Personal Budget Assignment
Step 1: Earnings
Pick from a Hat. (Annual Salary)
McDonald’s Starting – $22 800
Entry Level Office Job - $26 000
Early Childhood Educator - $29 000
Entry Level Office Job - $30 000
McDonalds Assistant Manager - $32 000
Apprentice Plumber - $35 000
Paramedic - $40 000
First Year Teacher - $45 000
First Year Police Officer - $55 000
First Year Physician - $100 000
Step 2: Set Up a Spreadsheet
Add a title to column E – Reference Links. Place
an appropriate link in this cell when the
instructions call for it.
“% of annual income” is a percentage of your
GROSS yearly salary. Therefore cell D3 should
read 100%.
Deductions: Based on Annual Salary
Income tax:
15% on less than $44 000
24% on everything above $44 000
CPP:
4.95% under $52 000
$2425.50 over $52 000
EI:
1.88% under $48 000
$913.68 over $48 000
Cost of Living: Research and accurately record as much of the following information as possible. Be sure to NOT exceed
your percentage allotment for the year.
Housing
 Find a place to live online. - REFERENCE LINK
 No more than 35% of your annual income
Vehicle or Transportation
 Find your car or method of transportation. - REFERENCE LINK
 No more than 15% of annual income (also includes gas)
Insurance – Will be 9% of your housing and vehicle costs
Food -14% of annual income
Utilities (Water, Electricity) – ASK MEISSNER.
Cell Phone – Research accurate info – REFERENCE LINK
Internet – Research Accurate Info - REFERENCE LINK
Entertainment – What else are you spending your money on?
SAVINGS (retirement) 11%
SAVINGS (emergency) 5%
Add a title to the spreadsheet (merge and centre the cells above your spreadsheet) that contains your name and hob
title.
All of your titles and totals should be bolded.
All percentages should be to THREE decimal places.
All currency should be formatted as such.
Any value that you do not need to, or choose not to pay should be labeled with “NA”
Columns B and D and C should all be the same, appropriate width.
At the bottom of your spreadsheet (under expenses) Add the following titles in column A. Largest Expense, Smallest
Expense, Average Expense and TOTAL EXPENSES. Use the appropriate functions to determine the answers. (Find for
column B, C). Please shade all of these items in light blue.