Business Plan

· NO late projects accepted after Friday October 2- this will result in 0/225.

Grading Rubric:

· Overall Budget 70 pts

· Title Page 15 pts

· Pay Check Calculator Result 15 pts

· Housing Information 15 pts

· Car Payment Calculation 25 pts

· Grocery List 45 pts

· Proof of Purchases 40 pts

TOTAL= 225 pts

Steps in the Budget Project

Your budget project will be submitted electronically in the form of a Google Doc on Schoology. You will create a Google Doc and title it with your last name- Budget Project (Ex: Smith-Budget Project). All of the sections below need to be included in the Google Doc. You will also use two templates, the Grocery List and the Budget Worksheet, and insert them into your Google Doc in the appropriate places listed below. These templates are available in Google Classroom. To show “proof of purchases” for items, you will screenshot the online ad and paste it in your Google Doc under the correct section.

1. TITLE PAGE

· Your Name

· Period

· Date

· Occupation

· Salary

2. PAYCHECK/TAXES

· You will be “paid” your salary the first of each month and must budget your annual salary to have income for the entire month. List your gross annual salary, monthly gross pay, and monthly net pay.

· Go to www.paycheckcity.com and use the “Salary calculator.” Enter the following information:

· State for Withholding= Alabama

· Gross Pay= Salary given on occupation slip

· Gross Pay Type= Annually

· Pay frequency= Monthly

· Federal filing status= Single

· Once you get the Paycheck Calculator Results, screenshot this, and paste it in your Google Doc.

· Monthly Net Pay will be the most important number for this project- this is what you will budget from for a month.

3. HOUSING

Find an apartment, using ApartmentFinder.com or Google. You must find an apartment in the Huntsville/ Madison area.

In this section be sure to list your apartment complex and include a link to the website with pricing information or a screenshot. Be sure to include all of the following information in your budget:

· Living Expenses:

1. Roommate/No Roommate-

· If living with a roommate, you must select a two bedroom apartment.

· When calculating the budget for housing, you will split the rent and all utilities except for the cell phone bill.

2. Monthly Rent –You will find this from apartment website

3. Renters Insurance - $35 a month

4. Laundry

· Wash clothes at a laundry mat ($1 wash/$1 to dry. Average of 10 loads per month- $20.00 total)

· If apartment has a washer/dryer included then your laundry budget is $10 for detergent

5. Dry Cleaning – Check your occupation slip for amount.

6. Utilities –Check Apartment Guide to see if all or part of utilities are included in the rent or not. If utilities are not included, budget the following set prices:

1) Water - $50 (Huntsville Utilities)

2) Electricity - $90 (Huntsville Utilities)

3) Alagasco - $60 (Alagasco Gas Company)

7. Entertainment Utilities

4) Cell Phone – $100 (Verizon, AT&T, T-Mobile, Sprint, etc.)

5) Cable - $60 (Charter)- Optional

6) Fast Access DSL Internet Service - $50 – Optional

4. CAR

· Find a Car- Choose a car you want on Cars.com. Include model/make and year, as well as a picture and price. Must be between 2011- 2019

· Because you have just gotten a job, you have no money for a down payment. You must get a loan. The bank agrees to loan you the amount for the car, but you must pay them back with interest. For this project, the interest rate is 6%.

· Use a payment calculator on Cars.com to calculate your monthly payment. List zero for the down payment as well as trade in value, 6% for interest rate and 5% for sales tax.

· You will choose how long to pay back the loan based on your personal needs. (36months for 2011-2014, 60 months for 2015-2019 ).

· Record the Estimated Payment: Include price per month for how many months (You may screenshot from website)

· Gasoline – Use these set prices to calculate how much money you will spend on gas. You will fill up 3 times a month.

· Car- $40.00 per fill up (times 3)

· SUV/Truck- $55 per fill up (times 3)

· Insurance - Use the table below to figure your insurance payment per month.

CAR MODEL MALES FEMALES

5. FOOD

· Using the grocery list provided, you will need to buy at least 35 items per week. If there is something you would like to purchase that is not on the list, you may add it to the proper category. You may buy more than the suggested amounts in each category, but you must buy at least that number.

· Go to the grocery store website of your choice and price the items you have decided to buy. Take a screenshot of the items that you selected.

· Include list, picture, as well as the grocery name and location to your Google Doc.

· Due to time constraints, you will multiply this weekly grocery bill by 4 to get your monthly grocery bill total.

