AFM Financial Literacy Unit Project

Name: Sample Student Project 2

www.afmfinance.weebly.com

http://www.unboxedthoughts.com/wp-content/uploads/Personal-Finance.jpg

Use this table of contents page to navigate to different

sections of your project. Hover your mouse over the blue
writing and click the link that pops up below.
Module 1: Occupation
Module 2: College
Module 3: Paying for College
Module 4:Credit Cards
Module 5: Cars and Insurance
Module 6: Budgeting
Final Essay

Module 1: Occupation
You will be taking a career assessment. Once complete, select a career that you believe you
would enjoy after college graduation.
Using the box below, write a paragraph (at least 5 complete sentences) about why you
chose this specific career.
I chose my career because
After graduating high school, I would like to study to become a nurse practitioner and
specialize in pediatrics. I have always been very passionate about children and helping others
so this would be a very good career for me. I believe that being a nurse is a job that I would
enjoy working at everyday. Going into the medical field is something that interests me
because I will be able to interact with people every day and remain very active and on my
feet. It is also a job that offers the opportunity for me to grow and excel in.
Review: If 15 people are applying for 3 identical positions of your chosen career, how many
different ways can those three people be selected for that position?
Answer (and explain how you got your answer):
To find this answer you would use type 15 C 3 in your calculator. You would get the answer
455. There are 455 ways for three people to be selected for this position.
Using your results from the career assessment, research the starting salary of your chosen
career. Complete the table below. You can use this website the help you in your salary search.
http://www1.salary.com/Entry-Level-Salaries.html
Make sure you indicate a STARTING SALARY not a median or upper level salary.
Chosen Career

Nurse Practitioner

Starting Income/ Gross Pay

$68,460 entry level per year

Calculating Taxes
Using the link below, read about the current federal income tax. Then you will write a piecewise
function to represent the 2015 federal income tax.
http://www.irs.com/articles/2015-federal-tax-rates-personal-exemptions-and-standarddeductions
To write the function, use the link https://awwapp.com/ to acces a white board. Do your best to
write neatly. Then, using the Snipping Tool (under programs in the microsoft button on the
bottom left of your screen) to take a picture of your equation. Copy and paste it below.

Paste piecewise function here (delete the picture below and insert yours)

Now, using your piecewise function, determine your federal income tax below. North Carolina
has a flat tax rate of 5.75%. Medicare and Social Security are also taxed at a flat rate. Complete
the table below. All taxes are calculated off your total annual salary.
Type of Tax

Amount

Federal Income Tax

(from piecewise function above)

$12,902.75

North Carolina Income Tax- 5.75%

$3,936.45

Social Security Tax- 6.2%

$4,244.52

Medicare- 1.45%

$922.67

Total Taxes Paid

$22,006.39

Using these tax rates, and what you learned using the IRS application, calculate your Net Pay.
Remember, net pay is your take-home pay (gross-pay less all taxes).You will use your net pay
later when calculating your living expenses.
Yearly Gross Salary
$68,460

Total Yearly Taxes

$22,096.39

Yearly Net Pay

$46,363.61

Monthly Net Pay

$3,863.64

After calculating your net pay, are you surprised by how much your actual take-home pay will
be? In 2-3 sentences, explain why or why not.
I was/was not surprised by my take-home pay because
I was very surprised with how much taxes actually takes out of your paycheck. It astounded
me that even though your occupation may be say that you will make a certain amount of
money per year, you can expect that most of it will be taken out to go to the government and
living expenses. Taxes nearly took one third of my yearly salary.

Module 2: College
For your career, you must attend college to earn either an associates, bachelors or masters
degree.
College Major
What is going to be your major at college?

Nursing

How many years of

associates/undergraduate do you need for
this major?

4 years

How many years will you need to attend

post-graduate (masters/doctoral)
schooling for your degree?

2 years

Total years will you need to go to college?

