Econ Assignment

Description

Make a Budget Imagine you are just graduating from high school/college 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 12expenses.(Be realistic!) Calculate both your monthly and yearlyexpenses compared to your income. (Visit example below) 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, HAS to be submitted to turnitin.com the calculations/spreadsheet do not Make your budget realistic and determine if you would be able to afford all of your monthly expenses with your salary. If you can’t, 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. Ask your parents for help if you aren’t sure what costs you might encounter. (It is blacked out so you won’t copy the example). -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. Yearly expenses are included as part of your required 12. -Bottom Line: You should have 2 calculations to show what the bottom line of your budget is. 1) Your monthly income vs. monthly expenses and what is leftover at the end of the month. 2) Your yearly income vs. yearly expenses (total year, so this will include both your monthly and yearly expenses) and what is leftover at the end of the year. You do not need a graph. This student did a graph to show a visual of her monthly expenses, but you are not required to do so. -Summary: When you have finished constructing your budget, you will write your 150-word summary. Your summary will analyze your expenses vs income and explain how you will or will not be able to meet your expenses. If you cannot, explain what you would do to resolve this issue. If you can, explain how you might extend your savings into things like retirement.