Academic Personal Financial Management
Personal Budget Course Project
Throughout this course, we will cover six units about various personal finance topics. During each
unit, you will be working on a component of your portfolio that corresponds to the unit topics. Each
test date, you will turn in the completed section of your portfolio for a quiz grade. Your final budget
and completed portfolio will be counted as a DOUBLE test grade.
If you struggle with tests and quizzes, this is your opportunity to boost your quiz/test grade (combined
45% of your FINAL grade)!
You will keep a portfolio of your completed work in a Google Drive Folder. All submitted materials
and the graded rubric for each unit submission must be in your portfolio. Missing components will
reduce your final project grade by one letter grade (10 points) per missing component. Each step will
be graded by rubric.
The following timeline will be utilized for the project:
Unit
Components
Due Date
Unit 1 - Income & Careers
Career Research, Tax Withholding
Date prior to Unit 1 Test
Unit 2 - Money Management
Necessary Living Expenses
Date prior to Unit 2 Test
Unit 3 - Credit & Debt Management
Credit Card Payment
Date prior to Unit 3 Test
Unit 4 - Planning, Saving & Investing
Retirement & Emergency Funds
Date prior to Unit 4 Test
Unit 5 - Risk Management & Insurance
Auto & Renters Insurance
Date prior to Unit 5 Test
Unit 6 - Becoming a Critical Consumer
Car Payment, Home Savings
Last Class of Unit 6
Final Budget & Reflection Questions
Typed Final Budget & Reflection
Date of Final Exam Review
FOR EACH SUBMISSION YOU WILL BE EXPECTED TO:
● Create a Google document with a proper heading (name, date, block, assignment name)
● Number and answer questions in the same order as the instructions
● Responses are expected to be thorough, well thought out, and organized
● Use complete sentences and check spelling/grammar usage
● CITE ALL SOURCES
● Keep each submission in your portfolio folder with all graded rubrics
Google Drive Portfolio Instructions:
● Folder should be named: Block-APFM Portfolio-Last Name
● Folder must be SHARED with your teacher (sharing permissions: can edit)
● Make a copy of the project instructions & budget template and save in your portfolio folder
DK/DM 12/2013
Unit 1 - Income & Careers
During Unit 1, we will discuss career planning and how financial choices have benefits, costs, and
consequences. We will also discuss the many ways to earn income, paychecks and benefits, as well as how
to prepare income taxes and the types of tax that will be deducted from each paycheck you earn.
Required portfolio components to be turned in on the date prior to the Unit 1 Test:
1. Choosing an Occupation - Choose an occupation you think you will enter after graduation (from High School or
College). Research the following information for your chosen career (cite your sources).
a. Average Salary Nationally
b. Average Salary in New Jersey
c. Required Education
i.
Degree Required
ii.
Years Required to Complete
iii.
College That Offers This Degree
iv.
Tuition Rates for One Year
2. Monthly Take-Home Pay - Calculate your monthly take-home pay for this job and type the amounts into the
budget template provided to you (show your work for your calculations and cite sources used for calculating)
a. Starting Salary (Gross Pay)
i.
Yearly - Amount from Question 1B. Divide by 12 to calculate your monthly gross salary.
b. Federal Tax
i.
Use the resource below to help you calculate how much will be withheld from your monthly
paycheck. Multiply by 12 to calculate your yearly federal tax withholding.
c. State Tax
i.
Use the resource below to help you calculate how much will be withheld from your monthly
paycheck. Multiply by 12 to calculate your yearly state tax withholding.
d. Medicare and Social Security (FICA)
i.
Use the resource below to help you calculate how much will be withheld from your monthly
paycheck. Multiply by 12 to calculate your yearly federal tax withholding.
3. Reflection Questions - Write a reflection of your findings and learning (1 paragraph minimum per item). Be sure
to answer the following prompts in your reflection:
a. Does the national and state salary for your occupation or education requirements for the college you
researched change your feelings about this job position? Will you still pursue this job?
b. Did the tuition rates you researched for the college of your choice change your feelings about the
college? Will you still look to attend this institution after high school?
c. What was your first reaction to how much you will pay in taxes each year? Did any amounts surprise
you?
d. Indicate overall how the topics we discussed in Unit 1, in addition to your research, have positively
impacted your outlook on Income & Careers.