6 years

College Choices
You will look at two different colleges that have the major you have chosen. Use
www.collegeboard.com to search for your school and find the information in the table below. It
may be necessary for you to use any other search engine to find missing information that is not
available on the College Board website. At least one of the colleges you research must be
in the state of North Carolina.
College/University Name

University of Chapel Hill

East Carolina University

At a Glance Tab
Total Undergrads

18,350

22,252

Average financial aid

package

$17,767

$9,718

In-State Tuition

$8,591

$6,550

Out-of-State Tuition

$33,673

$22,124

Type of School (summary

of school)

Regionally Accredited,
Southern Association of
Colleges and Schools

Regionally Accredited,
Southern Association of
Colleges and Schools

Majors and Learning Tab

Student to Faculty Ratio

13:1

18:1

3 most popular majors

Social Sciences,
Communications/Journalism,
and Biology

Public Administration and

Social Services, Health
Professions,
Business/Marketing

Is a master's program
offered at this school

Yes

Yes

Campus Life Tab (Under Student Body tab)

Top 3 race/ethnicity

White, Asian, African

American

White, African American,

Hispanic/Latino

Gender Ratio

29:21- Women : Men

29:21- Women : Men

Applying Tab (Under Whats Important tab)

List 3 things that the
college finds most
important in applicants

Academic GPA, Application

Essay, Character/Personal
Qualities

Academic GPA, rigor of

secondary school record,
state residency

List 3 things that the

Alumni Relation, first
college finds less important generation college student,
in applicants
racial/ethnic status

First generation college

student, work experience,
talent/ability

Applying Tab (Under Academics and GPA tab) Part 1

Total Applicants

31,332

14,223

Admitted

8,929

10,992

Enrolled

3,976

4,226

Applying Tab (Under Academics and GPA tab) Part 2

What is your class rank?

164th

Compare your high school

coursework to that of the
colleges. Are you on track?

Yes, I am in the top 28 percent of

the class, and most of the students
enrolled are in the top half of their
class.

Yes, most students are in the

top half of their class in high
school.

Compare your high school

rank to those of incoming

78 percent of the incoming

freshman are in the top tenth

78 percent of incoming
freshman are in the top half

freshman. How do you fair? of their class. I am on track,

especially if I get better
grades in the upcoming year.

of their class. So, I am on

track.

Top 10%

78%

13%

Top Quarter

96%

40%

Top Half

99%

78%

Bottom Half

1%

22%

What is your current GPA?

4.0

Does your current GPA get

you into this college?

Yes

Yes

GPA of 3.75

97%

45%

GPA of 3.5-3.74

1%

17%

GPA of 3.25-3.49

1%

16%

GPA of 3.0-3.24

0%

13%

GPA of 2.5-2.9

1%

9%

GPA of 2.0-2.49

0%

0%

Applying Tab (Under SAT and ACT Scores Tab)

What did you score on the
SAT/ACT?

havent taken it yet

Percentage of students in
the same ACT score range
as you

----------------------------------

-----------------------------------

Percentage of students in
the same SAT score range
as you

-----------------------------------

-------------------------------------

Paying Tab (Under Cost of Attendance)

*Make sure you look at the appropriate in-state vs. out-of-state tab
Tuition and Fees (On
Campus)

$8,591

$6,550

Tuition and Fees (Off

Campus)

$8,591

$6,550

Room and Board (On

Campus)

$10,902

$9,319

Room and Board (Off

Campus)

$10,902

$8,488

Books and Supplies (On

Campus)

$1,442

$1,234

Books and Supplies (Off

Campus)

$1,442

$1,234

On Campus Total for one

year (only from the
categories above)

$20,935

$17,103

Off Campus Total for one

year (only from the
categories above)

$20,935

$21,142

Based on the information that you have found, which college will you pick to attend. Write a
paragraph of at least five complete sentences explaining why you chose this college.
The college I chose and why
I would like to go to the University of Chapel Hill. This has been the school I have always
wanted to go to. Although it is my target school, and will be a long shot to get admitted into, I
would love to go here. It is close to home, and I do have the GPA and grades to get into, and
if I keep progressing in school with my grades, then the likelihood of me getting in will
increase significantly.

Module 3: Paying for College

After reading the article "Congratulations, Class of 2015 you're the most indebted ever for now",
what new perspectives do you have on college loans and paying for college? Write a paragraph
of at least five complete sentences.
Write your paragraph here
The class of 2015 is now known as the Most Indebted Class Ever. The article tells us that
the average graduate at this time will be in at least $35,000 in debt.This worries me because I
am graduating in a year and a half, and colleges will not be getting any cheaper, if not, more
expensive.A lot of people do not have the money to pay for college, but in a lot of ways
college is necessary because the unemployment rate is higher for those without a college
diploma. This is worrying because the cost of college tuition and fees are going up but student
aid and grants are staying at the same rate.

