Excel presentation
Prion Warden in Greenville North Carolina
Bachelors Degree-Education
Assignment #1: Goal Planning Exercise and Preparing a Budget
Assignment Purpose:
The purpose of this assignment is to complete some goal planning and prepare a budget.
Software Requirements:
• Excel
• Word
Assignment Guidelines:
• Read Chapters 1, 2, 3 & 4 from the textbook to understand the basics of financial planning.
• You will have to complete a little research on the Internet about a job you would like to apply for and obtain following graduation. Go online to look at available jobs in the geographical area you want to live, and then identify your dream job. You will have to determine average salary for the position and cost of living in that particular area. For example, it is much more expensive to live in Los Angeles, Washington, DC, Philadelphia, or Portland, than in a small town in the Midwest.
• Go to the United States Bureau of Labor Statistics and determine a reasonable salary and long-term outlook for the job you choose: https://www.bls.gov/home.htm
• Once you identify the salary you feel is reasonable and accurate for the position you choose, you will need to start thinking about your budget. You will need to include state and federal taxes (payroll withholding). Chapter 4 describes the type of taxes and the percentage of taxes from Gross Income (monthly salary), resulting in Net Income (what you take home).
• Chapter 3, pages 78-79, provides forms for a Budget: Parts A & B (income/expenses) for developing a budget. This is a great format to follow if you create it in Excel with basic formulas.
Assignment Parameters:
Here are some additional minimum parameters (feel free to add more based on your personal lifestyle) to include per month:
• Choose one of the following scenarios:
o Married with 1 child and unemployed spouse, OR
o Single parent with 1 child and no child support OR
o Single parent with 1 child and shared custody (no child support)
o The child is under the age of 5
Requires child care
Babysitting
• Your employer withholds 10% of gross salary for payroll taxes
• Insurance:
o Your employer withholds $200 per month for health insurance for you and your child; $25/month for dental; vision is $10 per month
o Unreimbursed insurance expenses beyond your co-pay for you and your child
o Life insurance (you need to protect your child in case ….)
• Housing
o Rent OR
o Mortgage
Mortgage insurance
Taxes
• Utilities
• Internet
• You own 1 pet (your choice) – include average monthly vet costs (i.e. flea/tick medicine, shots, rx, special dietary needs – (example: I have a blind dachshund that requires a gluten free, low glycemic low-fat dog food from the vet – good grief)
• You have a cell phone plan
• You have a car
o Payments for lease OR own
o Monthly maintenance (average); you always have a flat tire at the worst possible time
o Gasoline
o Auto insurance;
Oops, you got a DUI your sophomore year in college (see what that does to your insurance)
• Student loan debt; educational expenses
• Entertainment/leisure (be realistic)
o Going out
o Streaming services
o Memberships to gym, yoga studio, etc.
o Hobbies
• Food and necessities
o Include groceries/personal hygiene (shampoo, toothpaste, etc.)
o Eating out
• Clothing (you work and appropriate clothes and shoes
o Laundry
o Dry cleaning
Submission Directions:
• Create a budget in Excel to identify your income and expenses. Follow the example in Chapter 3.
• Write a 1-2-page summary and include the following:
o Describe your dream job (include job description link), location, cost of living for the area, and salary expected.
Provide Internet links to support your job and salary
o Discuss what you learned about monthly expenses as compared to your salary; renting vs. owning costs, family responsibilities, insurance, pets, etc.
o Discuss whether your salary will cover all of your monthly expenses and then identify where you can cut down on your expenses (trimming the fat, so to speak).
o Were your salary/expense expectations realistic?
o The concluding paragraph should discuss and reflect on your long-term salary and budget goals (5, and 10 years down the road). For example, I started out as a school teacher in 1985 (you would cringe at my salary). I had a goal to get my master’s degree, then doctorate by the time I was 40. What are your long-term goals and will you need additional education?
o What changes – if any — will you need to make to reach a balanced budget and meet your long-term goals?
• Proofread the assignment before submitting it. Make sure that there are no grammatical or typographical errors in the spreadsheet or summary document.
• When you have completed both components of Assignment #1, please upload them in the Canvas Assignment link for grading and feedback.
