3rd hour

Selina Shi

Budget Project

Selina Shi
9/6/2015
Hr: 3
Table of Content

3rd hour

Selina Shi

Part 1: Career/Job...............................................................................................3
Part 2: Bank........................................................................................................5
Part 3: Housing...................................................................................................9
Part 4: Transportation.......................................................................................10
Part 5: Medical & Dental Insurance Coverage..................................................11
Part 6: Cell Phone/Telephone............................................................................16
Part 7: Utilities..................................................................................................17
Part 8: Food and Clothing.................................................................................18
Part 9: Entertainment & Miscellaneous............................................................19
Part 10: Savings and Retirement......................................................................20

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Selina Shi

Part 1: Career/Job
The career I choose is the hotel manager. The reason I choose this career is that with the
development of tourism, the high-ranking manager is lack in the world. I think this career has
good foreground. Basically, the job of a hotel manager is to make sure that all staff do
everything they can to make a guest stay pleasant and comfortable, while making sure that the
hotel is profitable and efficient. Also, the manager has to coordinate cleaning staff, the front
desk operations, grounds and facilities maintenance, and where applicable, create budgets and
set room rates, interview, hire and train new staff, resolve employee conflicts, and help guests
with any issues they might have. Some people get started with a high school diploma and
years of experience in the hotel industry, but most larger hotels require a bachelor's degree in
business management, hospitality management, or similar. There are also associate degrees
available depend on different hotels. Experience needed includes accounting, hotel
administration, economics, marketing, housekeeping, food service management, and hotel
maintenance and engineering, as well as knowledge of computers and specific hotel-related
software. This job needs communication skills indeed, because customers evaluation will
affect the earning.

Gross Income......................................................................
FICA Amount...................................................................
Medicare Tax....................................................................
Federal Tax.......................................................................
State Tax...........................................................................
Net Income...........................................................................

$ 12,000/year
1.000/month
$ 62
$ 14
$ 60
$ 20
$ 844

Additional Monthly Deductions

Health Insurance.......................................................

83.01

Dental Insurance.......................................................

Included

Life Insurance...........................................................

27.53

Savings (minimum of 5%).......................................

42

Total Additional Monthly Deductions..............................

$
844$152.54=$691.46

After higher education and attending job:

Gross Income......................................................................

$ 46,880/year
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FICA Amount...................................................................
Medicare Tax....................................................................
Federal Tax.......................................................................
State Tax...........................................................................
Net Income...........................................................................

Selina Shi

3907/month
$ 242
$ 55
$ 430
$ 156
$ 883

Additional Monthly Deductions

Health Insurance.......................................................

120

Dental Insurance.......................................................

Included

Life Insurance...........................................................

30

Savings (minimum of 5%).......................................

44

Total Additional Monthly Deductions..............................

$
883$194=$689

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Selina Shi

Part 2: Bank
A checking account example is Everyday Checking Account of Wells Fargo. Basically, theres
no big difference between these two accounts. They have same minimum balance, yet
Everyday Checking Account has less monthly service fee. Both of them have online banking
and customer service, but Wells Fargo's service is 24 hours which means I can check my
account at any time and there will be assistance to help me out. Both have Optional Overdraft
Protection to help me avoid overdraft fees and declined debit card transactions. Wells Fargo
has a discount, which allows teenagers between 17 and 24 years old get a $5 monthly service
discount. More than 12,000 ATMs and 6,200 banks of Wells Fargo allow me to get latest
information easily. In a word, Everyday Checking Account is more suitable for me. As for the
saving account, I would like to choose Rewards Money Market Savings Account of Bank of
America. There are several reasons for me to choose it. First of all, it has higher interest rate
compare to Way2Save Savings of Wells Fargo, which means I can get more money from the
account. Compare to the Wells Fargo, the card can be free use of other banks ATM, so I will
not need to go to the bank to withdraw money. FDIC insured is also an attracting feature. I
feel like my account is much safer by that. Moreover, if I can keep a minimum of $2500 daily,
I dont need to pay for the monthly fee. Online and telephone customer service can also
provide a convenient way for me to check my account. For these reasons, I would choose
Rewards Money Market Savings Account of Bank of America. Travel Rewards Credit Card is
more suitable for me. I love travelling in my vocations and it always costs a lot. The biggest
expanse is the price of airplane. I also have to pay for the hotels meals and I love to buy some
souvenirs for my friends which costs a lot. Since it has no foreign transaction fees, I can also
use it when I travel to another country. In a word, this credit card is suitable for me. The APR
is 14.99-22.99%. it doesnt have any annual fee. The balance transfer fee is 3%.

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Selina Shi

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LOANS

Selina Shi

Cost

Student Loan Monthly Payment

$0

Credit Card ($1,000 Balance)

Store
Credit
Card
($500
Balance)
Total

$15
$10
$25

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Selina Shi

The minimum payment that I would be able to make on a balance of $1,000 can be about
$200, and the minimum payment that I would be able to make on a balance of $500 Store
Credit Card will be about $100.
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Part 3: Housing
Sample Apartment Advertisement

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Part 4: Transportation
TRANSPORTATION
Vehicle Payment (Principle)

Cost
$15,000

Vehicle Payment (Interest)

Insurance
Licensing

$1,581.0
9
$319.2
$25.6

Fuel
Maintenance

$180
$340

Other
Total

$120
$17,730.
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Part 5: Medical & Dental Insurance Coverage

Medical Insurance 1:

Medical Insurance 2:

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INSURANCE

Dental
Health
Life (Average-use this amount)
Other
Subtotals

Selina Shi

Cost

$22.99
$36
$27.53
$0
$86.52

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Part 6: Cell Phone/Telephone

The company I choose is T-Mobile. The monthly cost of the cell phone plan is $49. It includes
unlimited data, talk and text. The flag fall cost is $0.35. I choose to use cell phone instead of
telephone is because I dont normally stay at home, and therere not that many chances for me
to make phone calls. Since I use data a lot when Im out or at place that does not have Wi-Fi, I
need a large amount of data. This plan is just suitable for me.

