Adult Job and Income-5 points

Name: Alex Turnquist Occupation - Molecular Pharmacologist

Salary: 104,310
Salary X 70% =73017 / 12 months
Monthly Net Income: 6084.75

The Living Environment- Step 1

10 points
This apartment should be located near your job in a positive section of a city
This monthly rent expense should be no more than 25% of your monthly income,
with utilities 30%
Address: 480 Eagle Drive, Elk Grove Village
Rent 1600/2 $$800
Number of Bedrooms-If you choose a
2-Bedroom, assume you will split it.
Type the full amount and then your 2 bed
half. 2 bath
You can choose a studio apartment
(one person-minimal living)
Amenities-things included Swimming pool, internet
Electricity provided $65.00
Internet Service provided $45.00
Cable Service (optional) $$
Cell Phone Package provided
$ 45.00
Living Environment Total $955

Transportation Information- Step 2

25 Points
Car and insurance expenses should be no more than 20% of your monthly income
Search for a car to purchase Cars.com; Carmax.com; Edmunds.com
Make, Model, Year, Mileage 2015 Honda CR-V LX, 38,588 mi

Picture
MPG-Miles per Gallon 26 mpg
Asking Price $16,786
Estimated Monthly
Maintenance
Monthly Maintenance $30
Under 5 years $30/month
Over 5 years $70/month
Warranty Terms, if any
Purchase Price: $16,000
Car Loan
Subtract $$1,600 down payment (10%)
Calculate payment:
Auto Loan Amount: $14,400
http://www.bankrate.com/br
Auto Loan Terms: 4 years or 48 months
m/auto-loan-calculator.asp
Interest Rate: 7.30%
Monthly auto loan payment: $385
Copy and Paste your results from payment calculator here:
Your estimated monthly payment
$385
Total Principal Paid
$16,000
Total Interest Paid
$2,498

Car Insurance
Shop for your own Auto
insurance.
Assume you are:
-23 years old
-Have 7 years of driving
experience Remember 100/300/50
-Use the car you purchased in $500 to $1000 deductible
the previous activity as the car Paste the results in here:
$86
to be insured
Go to this site and do not use
your own social security
number
www.esurance.com

Gasoline Usage
Assume that you drives 34
miles round trip each day to 680 miles per month/26 MPG= 26.15 gallons per
work for 5 days a week for 4 month
weeks each month.
Calculate this first 680 26.15 gallons x $2.40 = 62.77

Car Payment, Insurance,

$533.77
Gas, Expenses Total

Weekly Menu Step 3

10 points
This should not exceed 15% of your monthly income
The weekly menu will be multiplied by 4 to equate to a months groceries.

1) Copy or Insert your Menu,

2) Insert your Peapod list for Food and Personal Items
 331.48+214= $541.48

Entertainment Expenses Step 4

10 points
Find activities for a month and provide pricing. This should not exceed 5% of your
monthly income.
Please include any explanations of expenses when necessary. Go to the websites for
these activities and get some actual prices at these places. (ex. For movie tickets).
Going to friends house requires bringing something such as an appetizer.
Your list of leisure activities should include at least four different types of things to
do.

Assume it will
Monthly
be for the Week 1 Week 2 Week 3 Week 4
Total
current season
Starbucks (in Starbucks(in
Friday dining Movie $10 dining Bowling $10
expenses) expenses)
Dinner out (in Dinner out
Clubbing
Saturday dining Night in (in dining
$20
expenses) expenses)
Breakfast with Hike with Volunteering
Sunday Day in
family S/O at FMSC
Entertainme
$40
nt Total
 Putting It All Together Step 5
10 points
Cost Actual Money Spent
Step 1 Living Expenses (25% - 30%)
$955
Apartment, utilities
Step 2Transportation (20%)
$533.77
Car Payment, Insurance, Maintenance, Gas
Step 3 Food (15%)
Grocery Bill
$541.48
Restaurants
Personal Items
Step 4 Entertainment $40
Student Loans - Use the amount from your HR
$541.67
Block Student Loan Calculator
Savings $75.00
Emergency Savings $120.00
Health Insurance; company plan $75.00
Total Monthly Expenses 2881.92

Monthly Net Income: $6084.75

From page 1
Total Monthly Expenses $2881.92
From above
Total Difference of $3166.83
Subtract and hopefully expenses are not more than income-otherwise-go back and fix
your expenses.

Reflection:30 Points-Please let me know what you have learned!

What I/we learned from this project? Name at least 3 items. (4-6 sentences)

I learned that my job makes a lot of money and I can actually afford to have more
expensive and fun things than I thought I can. I can probably afford to go on vacation
pretty often and I can support a kid. This doesnt even include my husbands income, so I
am so set for the future. I learned that apartments come with a lot of perks and that I
would much rather be a renter than a home owner. I also learned how expensive food is
and how fast that eating out adds up. This project was actually pretty useful and I feel
good about my future.

What parts of this project were challenging? Name at least 2 tasks. (3-5 sentences)

I thought calculating the food cost was a bit tedious, and it was difficult to estimate what
I would eat every day. Also esurance was difficult to manage and I didnt want to give too
much personal information away. Other than that the project was pretty simple and
straightforward.

Explain what would apply to your real life. (3-5 sentences)

This really shows me how much money Ill have and how much wiggle room my salary
allows for. It actually really helped me to stop freaking out about my student loans
because that was a major concern of mine going forward. Now Im realizing that Ill be
okay and I can live comfortably with my career.