Refer back to modules 1 and 2 to fill in the chart below. You will use this chart to determine the
amount of debt you will have upon graduation and what your monthly payment will be.
Starting Income/Gross Pay for your
chosen career

$68,460

Total cost to attend your chosen college

ON CAMPUS for one year

$20,935

Total cost to attend your chosen college

OFF CAMPUS for one year

$20,935

Do you need graduate school? If so, how

many years?

Yes, at least 2 additional years

How much does each year of graduate

school cost at your chosen university?

$34,816

Next, you will calculate your total debt for college. We will assume years 1-2 you will be living
ON CAMPUS and years 3-4 you are living OFF CAMPUS. Use the tuition you calculated in
the table above accordingly. We will also assume that you will only be using unsubsidized
loans to pay for 50% of your tuition each year (including graduate school if applicable). If you
are attending graduate school, you must include this in your calculations.
We will use the College Board loan repayment calculator to help us determine the total debt and
monthly payment. Make sure you follow these directions carefully:
Go to https://bigfuture.collegeboard.org/pay-for-college/loans/student-loan-calculator to
access the calculator
Enter the year you intend to graduate from college (enter the year you plan to graduate
from grad school if this applies to you and your chosen career)
Enter your starting annual salary after graduation
Scroll down to Other Loans. We will be using this section because we are assuming
50% of our loans will be unsubsidized.
Enter the amounts you found for years 1-2 assuming ON CAMPUS expenses
Enter the amounts you found for years 3-4 assuming OFF CAMPUS expenses
Enter graduate schools amounts as needed
DO NOT change the rate listed
Press Calculate
You may be surprised at what you will be paying to attend college. Fill in the chart below with
your calculations.
Principle you have borrowed or expect to
borrow

$36,000.00

Total interest to be repaid

$13,715.00

Total amount of principal to be repaid

$49,715.00

Monthly repayment

$414.00

You may be shocked to see how much you will have to repay each month. Keep that in mind,
you only calculated how much you would have to repay if you only had to get a loan for 50% of
your college tuition. Does this make you want to start saving some, or applying for scholarships
and grants, or thanking your parents or family members for any generous contributions they
may make to your college fund? We will be using your monthly repayment when calculating a
budget later. You also should know that this loan repayment option is for 10 years postgraduation; or 120 months. That means many of you may be repaying your college loans well
into your 30s.
In the box below, share your thoughts about paying for college. Include any thoughts you had
before doing this part of the project, and any feelings you may be having now about paying for
college. Write a paragraph using at least 5 complete sentences.
My thoughts about paying for college
Before doing this, I didnt realize how expensive paying for college was actually going to be.
After graduating and getting a job, more than half of my paycheck will be spent on taxes and
college debt. Also, there are no guarantees that I will be getting a job straight out of
college.Paying alone just for my college loans, will take me 120 months. I find it crazy that we
have to pay so much money just to do something that is necessary, and to do something with
our lives we will like.

Module 4:Credit Cards

After completing the It Cost What? activity, write a paragraph summary of anything you found
interesting in the investigation. Include one take-away that you learned that will help you in
choosing a credit card to use and how you will use it.
Write your summary here.
In It Cost What?, four different people bought the same CD Player for all significantly
different prices. It made a huge difference on who used credit cards for cash advances, who
paid more or less than the minimum requirements each month, and who monitors their credit
card statements regularly.
Do you remember calculating compound interest in Unit 4: Logarithms and Exponents? Use
what you learned in that unit to answer the following question.

Problem: Youve just graduated from high school and the first credit card that you got charges
12.49% interest to its customers and compounds that interest monthly. Within one day of getting
your first credit card, you max out the credit limit by spending $1,200.00. If you do not buy
anything else on the card and you do not make any payments, how much money would you
owe the company after 6 months?
I would like you to show your work in completing this problem. To do so, use the link
https://awwapp.com/ to acces a white board. Do your best to write neatly. Then, using the
Snipping Tool (under programs in the microsoft button on the bottom left of your screen) to
take a picture of your work. Copy and paste it below.
Paste work for completing the problem here

