Budget Project

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Budget Project By: Grace Obanigba

Introduction:

Introduction Okay, the time has come when I have finally graduated from college and am on my own. Wohoo! This is what I’ve been waiting for all my life! I get to buy whatever I want, eat whatever I want, and go anywhere I want. But, adulthood isn’t always that easy. I have to pay bills, find a house, and a car! I’m lucky to be in upper class where I get $100,000 a year, but I wonder where it all disappears to. Making a budget will help me see that.

My House:

My House My house is located at 4828 Sabine St. Fort Worth, TX 76137. It has a swimming pool and it is close to nearby parks, playgrounds, trails, and exemplary schools. The total cost is $135,000 and I will pay $674.00 a month. My electricity bill is $307.56 monthly. My mortgage insurance is $70.00 a month. My property tax is $321.92 a month. My house insurance is $79.83 monthly. My water bill is $127.49 a month.

4828 Sabine St. Fort Worth, TX 76137:

4828 Sabine St. Fort Worth, TX 76137

My Car:

My Car I bought a new black 2011 Honda Civic from David McDavid for $18,105.00. I pay $459.19 monthly for it. My gas is $212.00 a month. My maintenance bill is $30.00 a month. My car insurance is $92.52 per month.

New 2011 Honda Civic:

New 2011 Honda Civic

My cell phone:

My cell phone I bought my cell phone from T-Mobile. I bought it from T-Mobile because it was cheap and it was easy to use the website. The phone that I bought is called a Nokia Astound. The phone itself was free, but when you add everything up, I ended up having to pay $59.99 a month.

Nokia Astound:

Nokia Astound

Triple Play Bundle:

Triple Play Bundle I got my cable, internet, and house phone in a package from Verizon Wireless for $54.99 a month.

Credit Card:

Credit Card I got my credit card from American Express. It is the Platinum Card. I pay $37.50 per month. My credit limit is $1,500 a month.

Life Insurance:

Life Insurance I got my life insurance from prudential.com. I pay $19.98 a month. My coverage amount is $100,000.

Health Insurance:

Health Insurance I got my health insurance from Cigna. It costs $98.00 a month.

Groceries :

Groceries I will shop at Wal-Mart for my groceries because their products are always at reasonable prices. Here is my weekly receipt: I pay about $111. 39 a week and 445.56 a month. Eggs 2.78 (2) Milk 4.76 (2) Ham 9.96 (2) Chicken 10.96 (3) Bacon 7.14 (3) Spaghetti 7.14 Sugar 2.25 Salt .50 Black pepper 3.12 Sprite (liter) 1.25 Ramen noodles 1.94 (2) Ice cream cups 10.50 Whipped Cream 1.98 Bread .98 (7) Corn 5.46 Flour 2.92 Chocolate Syrup 1.68 Double Stuf Oreos 2.98 Doritos 2.50 Popcorn 5.00 Butter 2.38 Pork 3.98 Ground Beef 10.98 Subtotal: 103.14 Tax: 8.25 Total: 111.39 37

Income Tax:

Income Tax My yearly income tax is $21617.04, so my job will be taking out $1801.42 from my check each month for my taxes.

Savings:

Savings I have decided to put a saving portion into my budget. I put my left over money, which equals about $3,094.05, into savings. That money will be used for trips and other things.

Monthly Bills:

Monthly Bills Monthly Bills May June Mortgage Payment 674.00 674.00 Mortgage Insurance 70.00 70.00 Property Tax 321.92 321.92 Electric 307.56 307.56 Water 127.49 127.49 House Insurance 79.83 79.83 Car 459.19 459.19 Maintenance 30.00 30.00 Gas 212.00 212.00 Car Insurance 92.52 92.52 Life Insurance 19.98 19.98 Health Insurance 98.00 98.00 Grocery (receipt) 445.56 445.56 Cable, home phone, and internet 54.99 54.99 Cell phone 79.99 79.99 Credit Card 37.50 37.50 Miscellaneous 327.00 327.00 Income tax 1801.42 1,801.42 Savings 3094.05 3094.05 Total payment: 8,333.00 8,333.00 Gross Salary: 8,333.00 8,333.00 Net Salary (after taxes) 6,531.58 6,531.58

Pie chart of my Spending:

Pie chart of my Spending

In conclusion…:

In conclusion… Creating a budget was a great way to see where a lot of people’s money goes and why there are so many people in poverty. I saw how much you have to pay in taxes, insurance, and utility bills. Not everyone has that kind of money. These kinds of projects encourage you to try to get good grades, so you can get into college, and get a good job, so you can be able to pay your bills and support your family. This project was a good way to give us a taste of adulthood. I’ve learned that being an adult isn’t all that great, so I hope to be a child for as long as I can.

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