Suggested Resources:
● Federal & State Tax Withholding Calculation
○ Status = Single, Allowances = 0, Pay Periods = 12, Gross Salary = Monthly Salary
○ All other amounts leave 0
● FICA Medicare & Social Security Tax Withholding Calculation
● Naviance
● Salary.com
● Bureau of Labor Statistics
DK/DM 12/2013
Unit 2 - Money Management
During Unit 2, we will discuss needs and wants, and how that affects personal decision making. We will also
discuss different types of bank accounts, such as savings and checking, how to use the services offered by
banks to meet your needs, and how to budget your income and expenses.
Required portfolio components to be turned in on the date prior to the Unit 2 Test:
1. Choosing an Apartment - You will need to research your monthly cost of living for when you have moved out on
your own and begin your desired career.
a. Research an apartment you would like to live in that suits your needs, and is affordable given your salary.
Use the link provided to determine your maximum monthly rent.
b. Include a direct link to the apartment you found in your submission.
2. Cost of Living - Research the monthly bills that you will be required to pay in order to live in your apartment.
Discuss with your parents and research online estimated costs for each (remember to cite all sources). Calculate
the following monthly expenses and type the amounts into the budget template provided to you:
a. Rent
b. Groceries
c. Utilities (Gas/Electricity)
d. Phone
e. Cable/Internet
3. Reflection Questions - Write a reflection of your findings and learning (1 paragraph minimum per item). Be sure
to answer the following prompts in your reflection:
a. Why did you choose your apartment? What amenities and other things do you like about the apartment?
What are some things you wish you could change/add to this apartment?
b. Did your discussion with your parents about monthly expenses correlate to the findings of your online
research? What were the discrepancies, if any?
c. What was the required security deposit for your chosen apartment? Were you surprised at this required
amount? What is the purpose of a landlord requiring a tenant to pay a security deposit?
d. Indicate overall how the topics we discussed in Unit 2, in addition to your research, have positively
impacted your outlook on Money Management.
Suggested Resources:
● Trulia.com
● Zillow.com
● Apartmentfinder.com
● Rent to Income
DK/DM 12/2013
Unit 3 - Credit & Debt Management
During Unit 3, we will discuss credit, and how spending and buying decisions can affect your credit, including
topics such as credit cards, interest rates, and fees. We will also discuss credit records, credit laws, costs of
buying on credit, and problems associated with using credit such as bankruptcy.
Required portfolio components to be turned in on the date prior to the Unit 3 Test:
1. Shopping for a Credit Card - Find a credit card that is right for you. Compare the features of three different
student credit cards in a table. Include the following categories in your comparison: Name of Credit Card and
Credit Card Company, Regular APR (for purchases), Fees (Annual, Usage & Penalty), Credit Needed (Poor, Fair,
Good, Excellent), and Additional Incentives.
a. Choosing the Right Card - Choose the card that you think is best for you, and indicate why you think this
card is best for you (minimum 1 paragraph).
2. Big Ticket Item - Purchase a “big ticket” item. Find an expensive item that you would like to purchase ($2,000 $5,000). Examples could be a big-screen TV, furniture for your new apartment, a cruise in the Caribbean, etc.
Insert a link to the online listing of the item with a picture, description, and total purchase amount (including tax).
Calculate the following monthly expenses and type the amounts into the budget template provided to you:
a. Credit Card Payment
i.
Use the credit card payment calculator (below) to determine what your estimated monthly
minimum payment will be for this credit card purchase.