Now, its time for you to make a big purchase using a credit card! Your purchase must be at
least $2000 or more. We will assume you make this purchase your first day of college. Take a
few minutes to research what you want to you would like to purchase. In detail, describe your
purchase below. Make sure to include total cost.
My purchase was (describe)

Plane tickets/ a place to stay for a week in

Florida over spring break

Total cost

$2,146.76

Now, you need to research two different credit cards and different aspects of each card.
Complete the chart below.
Card 1

Card 2

Card Name

Platinum Credit Card

Chase Freedom Credit Card

Company Name

Mastercard

Chase

Website used to find

information

Capital One

Chase Freedom

Annual fee (if any)

$0.00

$0.00

Grace Period

25 days

21 days

Annual Percentage Rate

(APR)

24.99%

13.99% to 22.99%

Finance Charge Calculation

Method

Average Daily Balance

Average Daily Balance

Credit Limit

$5,000-25,000

$5,000-25,000

Minimum Payment

If your balance is less than

$25, your minimum payment
will be equal to your balance.
Otherwise, your minimum
payment will be the greater of
$25 or 1% of your balance
plus new interest and late
payment fees.

2% to 5%

Other fees: (Late payment

etc.)

Late payment fees: up to $35

Balance transfer fee is 3% of

the account with a minimum
balance of $5.00

Any other important

features?

n/a

n/a

Now, using what youve learned about credit cards, pick which card you will use to make your
$2000+ purchase. Explain why you chose this card.
Card Chosen

Mastercard Capital One

Explain (3 or more complete sentences)

The APR is higher so you can pay off the

credit card more quickly. Also, if you do go
over your credit card max they are more
lenient about it. They also have a longer
grace period than Chase Freedom.

Now, go back to www.afmfinance.weebly.com and in Module 4: Credit Cards you will find a link
to a credit card payoff calculator. Download it and use your specific information to complete the
table below.
First payment

$87.64

Months to payoff

97

Total Interest

$1,850.85

Total Cost (total interest + initial cost)

$3,997.61

If your credit card is not paid off by the time you graduate, you must add in your monthly
payment to your budget in module 6.
Now that you have done some calculating, how do you feel about credit cards? In the box
below, share your thoughts and feelings. Also share decisions you could make to prevent the
extra cost of interest. You should write at least 4 complete sentences.
My thoughts on credit cards
I dont think that having a credit card is really worth getting one. I think that you can get by
with owning one, but I dont think I would use it. I think that it would be smarter to just spend
the money that you do have so you dont build up debt.
After watching the video on ways to build credit, fill in the box below with three ways that are
good for you to use to build your credit in college.
Three healthy ways I can build my credit in college
1. Paying for your balance every month
2. Creating a budget based on your expenses and income and stick with it
3. Dont open and close accounts frequently.

Module 5: Cars and Insurance

Choose your (dream? practical?) car
Using the internet, search for a car (in the Raleigh area) that you would like to purchase. The
car can be new or used, but it must be listed on a website.
Car Make, Model and Year

2014 Used Hyundai Sonata

Cost of Car

$12,995

Website where car was found

freeholdhyundai.com

New or Used?

Used

Why did you choose new or used?

(Complete sentence here)

Used model cars are cheaper than new, so it

will save money.

Miles on Car (if used)

23,050

City MPG

28 mph

Highway MPG

38 mph

Average MPG

30.4

Manual or Automatic

Automatic

Other Specific Features of your car

Radio, Input for iPods/MP3, Power Locks,

Power Windows, 5 Person Seating Capacity

Paste picture of car below

Explain why you chose this car below (at least 3 complete sentences)
I chose this car because
My parents have a Hyundai Sonata and it drives very nicely. The website also put this car up
for a very good price, so it will be easier monthly car payments. I think this car would be very
nice for after college.
Monthly Car Payments
Since this is the very first car you will ever own you do not have a car to trade in. You do know
that if you put a downpayment of 10% of your car, then you will get an interest rate of 4%, but if
you do not put a down payment down on your car you will get a 5.3% interest rate for your loan.
You will determine the monthly cost and total cost using both scenarios. You will be able to
change the amount of your monthly payment based on the length of your loan (the length of the
loan must be in whole years, converted to months). So using the price for your car, determine
the amount of your monthly payment based on the length of the loan, the total amount that you
will pay for the car and the total amount of interest that you will have to pay.

