Liz+Jenaway

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Picture Practice =Budget Table=

(Note: You can only view the spreadsheet here. You must enter data from your actual Google Doc spreadsheet.)

media type="custom" key="14812366"

=Getting a Job=

=Taxes=
 * ~ Name of Tax ||~  ||~ Calculation of tax for the year (provide a complete formula for each tax's calculation) ||~   ||~ **Dollar amount of tax** ||~   ||~   ||~   ||
 * < **Social Security** ||  ||< 54534*.062 ||   || 3,381.11 ||<   ||
 * < **Medicare** ||<  ||< 54534*.0145 ||   || 790.74 ||
 * < **Federal income tax** ||<  ||< 54534-9350 ||   || 7,481 ||
 * < **PA income tax** ||<  ||< 54534*.03 ||   || 1,636.02 ||
 * <  ||<   ||> **Total for //year//:** ||   || 13,288.87 ||
 * ||  || Total for //each month//: ||   || 1,107.41 ||

=Retirement Savings= =Housing=
 * ||= Dollar amount or rate * ||
 * **__//Gross//__ //__monthly__// income -** || $4545 ||
 * **Retirement savings rate (as a percentage)** || 5% ||
 * **Dollar amount of retirement savings per month (gross monthly *rate = Dollar amount of retirement savings per month).** * || $227.25 ||
 * **Calculate how much money you will have at retirement at age 70 if you invest your budgeted amount at __ 6% __ yield. Use the compound interest spreadsheet calculator to do this. Assume your starting age is 22. You will need to calculate your annual contribution (principal) by multiplying your monthly retirement savings (above) by 12.** || $789,019 ||
 * **Calculate how much money you will have at retirement at age 70 if you invest your budgeted amount at __8%__ yield. Use the compound interest spreadsheet calculator to do this. Assume your starting age is 22. You will need to calculate your annual contribution (principal) by multiplying your monthly retirement savings (above) by 12.** || $1,561,944 ||
 * **Respond to these questions in a few well written sentences:**
 * **Why did you select the retirement savings rate that you did?**
 * I selected starting my retirement savings at 5% per month, due to the expected other living expenses that I will have when I am first starting working. I realize the importance for saving long term, however, right out of college, I know that there will be high expenses along with unanticipated expenses.
 * **What are the opportunity costs for your choice?**
 * By choosing a 5% retirement investment, I have sacrificed the opportunity (cost of opportunity) for bigger cars, more expensive living accommodations, more frequent vacations, and similar luxuries. I believe the opportunity cost lies in the reduction of nonessential items. ||
 * **What are the opportunity costs for your choice?**
 * By choosing a 5% retirement investment, I have sacrificed the opportunity (cost of opportunity) for bigger cars, more expensive living accommodations, more frequent vacations, and similar luxuries. I believe the opportunity cost lies in the reduction of nonessential items. ||
 * Issue || Answers/responses: ||
 * Maximum rent (take home pay * 30%) * || 4545*.3 = $1,363.50 ||  ||
 * Monthly rent for your apartment/house: || $830 ||  ||
 * Location || 7373 Ridge Ave, Philadelphia, PA 19128

10.9 miles from my work. ||  || 1 bath 640 sq. ft. On-site laundry Storage space(s) Fitness Center Pool(s) Tennis Court(s) On-site management On-site maintenance Residents Lounge Elevator Air Conditioning Dishwasher ||  || Additional charges. Deposit and monthly fee. ||  ||
 * Amenities (i.e. number of bedrooms, baths, and size in square feet) || 1 bed
 * Selling features (What makes this a great apartment?) || The amenities and proximity to work. ||  ||
 * Possible downsides || Costly to house cat. No dogs allowed. ||  ||
 * Parking || Yes ||  ||
 * Included utilities || No ||  ||   ||
 * Security deposit requirement || $860 ||  ||
 * Restrictions on pets? || Only cats allowed.
 * Length of lease || 12 months ||

=Transportation=
 * **Expense** || **Calculation** || **Dollar cost** ||
 * **Payment** || (From the Cars.com online calculator) || $202.47 ||
 * **Maintenance** || (Three levels of monthly maintenance based on car cost. See instructions above.) || $75 ||
 * **Gas** ||  || $120 ||
 * || Monthly total || $397.47 ||

=Insurance= (to be entered on budget spreadsheet): || $302.49 ||
 * = **Total Insurance Costs for Car, Rental, and Health Insurances ** ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Car Insurance: monthly premium (website quote divided by six months): ||> $186.66 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Renter's Insurance monthly premium: || $15.83 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Health Insurance monthly premium: || $100 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">**Total** monthly cost for insurance premiums
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Health Insurance monthly premium: || $100 ||
 * > <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">**Total** monthly cost for insurance premiums

= = =Communications=
 * Utilities **
 * **Utility** || **Calculation** || **Monthly Dollar Cost** ||
 * **Electric** || Online calculator (PDF uploaded to wiki) || $88.30 ||
 * **Water** || $25 per month (if not included in rent) || $0 ||
 * **Sewer** || $25 per month (if not included in rent) || $0 ||
 * **Trash removal** || $15 per month (if not included in rent) || $0 ||
 * || Monthly total: || $88.30 ||


 * **Service** || **Stand alone or bundled with another?** || **Cost** ||
 * Cell || Stand alone || $99.99 ||
 * Land line || N/A || $0 ||
 * TV || Bundled with Internet || $69.99 ||
 * Internet || Bundled with TV || Bundled in TV price ||
 * || **Total monthly cost:** || $169.98 ||


 * Food and Household Items **



=Questionnaire and Video=
 * Miscellaneous **
 * Student Loan - $150 a month
 * Entertainment - $150 (for eating out a few nights and going to the movies) + $8 (for netflix) = $158 a month
 * Total = $308 a month

>> Yes, my budget is balanced.
 * <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Is your budget balanced? <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">

>> N/A
 * <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">If not, by what amount are you over budget? What could you do to balance your budget? <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">

>> I would expect to spend some of the extra money on clothing and other nonessential items, while saving the rest of the money that is left over.
 * <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">If your budget is balanced, what else would you expect to do with the money that is not budgeted to be spent? Would you increase your spending anywhere? <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">

>> I believe this to be a very realistic simulation of what it would be like to plan a monthly budget. I believe the most realistic parts of this project include the insurance rates, taxes and communications. In my opinion, the most unrealistic portion of this project is the grocery items part. Due to the high quantities some grocery items are sold in, I would not need to by each item, every week of the month when living by myself. For example, when I buy a pound of chicken that I am only eating twice a week, there would be a few full chicken breasts left over that I could freeze for later weeks. I would not need to buy the chicken each week of the month. Other items would fit into this category; including items such as butter, mayo, orange juice, and cereal.
 * <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Is this project a realistic simulation of what it would be like plan a monthly budget? What part of it do you think was //**most**// realistic? In what ways is this simulation **//un//**realistic? (How could it be improved?) <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">

>> This project has taught my how costly living in "the real world" can be, along with the importance of planning and paying attention to what you pay for and buy.
 * <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">What has this project taught you about living in "the real world"? <span style="color: #000000; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">

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