips/Gratuities: ___________________ (at least 10%; most people tip 20% for excellent service) (You will need to use the decimal .10 for ten percent; .15 for 15% and .20 for 20%. Be sure to put these in a separate cell so you can do absolute cell referencing with these for each meal or item that you have to give a tip or a gratuity to.

8. Spending money left over: = 2000 (in cell E1) – Total of all Costs = Spending Money

9. Be sure to include all of the above and identify them on your spreadsheet. TAKE NOTE THAT: You must use cell addresses to do the math with excel formulas as directed and practiced.

(REMEMBER TO USE CELL ADDRESSES FOR EVERYTHING OR NO CREDIT).

------------------------------------------------------------------------------------------------------- NOW YOU WILL ESTIMATE THE PERCENTAGE OF EACH COST FOR THIS VACATION

Follow this little chart:

ULTIMATE VACATION PLANNERITEM COST % OF TOTAL BUDGET

($2000) IN CELL E1TravelHotelExcursionsMealsGratuitiesSpending MoneyTotal

LAST BUT NOT LEAST, YOU WILL MAKE AN ITINERARY


Remember, you are working very hard at your career. You need a rest but you also want to enjoy activities and sightseeing that are available to you.

Plan out each day to get the most of your vacation (and the money you are spending for it).

Be sure to do your itinerary on an additional worksheet. Rename the tab, Itinerary for My Vacation.

ITINERARY FOR MY VACATIONTimes Sunday Monday Tuesday Wednesday Thursday Friday Saturday

7:00 a.m.

8:00 a.m.

9:00 a.m.

10:00 a.m.

11:00 a.m.

12:00 noon

1:00 p.m.

2:00 p.m.

3:00 p.m.

4:00 p.m.

5:00 p.m.

6:00 p.m.

7:00 p.m.

8:00 p.m.

9:00 p.m.

10:00 p.m.

11:00 p.m.

12:00 p.m. midnight

PART ELEVEN

OBJECTIVE:

Begin calculating your monthly budget.

DIRECTIONS:1. Retrieve your Life Budget Project Workbook in EXCEL.2. Right click on a new tab and rename it budget


3. Put your full name in cell A1.4. In cell A2 enter the date. Use the NOW function so that the date will change each time you retrieve the file.5. In row 3, highlight the row and fill with a light grey color6. In cell A4 put type BUDGET. 7. In row 5 highlight the row and fill with a light grey color8. In cell A6 key in the label “ITEM”9. In cell B6 key in the label “Monthly Cost.”10. In cell C6 key in the label “Descending Balance”11. Under the heading ITEM, going down the A column, list

a. In 7 - CAR PAYMENT ( from car sheet)b. In 8 - CAR INSURANCE, c. In 9 - CAR MAINTENANCE d. In 10 - GASOLINEe. In 11 - APARTMENT RENTALf. In 12 - FURNITURE (Gas, Electric)g. In 13 - UTILITIES h. In 14 - CELL PHONEi. In 15 – cell servicej. In 16 - CABLE TVk. In 17 – internet servicel. In 18 - Food m. In 19 – Giftsn. In 20 - entertainmento. In 21 - vacation

12. Click SAVE

13. Now go back to each item listed and in the cell to the right of the listed necessity items, using copy and Past Special, and Past Link put in the cost you must allocate for each month for these items.

14. Under the Descending Balance column, create a formula that will subtract each item from the descending balance.

15. If your ending balance is a negative number then you must go back and make changes to fit your life style within your budget (car, apartment, vacation, etc.)

16. Make these changes on the individual sheets and the total will automatically update to your budget sheet


Documents

Web view · 2013-01-08LIFE BUDGET PROJECT. PART. ONE. OBJECTIVE: Determine Take Home Pay using basic Excel functions . DIRECTIONS: Open Excel and File > Save As > Life Budget. Fill