PERSONAL BUDGETING WebQuest

The Process: 

1. Open Google Sheets

2. Click on the Template Gallery

3. Scroll down to the Personal section

4. Click on the Monthly Budget template

 

5. UPDATE STARTING BALANCE: The very first thing you will do when the monthly budget is opened is change the starting balance to $0

6. UPDATE PAYCHECK AMOUNT: Next, scroll down to the Expense and Income section and change the Paycheck amount in the Income section to the correct amount based on your potential salary for your selected occupation that we researched and identified previously.  You must convert this amount to a monthly net amount.  To do so, divide your annual salary by 12,  then multiply by 75% to account for withdrawn taxes.  This will yield your approximate net monthly take home pay. This is the amount you will enter into the Paycheck value for both planned and actual.

 

 

7. UPDATE EXPENSE ITEMS: Next, go to the Expenses section and update each of the names of the expenses listed to match your Expense chart that we completed in class.

 

8. RESEARCH & UPDATE EXPENSE AMOUNTS: Next, using the resource links provided below for each expense listed you will research the potential costs and populate those values into the Planned and Actual columns of the Expenses section.  You should also indicate for those that apply the specifics you used to determine the expense amount.  For example, for rent indicate the apartment type & location (1 bedroom, studio, Hauppauge, NYC, etc), for Car Payment indicate the year & type of car- see examples above.

9. When you complete the budget, the top section will reveal how much you can save a month based on your salary.  If your budget yields a negative savings value, this means you must cut expenses or find an additional means of income.

 

4. 10. In one typed page or less, you must explain the following: 

   1. Explain each expense in your budget, for example did you rent a 1 bedroom or 2 bedroom apartment?  Where is the apartment located?  What type of car did you buy/lease?  How much is the car in total?  How much in student loans did you need to borrow? How did you come up with that loan amount?  Add any other detail about your expenses that you feel is relevant.

   2. Explain the results of your budget.  Did you end with a negative or positive amount? Why? How much? 

   3. If negative, explain what you can do to the budget (what expenses you would cut) to make your budget more affordable.  

   4. If negative, also explain what else you may need to do to be able to obtain the additional needed resources to provide for your listed expenses.

   5. If positive, explain what factors contributed to yielding a positive result.

Resources: 

Internet: 

1. Apartment Rental Costs(indicate # bedrooms you choose): http://www.rentdigs.com/new-york/hauppauge-apartments.aspx?Ad=B_RDC_AFR&utm_source=bing&utm_medium=cpc&utm_campaign=RDC%20B%20AFR4&utm_term=apartments%20for%20rent%20in%20Hauppauge&utm_content=Hauppauge%20NY

 

2. Smithtown township specific rentals: http://www.apartmentguide.com/apartments/New-York/Hauppauge/?WT.mc_id=21000&gclid=CIWOw8W74NICFVaBswod7MEM_w

 

Ask yourself if apt includes electricity?  Does it include washer/dryer, AC? Heat? See utilities for these costs

 

3. Utility Costs(electric, heat, cable, renters insurance)  http://www.myfirstapartment.com/2012/08/how-much-should-you-plan-for-utilities/

 

4. New or Used Car Prices(needed to calculate your car payment): https://www.kbb.com/new-cars/?hpnav=true

 

5. Car Payments Calculator:  use 5 year loan(based on selected type of car amount): https://www.calculator.net/auto-loan-calculator.html

 

6. Car & Health Insurance Costs: https://www.valuepenguin.com/average-cost-of-insurance

 

7. Cell Phone Costs: https://www.reference.com/technology/average-monthly-cellphone-bill-94fb6916ceeef8e9#

 

8. Student Loan Costs:  use 3.76% for 10 year loan; First research cost of school you plan to attend to determine your loan amount if applicable; http://www.bankrate.com/calculators/college-planning/loan-calculator.aspx

 

Print: 

1.  Expense Chart (student completed in previous activity)

2.  Long Island Pennysaver newspaper, Rentals section