Personal Finance Project
Personal Finance Project
The following are the requirements necessary to fulfill the personal finance project. This is to show information for four months. You must cite all sources (MLA) and include the following heading on each document:
□ First initial, last name
□ Class period
□ Entry number
Entry One: Job Application
□ Complete one-page application for general, part-time job
□ Done in class
Entry Two: Letter of Interest and Resume
□ Letter of Interest:
o Create a business letter (proper format) giving an overview of who you are and highlighting major accomplishments that show how you stand apart from the other applicants
o Must include contact information and date
o Limit to one page, double spaced
□ Resume:
o Use template on Microsoft Word
o Contact three individuals to use as references
▪ You MUST ask permission to use them as references
▪ Parents, friends, family will NOT be accepted as references
▪ You MUST have three references
▪ You will need the following information from them:
• Name
• Relationship to you
• Address or email address
• Phone number
o Include:
▪ Contact information
▪ Objective/summary
▪ Education
▪ Work experience
▪ Skills/abilities
▪ Volunteer work/experiences related to the job at hand
Entry Three: Career Exploration Sheets (3)
□ Choose three career paths to research
□ For each career, complete one Career Exploration Worksheet
□ Calculate the education needed to accomplish each career researched
□ Include:
o Chosen institution
o Degree sought (associate, bachelor’s, master’s, doctorate)
o Cost per year (cost per semester/trimester): tuition, room and board, fees
o Cost of certification for career (if needed)
o Create an itemized breakdown of cost per year and a grand total for training/education needed to accomplish career goal
□ Calculate monthly income for one career (entry-level salary) to be used for the rest of the project (after taxes)
□ Show calculations
o Local taxes
o State taxes
o Federal taxes
o Medicare
o Social Security
Entry Four: Budget
□ Monthly net income
□ Four-month budget
□ Detailed list of how money is spent each month:
o Company being paid
o Amount paid
o What type of expense is it? (Housing, financial security, miscellaneous, etc)
□ Total each month and keep a running total of money saved or lost over the months; check your math
Entry Five: Housing
□ Address/location
□ Rent per month
□ Utilities included?
o If not, provide a detailed list of hook up charges, and monthly charges
□ Amenities: pool pass, CATA pass, etc.
□ Security deposit?
□ Apartment floor plan
Entry Six: Furnishings/extras for housing
□ Furniture
□ Linens
□ Toiletries
□ Food
□ Cleaning supplies
□ Plates and utensils
□ Laundry costs
o Amount per wash
o Amount per dry
o Total per week to do laundry
□ Extras: decorations, storage facilities, etc.
Entry Seven: Transportation
□ Model, make, and year of vehicle
□ Economy performance
□ Average gas expense per month
□ Cost: down payment, monthly payments, duration of loan, lease plan
□ Insurance costs:
o Company used
o Type of coverage
o Cost per month
□ Maintenance costs: inspection, emissions, oil change, fluids, etc.
□ Average mileage round trip to work and home
□ Parking costs
Entry Eight: Entertainment
□ Magazines, newspapers, Kindle/Nook downloads
□ Hosting parties/gatherings
□ Time out: meals, movies, bowling, sporting events, concerts, etc.
□ Major purchases: computer, iPad, iPod, cell phone, etc.
□ Other: fitness membership, group organizations, cost of hobbies (hunting, fishing, spa, etc)
Entry Nine: Financial Security
□ Health insurance
□ Life insurance
□ Retirement plan
□ Savings account/CD/Money Market account
□ Home/renters insurance
Entry Ten: Miscellaneous
□ Special days: anniversaries, holidays, birthdays, etc.
□ Clothing and accessories
□ Pets
□ Charitable donations
□ Extras: haircuts, pocket money, plants, etc.
Entry Eleven: Tax Form
□ Complete 1040 EZ tax form
□ Done in class
Entry Twelve: Sources
□ Create a list of resources used to complete the project
□ Categorize each source:
o Internet
o Flyer
o Personal contact
o Visit
Entry Thirteen: Reaction Paper
□ Must be two pages in length
□ Watch punctuation and grammar
□ Must include:
o Do you still plan on pursuing the career you researched for this project? Explain.
o What is your response to the education needed to pursue this career?
o What is your reaction to the cost of the education needed to pursue this career?
o What are your thoughts on the cost of living in today’s society? Would you consider working two jobs to maintain a higher standard of living?
o Do you feel you will be able to accomplish all goals, financial and personal, by following through with this career choice? Explain.
□ Reaction is not limited to the questions above
You must justify and substantiate (prove) as much of the above as possible. Account for all costs that had to be entered into your monthly budget. It will require you to research, ask questions, and make phone calls. Keep track of your investigations and findings; this must be documented. This includes, but is not limited to copies of: phone bills, electric bills, heating bills, and cable bills (please remove account numbers); grocery receipts; newspaper ads and personal contacts.
Phone: Date, time, location called, phone number, person contacted, information received
Personal interview: Date, time, location, person contacted, information received, signature
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