BVorn

=Picture Practice=

[[image:consumereconomicsbudget/ss.png caption="ss.png"]]
Budget Table

(Note: You can only view the spreadsheet here. You must enter data from your actual Google Doc spreadsheet.) media type="custom" key="24886296" align="left"

=Getting a Job=

Your salary data output values, seeking employment as Reporters and Correspondents in Philadelphia, PA: There are 470 persons employed as  Reporters and Correspondents in Philadelphia, PA . Starting salaries (The 10 th percentile) for this occupation are $22360 <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">The median salary for this occupation is <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">$36130 <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">. <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">The top earners for this occupation have an annualized salary of <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">$61990 <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">Based upon the information that you have provided, the market will likely offer you an annual salary of approximately <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">$34400 <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">. <span style="background-color: #f8f8f8; color: #747876; display: block; font-family: LucidaGrande,Arial,sans-serif; font-size: 12px; text-align: left;">The above figures represent monetary compensation only, and do not include any other forms of compensation, such as: benefits, overtime or bonus pay. = = = = =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** ||  ||< .062 times 36130 ||   || $2240.06 ||<   ||
 * < **Medicare** ||<  ||< .0145 times 36130 ||   || $523.885 ||
 * < **Federal income tax** ||<  ||< 36,130 - 9,350 = ||   || 3599 ||
 * < **PA income tax** ||<  ||< .0307 times 36130 ||   || 1109 ||
 * <  ||<   ||> **Total for //year//:** ||   || 7471.19 ||
 * ||  || **Total for //each month//:** ||   || 622.59 ||

= = =Retirement Savings= Your responses here:
 * **__//Gross//__ //__monthly__// income -36,130/12 =** || 3010 ||
 * **Retirement savings rate (as a percentage)** || 5% ||
 * **Dollar amount of retirement savings per month (gross monthly *rate = Dollar amount of retirement savings per month).** * ||  ||
 * 3010 X .05 = || 150.5 ||
 * **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.** || 520,805 ||
 * **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.** || 1,030,986 ||
 * **Respond to these questions in a few well written sentences:**
 * **Why did you select the retirement savings rate that you did?**
 * **What are the opportunity costs for your choice?** *
 * **What are the opportunity costs for your choice?** *

I have a 5 % because I wanted to work longer until I die. ||

=Housing= <span style="background-color: #ffffff; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">3) After completing the table, add the cost of your rent into your Google Budget Spreadsheet.

1 bathroom ||  || health club high speed internet ||  ||
 * <span style="color: #ffffff; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Issue || <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Answers/responses: ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Maximum rent (take home pay * 30%) 2429 times .3 = <span style="color: #ffffff; display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">* || 728.7 ||  ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Monthly rent for your apartment/house: || $740 ||  ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Location || <span class="dBlock street-address" style="background-color: #f2f2f2; color: #333333; font-family: 'Open Sans',Helvetica,Geneva,sans-serif;">3900 Gateway Drive <span class="locality" style="background-color: #f2f2f2; color: #333333; font-family: 'Open Sans',Helvetica,Geneva,sans-serif;">Philadelphia, <span class="region" style="background-color: #f2f2f2; color: #333333; font-family: 'Open Sans',Helvetica,Geneva,sans-serif;">PA <span class="postal-code" style="background-color: #f2f2f2; color: #333333; font-family: 'Open Sans',Helvetica,Geneva,sans-serif;">19145 ||  ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Amenities (i.e. number of bedrooms, baths, and size in square feet) || 2 bedroom
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Selling features (What makes this a great apartment?) || walk in closet
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Possible downsides || none... i like all of it. ||  ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Parking || none ||  ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Included utilities || Water, Electric ,Heat ||  ||   ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Security deposit requirement || yes ||  ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Restrictions on pets? || None ||  ||
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Length of lease || 1 year ||

=Transportation=
 * **Expense** || **Calculation** || **Dollar cost** ||
 * **Payment** || (From the Cars.com online calculator) || 27.09 ||
 * **Maintenance** || (Three levels of monthly maintenance based on car cost. See instructions above.) || $211 ||
 * **Gas** ||  || $1,309 ||
 * || **Monthly total** || $1547.09 ||

