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Section C: An Apartment
1. Since we assume that you are just starting, you cannot buy a house. But you can live anywhere in the US. Go to www.apartments.com and fill in the information. If you choose Charlton, you may have trouble finding an apartment. You may need to choose a larger town like Auburn or Worcester.
2. What apartment did you choose?
3. How many bedrooms?
4. How much is it? Does the apartment have other expenses for parking or utilities?
Section D: Your Expenses
When you live on your own, there are a lot more expenses than you would think. The list below includes just the basic expenses, not extras like going to a movie or buying clothes or even getting your hair cut.
My Expenses
Groceries: Put in $250 for the month.
Heat/Electricity: Make this $75 for each bedroom.
Water/Sewage: $30
Car Payment: $250
If you choose not to have a car then put
Public Transportation: $125
College Loans:
Bachelors: $200
Masters: $350
Medical/Law School: $500
Car Insurance: $50
Cell Phone: $45
Going out to eat:
Multiply how many times you plan to eat out in a month by $10. For example: If you were to go to Burger King five times in a month, I would multiply 5 * $10 = $50
Out with friends. If you plan to go out with friends on the weekends put in $50 for each weekend you go out.
Section E: Can You Afford to Live the Life You Want to Lead?
Example: You make $60,000 (gross)
$60,000 * .20 = $12,000 (taxes)
$60,000 - $12,000 = $48,000 (what you actually get for money)
2. Divide your net income by 12 so we know how much you make a month:
For our next project we are going to take a career quiz, choose a career, get an apartment, and calculate your living expenses.
Section A: Your Job
Open this DOCUMENT.
Go to http://www.whodouwant2b.com and research some careers.
If there is a job that you already think you would like, you can find out the salary information at this website.
Choose three jobs that you may be interested in.
1. Which jobs were you matched with?
2. Choose your favorite three jobs. For each career find the following from a Google Search or the websites above:
Job description
Education needed to get the job
Average starting salary
3. After looking at all the facts, choose one job. Which job did you choose? Why? What is the income for that job?
Section B: Uncle Sam
1. Now that you have a job, you have to pay taxes. The government wants 20%, and you better pay. Here’s how:
Open Excel. Use Excel to perform the calculations below:
1. Open Excel.
2. Click on the "+" at the bottom and rename Sheet 2 to “Budget” by double-clicking on the name.
3. In column A1 write: Items
4. In column B1 write: Cost
5. List all the items from your budget and their costs in the appropriate columns.
6. When done, select all the number in Column B. Above you, there is a backwards looking E on the toolbar. When you mouse-over it, it will say “AutoSum”. Press this.
7. Skip a few lines in Column A and write: Monthly Income.
8. Next to this in Column B write your Income:
9. Back in column A, write: Monthly Expenses
10. Write this number in column B.
11. Click into the next blank line in column B
12. Write the formula: =(the letter and number of the cell for monthly income) – (the letter and number of the cell for monthly expenses)
13. Can you afford to live the life you would like to lead?
a. Take your yearly salary:
b. Multiply this by 20% (or .20—it’s all the same)
c. The answer is the taxes taken out. What is it?
d. Subtract your Gross Income (that’s your salary with no taxes taken out) from your yearly taxes. This is called Net Income. This is what you get to spend. How much is your Net Income?
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