Budget Project Part 4 (92 Points Total

Discussion Paragraphs (22 points)

Directions:
• You must complete this section for only the first year after you graduate from Ohio University with the degree you are currently pursuing.
• You must live in the United States, even if you will not in real life.
• For the following 11 Categories, write a short paragraph to answer the questions under each heading.
• Also complete the Budget Part 4 Spreadsheets in the second half of the document.
• Remove all of my directions before you submit your assignment so that Turnitin doesn’t flag them as plagiarized.
Categories:
1. Location
o Choose a city and state in the United States. You can remain where you currently live if that is your plan.
o Why do you want to live here?
o Will you need to move from your current location to this location?
o How are you going to move your belongings from their current location to this new location?
o Will you need to get a new driver’s license, car license plates, and car registration?
o Will you need to pay deposits to set up new utility services?

2. Home
o Choose a place to live in the city/state you chose above. Search for an apartment or house online.
 Insert a screen shot or cut and paste a copy of the advertisement for the apartment/house. The price must be visible in the screen shot or copy. Do not include a URL alone.
 If you are thinking of buying a house right after graduation, you must discuss where you will get the 10 – 20% down payment you will most likely need to make the purchase.
 If you currently own a home, you can use it for this section.
o Describe the home. How many rooms will you have? Will you have your own outside space?
o What costs, if any, are covered in the rent if you are in an apartment?
o Do you have any deposits that need to be paid to live here?
o What utilities will you have to pay for outside of the cost of rent/mortgage payment? If the advertisement doesn’t specifically mention that a utility is included in the rent you can assume that you will need to pay it on your own.
o Remember that you must be on your own and cannot move back in with parents/guardians for this assignment even if you really will be.

3. Transportation
o Describe how you will transport yourself around your city.
o If you currently own a car, you can use it.
o If you will be purchasing your first car or replacing a car:
 What type are you thinking about buying?
 How will you pay for the car?
o What other costs will you have to pay for when you own your own car? (You don’t need to include car insurance here, you will talk about that in a later section).
o Will you use public transportation? What type is available in the city where you will be living?

4. Durable Goods
o Durable goods are goods that you will keep for at least a year.
o What furniture and home goods do you currently have that you will bring with you to your new home?
o What furniture and home goods will you need to purchase during this first year out of school?
o Does your home/apartment provide kitchen appliances such as refrigerator, washer/dryer, stove, dishwasher and/or microwave?
o Will you need a new wardrobe for your new job?
o Will you need any tools or office electronics for your new job that are not provided by your company?
o If you are currently settled in a home and will not be changing anything when you graduate, you can discuss that in this section.

5. Non-Durable Goods:
o Non-Durable goods are goods that you use up in less than a year.
o What types of non-durable goods do you typically buy throughout the year?
o What goods do you use quickly and have to replace frequently?
o What goods do you use more slowly and replace infrequently?

6. Services:
o Services are paying someone to do something for you.
o Remember that you cannot let your parents/guardians pay for your services even if they will when you graduate. If you are currently on a family plan for a cell phone, you need to find out how much it costs to have your own plan.
o What services to you use on a regular basis?
o Will you need to start using any new services when you move to your new home and start your new job?

7. Insurance:
o Do not include health insurance in this section. It will be discussed in the next section.
o Remember that you cannot let your parents/guardians pay for your insurance even if they will when you graduate.
o What types of insurance will you need to protect your belongings and yourself?
o If you own a car, will you have both liability and collision insurance?
o Will you take out life insurance on yourself or other family members?
o Will you take out renters insurance if you are renting your home?
8. Health Care/Insurance:
o Remember that you have to cut yourself off completely from parents/guardians and cannot remain on their policy even if you will be in real life and are covered by the new rule that you may stay on their insurance until age 26.
o If you are already independent of your parents/guardians, you can use your current situation if it will stay the same when you graduate from Ohio University.
o Does your job cover your health insurance as a benefit?
o If not, you will need to look at how much it will cost you to purchase your own insurance in the state you have chosen. What type of policy do you need?
o What will you have to pay out of pocket for co-pays or co-insurance?
o Will you need to pay out of pocket for prescription medicines or eyewear that is not covered by your insurance?
9. Education:
o Do you have to pay back student loans from your time as a student at Ohio University?
 When does your agreement state that you have to start paying them back? Remember that you do not need to pay back the entire amount in one year. You will need to determine how many years you will have to pay back your loans.
o Are you planning to go to graduate school as soon as you graduate from Ohio University?
 Will you have to pay for tuition or do you expect to have financial help from the institution you will be attending?
 Will you need a loan?
 What other costs will you have such as books and fees?
o Do you need any specialized training to start your new job such as taking exams to become certified in your field?

10. Entertainment/Hobbies/Activities:
o What hobbies do you have?
o What do you do for entertainment?
o What other activities do you like to participate in for fun?
o Do you need to buy any equipment, tools, or supplies to participate in your hobbies, entertainment, or activities?
o What gifts do you buy over the course of the year?

11. Special Situations:
o Will you have a child or children during that first year after you graduate from Ohio University? Do you already have children?
o If you will have a child or children, what expenditures will you have associated with them during this year?
o Will you have a pet or pets during that first year after you graduate from Ohio University? Do you already have a pet or pets? What type will you have?
o What expenses will you have associated with your pet/pets during this year?
o If you will have neither of these expenses, mention that in this paragraph.

Budget Project Part 4 Spreadsheets (65 points)
• Before you submit this assignment, remove my directions so that Turnitin doesn’t flag them as plagiarized.
• Fill out the 11 spreadsheets below. They correspond with the discussion paragraphs above.
o You may add expenses to the spreadsheets, but do not remove expenses that are already there.
o If an expense does not apply to you, write $0 or N/A for that expense.
o You may input your numbers directly into these spreadsheets or create your own in a program such as Excel. Be sure to copy the spreadsheets exactly (including color) if you do so.
• The spreadsheets are divided into 2 categories: One-time expenses and monthly expenses.

• Follow the directions carefully for the green and blue lines on each spreadsheet so that your totals are correct for transferring to Spreadsheet 2.

• Transfer totals from the 11 individual spreadsheets to Spreadsheet 2 in this document.
o Carefully read the directions in the Budget Part 4 Spreadsheets document so that you place the numbers in the correct columns on Spreadsheet 2.
o Use the color codes to help with this process.
o Move the totals in the blue boxes to the yearly (blue) column on Spreadsheet 2.

o Move the totals in the green boxes to the monthly (green) column on Spreadsheet 2.
One-Time Expenses Spreadsheets:
Record the one-time cost for the items on each spreadsheet.
Total all of the expenses on these spreadsheets on the blue lines.
Move the total results to the yearly (blue) column on Spreadsheet 2.
Take each yearly total and divide it by 12 to calculate the monthly amount that must be dedicated to these expenses during this one year budget. Write these numbers on the green lines.
Move these numbers to the monthly (green) column on Spreadsheet 2.