=Insurance=

<span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Car Insurance: monthly premium (website quote divided by six months): 2686/6= 447.67 <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif;">Renter's Insurance monthly premium:
 * <span style="font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px;">Total Insurance Costs for Car, Rental, and Health Insurances **

<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;">(to be entered on budget spreadsheet):




 * Utilities **


 * **Utility** || **Calculation** || **Monthly Dollar Cost** ||
 * **Electric** || Online calculator (PDF uploaded to wiki) || $70.18 ||
 * **Water** || $25 per month (if not included in rent) || $25 ||
 * **Sewer** || $25 per month (if not included in rent) || $25 ||
 * **Trash removal** || $15 per month (if not included in rent) || $0 ||
 * || **Monthly total:** || $120.18 ||



=Communications=
 * **Service** || **Stand alone or bundled with another?** || **Cost** ||
 * **Cell** ||  || $110 ||
 * **Land line** ||  ||   ||
 * **TV** || $49 ||
 * **Internet** ||  ||
 * || **Total monthly cost:** || 159 ||


 * Food and Household Items **


 * || ** Sunday **  ||||  ** Monday **  ||||  ** Tuesday **  ||  ** Wednesday **  ||  ** Thursday **  ||  ** Friday **  ||||  ** Saturday **  ||
 * ** Breakfast ** || Honey Nut Cheerio Cereal

$4.52 |||| Kellogg Corn Flakes Cereal

$3.28 |||| Honey Nut Cheerio Milk 'n Cereal Bars

$2.50 || Kellogg's Strawberry Pop-Tarts, 16 ct

$3.50 || Hungry Jack Buttermilk Pancake & Waffle $2.98 || Whole Grain Cheerio

$3.68 |||| Lucky Charm

$3.98 ||
 * ** Lunch ** || Kraft Macaroni & Cheese

$4.50 |||| Hormel Compleats Turkey & Dressing

$2.18 |||| Ener-G Light Tapioca Loaf Bread

$25.44 || Mama Mary's: Thin & Crispy Pizza Crusts

$3.48 || "The Best Veggie Burgers on the Planet"

$15.85 || Veggie Chips Straws $2.88 |||| ** Schar Sub Sandwich Parbaked Rolls **

$2.50 |||| Betty Crocker Fried Rice $2.50 |||| Kraft Velveeta Cheesy Skillets $2.25 || Tony Chachere’s Beans and rice dinner $19.88 || ** Tony Chachere's Famous Creole Cuisine Creole Jambalaya Dinner Mix ** **// Purchases for the __Month__ //** ** Snacks and Other Food ** || NONE. ||
 * $38.24 ** ||
 * ** Dinner ** || Old El Paso
 * $34.30 ** || ** Tony Chachere's Famous Creole Cuisine Creole Gumbo Dinner **
 * $27.95 ** |||| ** Zatarain's New Orleans Style Jambalaya Pasta Dinner **
 * $31.96 ** ||
 * ** Food cost for one week: ** ||||  ** 238.35 **  ||||||||||  ** Multiply weekly cost by four to get monthly cost: **  ||  ** $268.31 **  ||

** Household and Personal Hygiene ** ** (toothpaste, razors, shampoo, laundry detergent) ** || Arm and hammer toothpaste ($7.28)

Schick twin Blade razor ($7.97)

Organix Keratin Oil Shampoo ($5.74)

Great Value Natural Liquid Laundry Detergent ($8.97) ||


 * ** Cost for a month’s worth of snacks, pharmacy, and personal hygiene: ** || $29.96 ||


 * Miscellaneous **

=Questionnaire and Video=
 * <span style="display: block; font-family: 'Palatino Linotype','Book Antiqua',Palatino,serif; font-size: 16px; text-align: left;">Is your budget balanced? **Yes**.
 * <span style="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="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? **Yes i would increase my spending.**
 * <span style="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="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"? T**hat i should be more careful on what i spent because i might have most of my total month in large amount.**
 * <span style="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="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"? T**hat i should be more careful on what i spent because i might have most of my total month in large amount.**
 * <span style="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"? T**hat i should be more careful on what i spent because i might have most of my total month in large amount.**
 * <span style="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"? T**hat i should be more careful on what i spent because i might have most of my total month in large amount.**