You will create an Excel spreadsheet for planning a personal budget for yourself. Your budget will be based on a real job that you hope to have and realistic costs of living in this area. Therefore, you will begin by choosing an entry level job that you see yourself having in the future. This can be a job right out of high school or a job that you will obtain after graduating from college.
You will create a two-year personal budget. I have attached a Word document and please follow the detailed instructions to complete the assignment.
Your assignment is to create a template for planning a personal budget for yourself. Your budget will be based on a real job that you hope to have and realistic costs of living in this area. Therefore, you will begin by choosing an entry level job that you see yourself having in the future. This can be a job right out of high school or a job that you will obtain after graduating from college. Some sites that may be helpful are www.monster.com, www.careerbuilder.com, and www.snagajob.com.
Once you have found the job of your choice you will begin creating your template. Your template should include appropriate formulas and formatting. You must create a budget worksheet for the first year after you graduated from High School or College (starting in July of the year you graduate). The yearly worksheet should go from July to June. Label the worksheet with the year that it is for (i.e. the worksheet for July 2025 to June 2026)
The template will include your Monthly Income. Assume that you will be working at least 40 hours a week.
You must also include at least the following Yearly Expenses broken down by Month. Remember some months certain expenses may be higher than other months.
· Housing (Rent/Mortgage) – $12,347.89
· Water – $604.32
· Electric/Power – $723.76
· Cell Phone – $689.24
· Food – $5080
· Personal Items (Soap, Toothpaste, etc.) – $1236.53
· Car Payment – $3509.21
· Gas – $960
· Entertainment (movies, going out, etc.) – what do you think you will spend?
· Clothes – what do you think you will spend?
You should also include any savings that you will want to generate. Your template must also include (at least) the following Totals:
· Total Income for Each Month/Year
· Total for Each Type of Expense for Each Year (i.e. $$ spent on Food in 2012 to 2013)
· Total of All Expenses for Each Month/Year (i.e. $$ spent during 2012 to 2013)
· Total Savings for Each Month/Year
· Total Excess Income for Each Month/Year
Finally, you must create a Cone Chart based on the “Yearly Budget” worksheet. This chart will compare your spending on each type of expense over the year included in your workbook. Your Cone Chart should include proper labeling of the X and Y Axis. The title of the chart should be created in Word Art. Your chart should also contain a text box containing helpful info and an arrow.
Use the Cone Chart to determine where your spending should be cut back or where you may be able to spend or save more. Type your suggestions in comment box on the Long-term Budget Worksheet. Make sure your comment is placed in the appropriate cell(s) of the worksheet.