After you have done this you must choose the payment plan that you believe would be best for
you remembering you have other bills throughout the month to still pay for other than your car
payments.
Loan Payment Calculator
Car payments with a 10%
down payment (4%
Interest)

Car payments with no

down payment (5.3%
interest)

Original cost of the car

$12,050

$12,050

Down payment amount

$1,205

No down payment

Monthly car payment over

3 years

$320.19

$362.77

Monthly car payment over

4 years

$244.87

$279.14

Monthly car payment over

5 years

$249.75

$229.06

Monthly car payment over

6 years

$254.70

$195.75

Total amount you will

eventually pay for your
car

$12,958.27

$13,398.72

Total amount of interest

you will pay on your loan

$908.27

$1,348.72

Now, since you will be a new college graduate, you will NOT have a down payment available to
use. So, chose the number of years you will finance your car for and complete the table below.
You may need to go back to the calculator to see your total amount paid.
Years you will finance for

Monthly car payment

$279.14

Total amount you will pay for the car

$13,398.72

Total amount of interest you will pay on

your loan (Total amount-original price of

$1,348.72

car)
Did you expect to be paying that much over time? This is why saving money for down payments
is so important. Reflect of this activity and the changes in cost when you change the number of
years financed. In the box below, write at least three complete sentences on your reflection.
My reflection on financing a car
It is very important to save enough money for a down payment on a car. A down payment in
the long run will save you thousands of dollars. You will not have to pay monthly bills with
interest rates.
Car Insurance
Now its time to find car insurance. Pick any two insurance companies that offer free quotes.
Insurance Company

Geico

State Farm

Total Amount for one

month

$75.00

$107.00

Total Amount for six

months

$447.00

$639.00

Total Amount for one year

$894.00

$1,278.00

Deductible amount

$500.00

$500.00

Which company will you choose?

Company Name

Geico

Monthly Cost

$75.00

Why you chose this company (at least one

complete sentence)

I think that Geico offers a lot of good

coverage and it is for a very good price
compared to the other auto insurance
companies.

Module 6: Budgeting
You will be creating a budget after researching different parts of your future life. Make sure to be
thorough in this section. You cannot simply create a cost that you think you will spend. You
need to research each category to come up with a legitimate cost that you can expect to pay.

For instance, if you plan to rent an apartment, you should research the cost online or call the
complex to find out monthly rent. Does your complex include any of your utility payments? Make
sure you are detailed in your research. You will be sharing where or how you found the
information and numbers you used in your tables. You may not leave out any categories in the
fixed expenses part of your budget, but you may add extra categories you may need (for
instance, pets, travel etc). Complete all the information below and then transfer your information
to the budget below.
Apartment/Home Rental Information
Research an apartment or rental home in an area in which you would like to live. You cannot
live with your parents, but you can have at most one roommate to split the rent. You may need
to call complexes or landlords to get the information you need. Complete the table below with
the necessary information.
Name

Pines of Ashton Apartment

Address

3015 Holston Lane, Raleigh NC 27610

Will you have a roommate?

Yes

Total Monthly Rent

$700.00

Individual Monthly Rent (if

you have a roommate)

$350.00

Square Feet

850 ft

Bedrooms/Bathrooms

2 Bedroom, 1 Bath

Utilities Included

Ceiling Fans, Air Conditioning, Washer and Dryer, Cable

Ready, Dishwasher, Refridgerator

Community Amenities

Club House, Community Indoor/Outdoor Pool, Tennis

Courts, Playground, Fitness Center, Laundry Amenity

Other information

Five Minutes from Downtown Raleigh, Can walk to

WakeMed/Wake Tech, Pet Friendly

Paste at least 3 pictures of the apartment below

Food (Groceries)
The table below uses information compiled by the USDA on average costs of monthly groceries.
Pick which type of grocery shopping you will do (low cost, moderate cost or liberal plan) based
on your normal food intake now. You cannot use the Thrifty Plan as that plan is based off of
a food stamp type program for low income families. Choose your appropriate age group and
gender as well.

http://www.loweryourspending.com/image/averagecostoffoodfor1monthlyMar15.png

Food plan I chose

Moderate Cost Plan

Cost per month

$310.56

Electricity
To calculate your monthly electric bill, you will be using an electric bill calculator found on the
project website www.afmfinance.weebly.com under Module 6: Budgeting. Only fill in the
highlighted column with the number of each item you will have. Transfer your information into
the table below.
Item

