Using your work in Part A, create a budget spreadsheet. Include a section for income, a section for expenses, and a section for balance. Insert a picture of your completed spreadsheet.

Personal Budgeting Real-World Module Project (30 points total)

Directions: Answer all questions in complete sentences and show all work to receive full credit. For all parts, please use $1,502.45 as your bi-weekly net pay. Remember to convert to monthly pay by multiplying the bi-weekly pay by 26 and then dividing by 12. Use the space below to complete the monthly pay calculations:

Part 1: Build a Budget (15 points)
A. (10 points) Using the categories and percentages below, create a monthly budget using the monthly pay you calculated above.

1. Choose a percent within the given range. Make sure when choosing each percent, that the sum of all categories equals 100%. For example, you decide you want to spend 20% of your budget on housing. 20% for housing plus each percent from all other categories will equal 100%.

2. Then, using the monthly pay you calculated above, determine, in dollars, the maximum amount you can spend in each category monthly. (Multiply the monthly pay by your chosen percentage.)
● Housing 25% – 35%: percent chosen =
● Food/Household 10% – 20%: percent chosen =
● Savings 5% – 10%: percent chosen =
● Transportation 15% – 20%: percent chosen =
● Debt 5% – 15%: percent chosen =
● Entertainment 5% – 10%: percent chosen =
● Medical/Personal Care 3% – 7%: percent chosen =
● Giving 5% – 10%: percent chosen =
● Clothing 3% – 5%: percent chosen =
● Miscellaneous 5% – 10%: percent chosen =

B. (5 points) Using your work in Part A, create a budget spreadsheet. Include a section for income, a section for expenses, and a section for balance. Insert a picture of your completed spreadsheet.

Part 2: Finding a Rental Property (10 points)
A. (5 points) Research and find two rental properties. Your rental property may be in any city within the United States. Using the information found for your properties, complete the following chart:

    City, State                                         Rental Property 1                        Rental Property 2

Type of property –
house, apartment,
mobile home, etc.

Number of bedrooms

Number of
bathrooms

Total square footage

Utilities included –
list

Amenities included –
list

Monthly rent

Monthly electric – use
$150 if not included in
rent

Monthly water – use
$65 if not included in
rent

Monthly Total: rent +
electric + water

• B. (5 points) Using the totals from your completed chart, determine what percent of your monthly net income is spent on housing for each property. Compare the housing percent you chose in Part 1 to the percentages for each property chosen in Part 2.

Part 3: Saving for Rent (5 points)
Choose one of the rental properties from Part 2. Using the dollar amount for savings in Part 1, calculate how many months it will take to have four months of rent saved.