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Part 7: Utilities
The utilities I use each month include gas, cable, online fees, electricity and water. The cost of
gas is $50, and the cost of water is $20. It will cost me about $17 for electricity. The cost of
online services is $20 if paying for a whole month.

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Part 8: Food and Clothing

The food expense per month is average $240, including having it at home or going outside for
dinner. I will use coupons and participate in some promote activity such as black Friday to
reduce the price. Whats more, I will save my money in the bank or do the investing to make
more profit for increasing my money.
For the cloth, Im a fashion-lover and Id love to buy luxuries several times a month. But it
will depend on how much I make per month. The total expense of it is approximately $500.

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Part 9: Entertainment & Miscellaneous

ENTERTAINMENT

Cost

Video/DVD

$0

CDs

$0

Movies

$20

Concerts

$40

Sporting events

$30

Live theater
Vacation/Travel (Saving for a
trip)
Other (Pet Care)

$10
$200
$0

Other
Total
PETS

Food
Medical

$0
$300

Cost

$240
$90

Grooming
Toys

$0
$30

Other

$0

Total

$360

PERSONAL CARE

Cost

Hair/Nails

$10

Dry Cleaning

$50

Health Club/Gym Membership

$50

Organization Dues or Fees

$0

Other

$0

Total

$110

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Part 10: Savings and Retirement

The interest rate for below $10,000 is 0.05%, and the interest rate for over $1,000,000 is
0.15%. If the amount of money is in between, the interest rate is in between 0.05%-0.15%.
The more money I save, the more interest I will earn. I will put 6% every month in my
savings and put 3% amount in my retirement every month. I will put 6,000 dollars to
investment. Ill look up for a growing company and invest my money in it. This way, I can
make more and more money. The money that I earn will go into my savings account. Ill use
the money on something Id like to do or buy.

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Monthly Budget Report Sheet

After High School & Before Getting Additional
Education
1. Computing Monthly Net Income

Gross Income......................................................................
FICA Amount...................................................................
Medicare Tax....................................................................
Federal Tax.......................................................................
State Tax...........................................................................
Net Income...........................................................................

$ 12,000/year
1.000/month
$ 62
$ 14
$ 60
$ 20
$ 844

Additional Monthly Deductions

Health Insurance.......................................................

83.01

Dental Insurance.......................................................

Included

Life Insurance...........................................................

27.53

Savings (minimum of 5%).......................................

42

Total Additional Monthly Deductions..............................

$
844$152.54=$691.46

2. Monthly Expenditures
Rent.......
Vehicle Cost Per Month.......

$______462________
$____300__________

Monthly Vehicle Insurance Payment...

$____0__________

Monthly
Renters
Insurance
Cost......................................
Monthly Payment on Student Loan(s)
Monthly
Phone/Cell
Phone
Cost......................................
Utilities
Monthly
Cost
(total
from
below)........................
Cable.................................................
$____0________
Electric/Gas......................................
$_____50_______
Water................................................
$_____20_______
Trash.................................................
$_____20_______
Other.$______60______
Monthly
food/clothing
costs.............................................
(minimum $160 for food + clothing)
Entertainment
Costs.........................................................

$_____50_________
$_____0_________
$______50________
$______150________

$_______300_______
$______120________

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Monthly
Gasoline/Maintenance
Costs.............................
Savings
Deposits..............................................................

$_______100_______

Total
Expenditures............................................
Monthly
Net
(bring
Income...................................

$______1532________

Monthly
home)

Monthly Surplus or Deficit......................................+

or -

$______0________

$_______844_______

$______-688________

Monthly Budget Report Sheet

After Higher Education and Entering in to a Career
Field
1. Computing Monthly Net Income

Gross Income......................................................................

$ 46,880/year
3907/month
$ 242
$ 55
$ 430
$ 156

FICA Amount...................................................................
Medicare Tax....................................................................
Federal Tax.......................................................................
State Tax...........................................................................
Net Income...........................................................................

$ 883

Additional Monthly Deductions

Health Insurance.......................................................

120

Dental Insurance.......................................................

Included

Life Insurance...........................................................

30

Savings (minimum of 5%).......................................

44

Total Additional Monthly Deductions..............................

$
883$194=$689

2. Monthly Expenditures
Rent.......
Vehicle Cost Per Month.......

$______1000________
$______450________

Monthly Vehicle Insurance Payment...

$_____319.2_________

Monthly
Renters
Insurance
Cost......................................
Monthly Payment on Student Loan(s)

$______100________
$______0________

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Monthly
Phone/Cell
Phone
Cost......................................
Utilities
Monthly
Cost
(total
from
below)........................
Cable.................................................
$_____70_______
Electric/Gas......................................
$______70______
Water................................................
$______20______
Trash.................................................
$______20______
Other. $_____60_______
Monthly
food/clothing
costs.............................................
(minimum $160 for food + clothing)
Entertainment
Costs.........................................................
Monthly
Gasoline/Maintenance
Costs.............................
Savings
Deposits..............................................................

$______80________

Total
Expenditures............................................
Monthly
Net
(bring
Income...................................

$_____3389.2_________

Monthly
home)

Monthly Surplus or Deficit......................................+

or -

$_______240_______

$______600________
$______300________
$_______100_______
$_____200_________

$______4,000________

$______+610.8________

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