MainPlanChecklistLibraryCommunityAre You Ready?Unit Project

How Much Will This Lifestyle Cost?

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Before you complete this assignment, make sure you watch Workplace Essential Skills Online: Graphs and Data in the Unit 5 Video Library.

1. Determine what career you would like to pursue.

2. Go to the BLS Occupational Outlook Handbook website and look at the projections for this career. This career must be in demand or projected to grow by the time you finished all the education and training required for an entry level job in this career. Take note of the average annual salary for a specific job in your chosen career field. If available, you may choose the salary for your chosen job in a specific state where you want to live or move after completing all education or training needed for this job.

3. Open a spreadsheet application (such as MS Excel). If you are using MS Excel, use the attached Personal Monthly Budget Template. If not, you may recreate the attached template.

4. Save the template in your Spreadsheet Folder (or as directed by your teacher).

5. Insert a formula for the following items in your spreadsheet:

   1. Income – must be monthly

   2. Total Monthly Income

   3. Total Monthly Expenses

   4. Budget Balance (what is left of your income after all expenses)

   5. Sub Totals for each budget group

6. Enter the amount of money you would like to spend for each item in your budget.

7. You may use the internet to search for tax deductions tables or tax information to determine how much tax you will pay at your current income rate in the state you’ve chosen to live in.

8. You may also use the internet to find current housing cost, car payments, utilities or other items that you are not familiar with in your area.

9. Upon completion of the budget, create a pie chart, as a separate object, to determine if your budget follows the recommended spending formula by Glinda Bridgforth (35% housing, 15% transportation, 10% savings, 15% debt, 25% other living expenses).

10. Prepare a cover sheet for your project with the following information:

    1. Your name

    2. Course Name

    3. Teachers Name

    4. What Career and Specific Job you are looking into

    5. Describe the nature of this job including the projection for this job. Be specific, at what rate is it expected to grow etc.

    6. What is the average annual salary for this job?

    7. If applicable, name the state where you plan to live in.

11. On a separate sheet:

    1. Write a narrative of which item will you change in your budget to meet the recommended spending formula. Be specific. For example: "My current housing expense is 45% of my budget, therefore, I need to cut it by 10%. This means I need to reduce the cost of my housing bill from X amount to Y amount."

    2. If you have a positive budget balance, what do you plan to do with this amount? Explain your rationale.

    3. If you have a negative budget balance, what does this mean? What will you do with this issue in your budget? Explain the rationale behind your decision.

    4. Based on your research, write about the taxes that you have to pay in your income bracket. Is it fair? Why is it that each person pays a different percentage of taxes based on their earnings?

12. On a separate sheet, reference all the websites you used in completing this project.

 

When you are finished, place your work in the Unit 5 Career Plan Dropbox. You will be assessed based on the Unit 5 Project Scoring rubric.