Quantity

Cost/Month

Refrigerator

$16.38

Freezer

$17.10

Dishwasher

$5.40

Oven

$9.36

Microwave

$1.44

Coffee Maker

$0.00

Stereo

$2.39

TV 19"

$0.00

TV 25"

$2.39

TV 35"

$0.00

Laundry (in quantity put

loads/week)

$2.43

Lighting (in quantity put #

of rooms in your home)

$4.50

Ceiling Fan

$15.30

Computer

$1.58

$20.82

$20.82

Basic Facilities Charges

Total Monthly Bill

$97.15

Cell Phone Payment

Monthly phone payments can be expensive. Explore different providers and find a plan that best
suits you. You must have data and text messages included in your plan.
Cell Phone Payment
Company

AT&T

Type of Plan

AT&T Next

Total monthly data allowance

5 GB

Total monthly minutes

Unlimited

Total monthly text messages

Unlimited

Cost of plan monthly

$50

Cable and Internet

Internet will be an essential expense needed for a variety of reasons in your home. Most of you
will also feel like you NEED to have cable. Research several cable and internet providers in the
area where your home is located and decide which one you will use and add it to your monthly
budget.

Cable and Internet

Provider

Direct TV

What is included? (Speed of internet, type

of cable package, do you have DVR? How
many receivers?...be specific!)

Select Package-Includes DVR and 150+

channels

Total Monthly Cost

$19.99 for the first 24 months

Fuel and Car Maintenance

Cars cost more than monthly payments and insurance. You will need to calculate your monthly
cost to own a car. Since you do not know your place of employment, we will assume you drive
15 miles one way to work each day.
Fuel Cost
1

Round Trip Miles to work per day

30

Days worked in a month

20

Extra weekend miles per month

300

Total Miles in a month driven (row 1 multiplied by

row 2; add row 3)

900

Average cost per gallon of gas

$2.75

Your cars average mpg

30.4

Cost to drive your car per mile (row 5 divided by

row 6)

$0.09

Cost for fuel monthly (row 4 multiplied by row 7)

$81.00

You also need to consider the cost to maintain your car. Every year you will pay taxes on your
vehicle to the state you live in. Using the calculator below, calculate your yearly car tax based
on the purchase price of your car.
Car Tax Estimator
We will also assume that your car needs the average amount of maintenance each year. You
will need to budget for this monthly. Assume that your car needs 0.78% of your gross income in
maintenance each year. Once you calculate this amount, you will need to find the monthly
amount by dividing by 12.
Extra Car Costs

Car Tax Per Year (From link above)

$158.49

Car Tax Per Month

$13.21

Annual Car Maintenance (0.78% of gross

income)

$5,339.88

Monthly Car Maintenance

$444.99

Total Monthly Car Maintenance Cost

(monthly car tax plus monthly car
maintenance)

$458.20

Compiling your Monthly Budget

Monthly Budget (all numbers should be monthly amounts)
Category

Cost

Monthly Net Pay

$3863.64

Notes

Fixed Expenses
Rent

$350.00

College Loan Repayment

$414.00

Credit Card Payment

$87.64

Car Payment

$279.14

Car Insurance

$75.00

Food (Groceries)

$310.56

Phone

$50.00

Cable and Internet

$9.95

Remember this is half of the

total if you have a roommate

Electricity

$48.58

Remember this is half of the

total if you have a roommate.
If your rent includes this put
$0.00

Water

$0.00

If your rent does not include

water put $40.00 here (or half
if you have a roommate)

Remember this is half of the

total if you have a roommate

If your rent does include

water, put $0.00 here
Fuel

$81.00

Extra Car Costs

$458.20

Remaining Amount for

Discretionary Expenses

$1,699.57

You must have enough

money to complete all
categories in this section

Discretionary Expenses
In the notes column here, explain how you came up with the numbers you used in each
expense. One to two sentences are necessary for each item. You should use information you
researched to find average costs. Include any websites used to help you come up with an
amount.
Entertainment

$400.00

Spending money for going

places with friends, family,
etc.

Clothing

$200.00

Money to buy some new

clothing each month

Vacation

$100.00

Enough to save each month

for vacations

Extra (pets, hobbies, etc)

________

Remaining amount for

Savings

If you list anything in this

section, use this spot to
explain what you will use the
money for.

