Adult Job and Income-5 points

Name_Danica Garcia____ Occupa on: Fashion Editor

Salary: $50,558
Salary X 70% = ____35,390____ / 12 months
Monthly Net Income: $2,949.22

The Living Environment- Step 1

10 points
This apartment should be located near your job in a posi ve sec on of a city
This monthly rent expense should be no more than 25% of your monthly income, with utilities 30%
Address Brooklyn, NY
Rent 1,461$$
Number of Bedrooms-If you choose a
2-Bedroom, assume you will split it.
Type the full amount and then your half. $730.50
You can choose a studio apartment (one
person-minimal living)
Ameni es-things included $200
Electricity provided $65.00
Internet Service provided $45.00
Cable Service (op onal) $$

Cell Phone Package provided $ 45.00

Living Environment Total $1,095

Transportation Information- Step 2

25 Points
Car and insurance expenses should be no more than 20% of your monthly income
Search for a car to purchase Cars.com; Carmax.com; Edmunds.com
Make, Model, Year, Mileage 2014 Toyota Rav4 Limited: 72,237 miles
Picture

MPG-Miles per Gallon 24 city, 31 highway

Asking Price $20,000
Estimated Monthly Maintenance
Under 5 years $30/month Monthly Maintenance ____$30_______
Over 5 years $70/month
Warranty Terms, if any
Purchase Price _$20,000__________
Car Loan
Subtract $$___$2,000_____ down payment (10%)
Calculate payment:
Auto Loan Amount: _$15,000__________
http://www.bankrate.com/brm/auto-
Auto Loan Terms: 4 years or 48 months
loan-calculator.asp
Interest Rate: 7.30%
Monthly auto loan payment:__$383______

Car Insurance
Shop for your own Auto insurance.
Assume you are:
-23 years old Remember 100/300/50
-Have 7 years of driving experience $500 to $1000 deduc ble
-Use the car you purchased in the Paste the results in here:
previous ac vity as the car to be
insured Monthly: $71.97
Go to this site and do not use your own 6mo: 432.00
social security number
www.esurance.com

Gasoline Usage
Assume that you drives 34 miles round
____680______ miles per month/___31_ MPG= __22___ gallons per
trip each day to work for 5 days a week
month
for 4 weeks each month.
Calculate this rst _________
__22___ gallons x $2.40 = ____$52.80______

Car Payment, Insurance, Gas, $507.77 per month

 Weekly Menu Step 3
10 points
This should not exceed 15% of your monthly income
The weekly menu will be mul plied by 4 to equate to a months groceries.

1) Copy or Insert your Menu,

Entertainment Expenses Step 4

10 points
Find activities for a month and provide pricing. This should not exceed 5% of your monthly income.
Please include any explana ons of expenses when necessary. Go to the websites for these ac vi es and get
some actual prices at these places. (ex. For movie ckets). Going to friends house requires bringing something
such as an appe zer.
Your list of leisure ac vi es should include at least four different types of things to do.

Assume it will be
Monthly
for the current Week 1 Week 2 Week 3 Week 4
Total
season
Friday movies: $15 Concert: $40 Movies: $15 ------------------ $70
Cooking Class:
Saturday Shopping: $50 Shopping: $50 Dinner: $50 $200
$50
Sunday ------------------ Yoga: $15 ------------------ Yoga: $15 $30
Entertainment: $65 $105 $65 $65 $300
Putting It All Together Step 5
10 points
Cost Actual Money Spent
Step 1 Living Expenses (25% - 30%)
$1,095
Apartment, u li es
Step 2Transporta on (20%) $507.77
 Car Payment, Insurance, Maintenance, Gas
Step 3 Food (15%)
Grocery Bill Week: $96.40
Restaurants Month: Approx. $400
Personal Items
Step 4 Entertainment $300
Student Loans - Use the amount from your HR Block Student
Loan Calculator
Savings $75.00
Emergency Savings $120.00
Health Insurance; company plan $75.00
Total Monthly Expenses

Monthly Net Income: $___2,949.22_____

From page 1
Total Monthly Expenses $___2,572.77_____
From above
Total Dierence of __$376.45______________
Subtract and hopefully expenses are not more than income-otherwise-go back and x your expenses.

Reflection:30 Points-Please let me know what you have learned!

What I/we learned from this project? Name at least 3 items. (4-6 sentences)
I have learned that there are many responsibili es you hold when youre an adult. There are many things
within big things that you need to worry about, such as car insurance for the car,

What parts of this project were challenging? Name at least 2 tasks. (3-5 sentences)
It was hard to nd an apartment in the city that was in my budget, so I either had to sacrice and adjust other
things, or have to move to a dierent area. But since my job would be in the city, I decided to go with the rst
op on. Another thing was actually seeing how much you can actually spend for entertainment/fun, so I
needed to think about how much I actually wanted to do something. Some days I gured I wouldnt be going
out to do anything, due to work.

Explain what would apply to your real life. (3-5 sentences)

I do make car payments every month so I do try to manage a budget, as I need to make sure Ill have enough
money for that payment. I also like shopping and going out, so I have to make sure that I have enough to be
able to do those things. Everything we went over in this project is something that everyone will have to face at
some point in their life, and doing this has helped me feel a li le more prepared for this next step in my life.