3. Reflection Questions - Write a reflection of your findings and learning (1 paragraph minimum per item). Be sure
to answer the following prompts in your reflection:
a. How much will your purchase cost you (at a minimum) each month? Use the second credit card payment
calculator to determine how many months will it take you to pay off this purchase at only the minimum
payment. How much interest will you be charged? How do you feel about this?
b. Does the information from the credit card payment calculator have an impact on your purchase? Would
you consider purchasing something else? Why or why not?
c. Use the second credit card payment calculator to determine how much you would need to pay each
month to pay off your card in 5 years. Can you manage this payment in your budget? Indicate if you are
going to pay the minimum or the new amount, and why you made/didn’t make the change.
d. Indicate overall how the topics we discussed in Unit 3, in addition to your research, have positively
impacted your outlook on Credit & Debt Management.
Suggested Resources:
● Bankrate.com
● Credit Card Payment Calculator
● Creditcards.com
● Credit Card Payment Calculator 2
DK/DM 12/2013
Unit 4 - Planning, Saving, & Investing
During Unit 4, we will discuss saving and investment options, such as stocks, bonds, mutual funds, and real
estate. We will discuss risk and return and how to analyze different saving and investment options to best
meet someones specific needs. We will also discuss options to plan for retirement and estates.
Required portfolio components to be turned in on the date prior to the Unit 4 Test:
1. Saving for Retirement - You need to determine how much you need to save for your future retirement (not
including social security). Use the retirement calculator (link below) to help you determine this amount. Once you
calculate, type the amounts into the budget template provided to you:
a. Current Age: the age you will be when you graduate high school or college (depending on the education
required for your selected career).
b. Current Annual Income: Use your yearly starting salary from Unit 1
c. Leave all other amounts at the default values
2. Emergency Fund - You need to determine how much you need to save for your emergency fund. Use the
emergency fund calculator (link below) to help you determine this amount. Once you calculate, type the
amounts into the budget template provided to you:
a. Current Emergency Funds Available: $0
b. Number of Months: Select a number of months between 3 and 6
c. Number of Months to accumulate: Determine how long you want to take to build up your emergency fund
(i.e. 2 years would be 24 months)
d. Enter your monthly living expenses from Unit 2 & Unit 3
3. Reflection Questions - Write a reflection of your findings and learning (1 paragraph minimum per item). Be sure
to answer the following prompts in your reflection:
a. Is it possible to reach your retirement goal based on your income and expenses? Are you worried that
your retirement and emergency savings might make your budget not balance?
b. If you needed to, what type of adjustment would you make (either to retirement or emergency fund
monthly savings) in order to balance your budget? Why would you make this choice? What influenced
your decision?
c. Why are retirement and emergency funds important? Could you live without one, or both? Why or why
not?
d. Indicate overall how the topics we discussed in Unit 4, in addition to your research, have positively
impacted your outlook on Planning, Saving, & Investing.
Suggested Resources:
● Retirement Calculator
● Emergency Fund Calculator
DK/DM 12/2013
Unit 5 - Risk Management & Insurance
During Unit 5, we will discuss various types of risk and strategies to manage risks, specifically through
insurance. We will discuss the different types of insurance, such as homeowners, renters, automobile, health
and life insurance, how to obtain coverage and what can be covered under an insurance policy.
Required portfolio components to be turned in on the date prior to the Unit 5 Test:
1. Auto Insurance - You need to determine the amount you will pay each month for auto insurance.
a. Visit RateKick and obtain a free quote for insurance on your current vehicle (or vehicle you think you will
drive in the future). Once you click “Find My Rates,” adjust your coverage options on the left to get an
accurate quote based on your needs. Use your judgement to determine how much coverage you want on
your car.
b. Choose the lowest premium amount. Include a direct link to your quote page. Take your 6-month
premium amount, divide by 6, and type the amounts into the budget template provided to you.
2. Renters Insurance - You need to determine the amount you will pay each month for renters insurance.
a. Visit the Census website (link below) for average insurance premium amounts by state. Find the amount
for renters in New Jersey. Divide this amount by 12 and type the amounts into the budget template
provided to you.