$999.57
Savings

Emergency Fund

$200.00

Retirement

$499.57

House Down Payment

$300.00

Final Remaining Amount

$0.00

At least $100 here

Good budgets do not leave

any money unaccounted for.
Distribute all of your monthly
budget in the categories
above. Any extra may be best
used in anything in the
savings section.

Final Essay
So, what does this all mean to you? In this final section you will write about what youve learned
and experienced in this unit. You should include thoughts you had about finance before you
began, thoughts you had during the project, and thoughts you had after completing the project. I
want this to be an opportunity for you to be honest with yourself about what you may need to be
considering now as you near graduation from high school. The essay must be at least 1.5
pages typed in the box below, single spaced, 11 point Arial font. Check your spelling and
grammar errors when you are done.

Final Essay
Before this unit, I didnt really think much concerning my plans for the future. Now that
we have researched things like occupation choices and options for different colleges, I have a
better understanding of what I really want to do with my life after I graduate high school.
Completing this project really gives you a better sense of what life is really going to be like
when we are off on our own, and allows you to develop goals for yourself so you can go to the
college you want to, and apply for the job that you will love. I saw the personal debt is really

rising among everyone, so it is important that we completed this project to give us a strong
foundation for what life will really be like after we are done with our college education.
After researching certain colleges, I realized that in order to get accepted into schools I
would like to go to, I will really have to work hard this next upcoming year and half until I
graduate from high school. However, I also saw that with extra effort my goals are achievable
if I really apply myself into my schoolwork. When family and friends asked me what I wanted
to be when I grew up, I didnt have an answer, I always knew that my passion was for
children and helping others, but after completing the career assessment, it made me
comprehend that there was a job out there where I would actually enjoy going to work
everyday. Having a better idea of my plans for after college, relieves a lot of stress and
worrying for the future. Also, as nice as college sounds, I never completely comprehended
just how expensive it was going to cost, much less that most people will be paying off their
student loans for the majority of their lives.
Another major thing that I learned was the difference between buying what you want
and buying what you need.It teaches you to look towards things that wont be as expensive or
name brand. As nice as a brand new, high end car might be, it is not something I would need
just coming out of college. The key was not purchasing the flashiest car out there, but finding
a car that would get you where you needed to go safely and efficiently. The same goes for
picking a place to live; a huge mansion may be your ideal dream house, however it is not ideal
for your wallet.Budgeting your income and how much you spend is also a very good idea. This
way you can see what your true income is, assess any debt that you may have, and see
where exactly the money that you are earning really is going. By laying out what you have to
spend each month and what you want to buy, it could help you cut out any unnecessary
spending. Establishing and maintaining your monthly budget every month, you can build up
your savings to plan for when you retire, prepare for an emergency fund, and begin to map
out taking vacations and trips with family and friends. After completing my budget module, I
saw that after paying for all of your absolute necessities, you will have more money to spend
on things that you will actually want to buy for yourself, like entertainment and clothing. After
all of the money that you will need to spend on payments for car, home, and insurances, I only
had about three hundred dollars per month dedicated towards entertainment out of more than
a three thousand dollar monthly salary. It made me start to think that living with my parents is
not really that bad..
In module four, we had to look at several different credit card companies and eventually
choose a card that would best supply your needs. Before all of this, I believed that credit cards
were one hundred percent bad, and you shouldnt get one in the first place. I was a firm
believer in not buying things that you didnt have the money to pay for. I now realize that credit
cards are actually essential, and that you will need it for buying big things later down the road,
like a house. I never knew that a lot of people actually get credit cards in college, to establish
a good credit. Also, I saw that during this module I saw it was best to pay off debt sooner than
later because interest accumulates very quickly.Although the power of a small, plastic card
can get to peoples heads and be completely misused and abused, credit cards can be
essential if you use them wisely and correctly. You can either pile up on credit card debt, or
you can start to see they can lead you towards rewards, easier access to loans, and lower
interest rates.
In conclusion, crunching and adding up all the numbers in this project was very
intimidating, it really helps you realize certain things for later on in your life. After completing
all of the modules, it gave me insight to how things will be for the future. This project was most
likely the most helpful project. I have completed throughout many years of school, because it
really teaches you the skills you will need to have and the ability to set goals for yourself.