Reference no: EM133042196
Budget Assignment
Objective: Prepare a personal budget for 7 months (June 1 - December 31) on a month to month basis.
Instructions: Congratulations!! The good news is that you just landed a dream job as an entry level account executive in a marketing firm!!! Your base salary for the year is $37, 500 with a benefit package that includes: 5 paid sick days, 5 vacation days, and paid time off for every major holiday. You also have a solid health care plan that includes basic health and dental; the owner does not have any eye issues, so your vision is not covered under the employer's insurance.
The bad news is now that you have a job, your parents/family members feel that it is time for you to spread your wings and leave the nest because they are selling the house and moving to Florida!
You are required to create a budget for yourself where all of your bills are paid on time and your basic necessities are met. You cannot apply for a credit card or take out any major loans (other than a car note or mortgage). You are to organize your budget on an excel spreadsheet keeping in mind the following things:
(1) You work downtown (two blocks east of Union Station) where parking is limited.
(2) Your parents expect you to visit Florida at least twice a year for a total of 8 days per trip because your mother misses you dearly.
(3) Taxes, Insurance, retirement plans, etc come out of your paycheck BEFORE you get to spend anything (we'll assume the deductions are a total of 21%)
(4) If you are looking at getting a car or already have a car, you are now responsible for obtaining car insurance.
(5) You need to furnish your apartment with glass dishes, furniture (at least 3 pieces), metal utensils, broom, etc.
(6) You need first and last month's rent when obtaining the apartment.
(7) You must obtain home insurance.
(8) You are single with no kids.
(9) You must pay student loans on a monthly basis.
(10) You cannot live in a homeless shelter, an RV and/or live with family members.
(11) You are able to have ONE roommate.
(12) You are not able to steal wifi.
(13) If your apartment/condo does not have a washer and dryer, you must reflect the expenses in your budget. (Note: Laundry is about $2 per load)