6. ENTERTAINMENT

· Eating Out - 5 times for the month. Make a list of 5 meals you would typically eat out in a month. You must include the restaurant, meal, and price. You can repeat restaurants if you eat there multiple times, but you must have 5 meals. You can get actual prices from menus or websites.

· Sporting Event –1 sporting event for the month.

· Cultural Event - 1 cultural event a month. (Examples: concert, band, plays, museums, art shows, etc.)

· Extra Entertainment- At least one other fun activities that you may want to participate in with proof of price

*For these events, you do not have to actually attend or purchase the tickets, but you must show proof of cost through advertisements, ticket stubs, internet, etc.

7. CLOTHING

· You must buy at least 2 clothing items this month.

· Include proof of the price and where the item was purchased.

· An ad out of a catalog, sale paper, or website with a picture and price will work as proof.

8. MISCELLANEOUS

· Gifts – For the required gifts below, insert screenshots of items with prices from websites.

· Haircut- Show proof of cost from internet ad or business card from salon or barber shop.

· Health & Beauty – 2 additional items per month NOT on your grocery list

(Examples: massage, pedicure, hair products, cologne, make-up, curling iron, razor, etc.)

Show proof of purchase with item, price, and place purchased. No minimum price.

· Gym- Check and see if your apartment has a gym or weight room you can use free. If not, choose a gym that best fits you with a price you like. Include proof of purchase through internet ad or flyer.

9. SAVINGS AND SPENDABLE INCOME

· You must save 10% of your monthly net income. This goes under your monthly expenses on your budget worksheet.

· You may save more if you would like. Include any extra savings in the Spendable Income section on your budget.

· Other items that can be included in Spendable Income: Charitable donations, tithing to church, spending cash, etc.

10. DEBT

· School Loans or Fees- This is included on your occupation slip. You will enter this amount on your Budget Worksheet under “Loans”. If your occupation did not have an amount on it, you are exempt from this cost.

Health Insurance: $150 monthly premium;

Dry Cleaning: $50 per month

Marketing Consultant $38,295 $100 a month for College Loan/State Univ.

Health Insurance: $150 monthly premium;

Dry Cleaning: $50 per month

Broadcast Journalist $33,475 $100 a month for College Loan/State Univ.

Health Insurance: $175 monthly premium;

Dry Cleaning: $30 per month

Probation Officer $38,580 $150 College Loan/State Univ.

Health Insurance: $125 monthly premium;

Dry Cleaning: $30 per month

Teacher $38,850 $100 a month for College Loan/State Univ.

Health Insurance: $114 monthly premium;

Dry Cleaning: $30 per month

Physical Therapist $41,175 $200 a month for College Loan/State Univ.

Health Insurance: $150 monthly premium;

Dry Cleaning: $20 per month

FBI Agent $40,275 $100 a month for College Loan/State Univ.

Health Insurance: $100 monthly premium;

Dry Cleaning: $50 per month

Flight Attendant $29,375 Health Insurance: $100 monthly premium;

Dry Cleaning: $30 per month

Electrical Engineer $42,275 $350 a month for College Loan/Private Univ.

Health Insurance: $150 monthly premium;

Dry Cleaning: $30 per month

Social Worker $33,375 $100 a month for College Loan/State Univ.

Health Insurance: $75 monthly premium;

Dry Cleaning: $30 per month

Architect $41,195 $200 a month for College Loan/State Univ.

Health Insurance: $50 monthly premium;

Dry Cleaning: $40 per month

Registered Nurse $40,750 $250 a month for College Loan/Private Univ.

Health Insurance: $100 monthly premium;

Dry Cleaning: $20 per month

Psychologist $40,350 $150 a month for College Loan/State Univ.

Health Insurance: $75 monthly premium;

Dry Cleaning: $40 per month

Postal Worker $39,095 Health Insurance: $55 monthly premium;

Dry Cleaning: $20 per month

Firefighter $38,275 $50 a month for Fire Training Program

Health Insurance: $125 monthly premium;

Dry Cleaning: $20 per month

Electrician $34,750 $125 for equipment loan

Health Insurance: $100 monthly premium;

Dry Cleaning: $20 per month

Truck Driver $31,750 $50 a month to Trucking Institute

Health Insurance: $85 monthly premium;

Dry Cleaning: $20 per month

Secretary $29,995 Health Insurance: $110 monthly premium;

Dry Cleaning: $40 per month

Bank Teller $27,950 Health Insurance: $65 monthly premium;

Dry Cleaning: $40 per month

Newspaper Reporter $31,675 $100 a month for College Loan/State Univ.

