Personal Budgeting

Learning Objective: Students will demonstrate the budgeting process by researching salaries and living expenses, calculating taxes, making allocation and cost containment decisions, and comparing and contrasting personal and business budgeting.

Depending on your location, you may want to replace the space dedicated to calculating Ohio income taxes. An alternative section is included in the project for students who decide they would like to live in another state.

Spring 2017 Personal budget project directions.doc

This is the direction packet for 2017, including guidance for calculating FICA and income taxes. It also contains a suggested grading rubric.

Personal Budget Excel Template WITHOUT Formulas.xlsx

This is the budget template that does NOT include formulas. It simply has the line items listed, and a few sample numbers inserted that students need to delete before filling in their own numbers. Students will need to insert formulas to find the total income, total expenses in each category, total overall expenses, and net cash flow.

Personal Budget Excel Template.xlsx

This is the budget template that INCLUDES formulas. A few sample numbers have been dropped in so that students can see how it is formulated. Students will need to clear the sample numbers and insert their own figures. However, formulas have already been inserted to find total income, total expenses by category, total overall expenses, and net cash flow.

local-incometax-rates_by_jurisdictions-2011-20110831.pdf

This is the most recent list of local personal income taxes I could find. Although it relates to 2011, the data may still give a useful estimation of local income taxes by city and county.

This URL contains the most recent income tax rates by state according to the Tax Foundation. Students can use this link to find state income tax rates for the state they plan to live in.