Imagine you are just graduating from high school/college/vocational school/apprenticeship and starting your chosen career. Research what a starting salary would be for the career you have selected. Also, select where you will be living.
Create and predict a budget that includes all expenses that you will encounter (rent, car, insurance, college loans, entertainment etc).
Include 12 expenses. (Be realistic)
Calculate both your monthly and yearly expenses compared to your income. I encourage you to utilize google
sheets or another spreadsheet to create your budget. Writing these formulas are great practice for the future!
Summary (minimum 150 words)
Make your budget realistic and determine if you would be able to afford all of your monthly expenses with your salary. If you cant, explain why not and possible solutions.
You will not be graded on whether or not your budget is balanced, but rather on your explanation and assessment and how you would fix it in the real world.
Include a summary of at least 150 words explaining your budget, income vs. expenses, and your financial overview.
Here is an example of what your budget could look like.
-Income: List any possible income that you will have. Remember to be realistic
-Monthly Expenses: The student has listed at least 12 expenses. The expenses should be things that you think you would spend money on during the month.
-Yearly Expenses: You will have some expenses that you might pay on only a yearly basis. For example, property tax (if you own a home) or car insurance might be paid only once a year instead of monthly. It is important to include these expenses as they affect your yearly budget.