Health Insurance: $85 monthly premium;

Dry Cleaning: $20 per month

Lawyer $42,450 $350 a month for Law School Loan

Health Insurance: $150 monthly premium;

Dry Cleaning: $50 per month

Mechanic $32,585 $35 a month for technical school loan

Health Insurance: $120 monthly premium;

Dry Cleaning: $20 per month

Used Car Sales Worker $29,899 Health Insurance: $145 monthly premium;

Dry Cleaning: $40 per month

Personal Trainer $33,670 $30 per month Community College Loan

Health Insurance $195 monthly premium

Dry Cleaning: $20 per month

Insurance Claims Adjuster $40,450 $80 a month State University loan

Health Insurance: $100 monthly premium;

Dry Cleaning: $50 per month

Garbage Truck Driver $28,975 Health Insurance: $120 monthly premium;

Dry Cleaning: $20 per month

Photographer $35,355 Health Insurance: $185 monthly premium;

Dry Cleaning: $30 per month

Retail Sales $28,480 Health Insurance: $120 monthly premium

Dry Cleaning: $20

Dental Hygienist $39,895 $75 Hygienist School Loan

Health Insurance: $175 per month

Dry Cleaning: $20 per month

Dental Assistant $29,599 $50 School Loan

Health Insurance: $175 per month

Dry Cleaning: $20 per month

Utility Meter Reader $29,299 Health Insurance: $120 per month

Dry Cleaning: $20 per month

Welder $29,999 $60 Welding School Loan

Health Insurance: $150 per month

Dry Cleaning: $20 per month

Private Detective $39,899 $100 a month State University Loan

Health Insurance: $50 per month

Dry Cleaning: $50 per month

BUDGET PROJECT CHECKLIST

DUE DATE :    Friday, October 2, 2020                                                                      

TOTAL POINTS : 225 Points

Grading Rubric:

Overall Budget 70 pts

Title Page 15 pts

Pay Check Calculator Result 15 pts

Housing Information 15 pts

Car Payment Calculation 25 pts

Grocery List 45 pts

Proof of all Purchases 40 pts

TOTAL= 225 pts

1. TITLE PAGE

Name, Period, Date, Occupation, Salary

2. PAYCHECK/TAXES

3. HOUSING

Show proof of your housing. List all fees.

4. CAR

Show proof of your car. List all calculations for insurance and fees.

5. FOOD

Priced Grocery list, Name/Location of Grocery and Picture proof

6. ENTERTAINMENT

Show proof of prices for eating out, sporting event, cultural event, and extra event

7. CLOTHING

Show proof of purchase for two clothing items including price and where it was purchased

8. MISCELLANEOUS

Show proof of purchase for gifts, haircut, health/beauty (2 items), and gym

9. SAVINGS AND SPENDABLE INCOME

5% of your monthly net income goes here. Tithe, donations, or any other spending is listed here as well.

10. DEBT

School Loans or Fees- If applicable, record amount listed on occupation slip.

11. BUDGET WORKSHEET

Completed balanced budget list

Budget Project Grocery List

You must price at least 35 food items in each of the categories below. You can always get more in each category, but you must get at least the minimum amount required.

BUDGET WORKSHEET

NAME:_______________________________ PERIOD:_______

Monthly Net Income ____________

Expenses

Rent ____________

Renter’s Insurance ____________

Laundry ____________

Dry Cleaning ____________

Water ____________

Electricity ____________

Alagasco ____________

Cell Phone ____________

Cable/Internet (Optional) ____________

Car Payment ____________

Gasoline ____________

Car Insurance ____________

Groceries ____________

Eating Out ____________

Sporting Event ____________

Cultural Event ____________

Extra Entertainment ____________

Clothing ____________

Gifts ____________

Haircut ____________

Health & Beauty ____________

Gym ____________

Savings (10%) ____________

Loans/Fees ____________

Total Expenses ____________

Monthly Net Income ____________

Less Total Expenses ____________

= Spendable Income ____________

Spendable Income Plan: Show how you will spend or save your spendable income.

1.____________________ _____________

2. ____________________ _____________

3. ____________________ _____________

4. ____________________ _____________

Balance _____-0-____

FINAL GRADE: /225

15/15 Title Page

15/15 Pay Check

10/10 Calculation

5/5 Picture

15/15 Apartment

10/10 Calculation

5/5 Picture

25/25 Car

15/15 Calculation

10/10 Pictures

45/45 Food

15/15 Picture

20/20 Grocery List

10/10 Calculation

40/40 Proof of Purchases

10/10 Events

10/10 Clothing

20/20 Gifts/Health

70/70 Overall Budget

50/50 Budget Sheet

20/20 Savings