3. Reflection Questions - Write a reflection of your findings and learning (1 paragraph minimum per item). Be sure
to answer the following prompts in your reflection:
a. What type of coverage did you select for your car (out of the 5 types of auto insurance coverage)? Based
on your quote, would you consider changing your selections? Why or why not?
b. Does the insurance company you selected offer multi-policy discounts? Would selecting an insurance
provider that offers this lower your premium costs?
c. Overall, how was your experience with the auto insurance quote process? Do you think insurance
providers could improve this? Why or why not?
d. Indicate overall how the topics we discussed in Unit 5, in addition to your research, have positively
impacted your outlook on Risk Management & Insurance.
Suggested Resources:
● RateKick.com
● Average Insurance Costs
DK/DM 12/2013
Unit 6 - Becoming a Critical Consumer
During Unit 6, we will discuss making financial decisions as a consumer, specifically with regards to purchasing
large items such as a home or a car. We will also discuss the emerging market of online shopping, and how
consumers are protected when utilizing wise buying practices.
Required portfolio components to be turned in on the last class of Unit 6:
1. Purchase a Vehicle - Decide on a vehicle to purchase. Look up the purchase price using the Kelley Blue Book
(KBB). Calculate the following expenses and type the amounts into the budget template provided to you.
a. Car Payment
i.
Use the auto loan calculator (link below) to calculate your monthly payment, total payment, total
number of monthly payments, and payoff date for a 6 year loan at 10%, using the “Out-the-Door
Target Price” from Kelley Blue Book.
b. Car Insurance
i.
Auto lenders require debtors to carry “full-coverage” auto insurance. Get a new quote (include a
direct link to your new quote) and put your new insurance amount into your template.
c. Gas
i.
Determine how many miles you will travel (on average) to and from work each day. Multiply this
by 22 work days per month and add 100 extra leisure miles to get your average miles traveled.
Use KBB specs to determine your new car’s MPG (combined). Divide your average miles
traveled by your car’s MPG to determine how many gallons a month you use. Multiply this
number by the current price of gas in NJ (use the Gas Buddy link below).
d. Car Maintenance
i.
Using KBB’s “5 Year Cost to Own” under the Research tab, find the Maintenance and Repairs
expenses, total them, and divide by 5 to determine your expenses per year to maintain your car.
Divide this amount by 12 to determine your monthly maintenance expense.
2. Consumer Expenses - Determine your other expenses that consumers often spend money on.
a. Clothing - discretionary amount determined by you
b. Entertainment - list out your expenses and add the total of these expenses to your budget.
c. House Down Payment
i.
In NJ, on average, homebuyers make a down payment of 13.71% of the purchase price of the
home. The average home price in NJ is $270,000, making for an average down payment of
$37,000. Most homebuyers are over 30. Assume you are going to purchase your first home in 10
years, determine your required monthly savings to reach $37,000 by then (assuming you earn no
interest and keep it under your mattress).
3. Reflection Questions - Write a reflection of your findings and learning (1 paragraph minimum per item). Be sure
to answer the following prompts in your reflection:
a. How much did you actually pay for the car compared to how much the Out-The-Door Target Price? What
are some ways to lower the cost of the total interest you would pay for a car?
b. Did any of the car expenses you researched affect your feelings towards your desired car? Why or why
not?
c. Are you able to include the required house down payment savings in your budget to purchase a home in
New Jersey? Does this figure have you reconsidering purchasing a home in this state? Why is New
Jersey more expensive to live in than other states?
d. Indicate overall how the topics we discussed in Unit 6, in addition to your research, have positively
impacted your outlook on Becoming a Critical Consumer.
DK/DM 12/2013
Suggested Resources:
●
Auto Loan Calculator
●
Kelley Blue Book
●
RateKick.com
●
Gas Buddy
Final Budget & Reflection Questions
Throughout the course, we discussed many personal finance topics and researched various components to
complete a budget. Now, it is time to reflect on your learning during the course and project.
Required portfolio components to be turned in on the final exam review date:
1. Review your budget template and make sure your copy is final.
2. Answer all of the following course reflection questions (1 paragraph minimum per item):
a. What have you learned about the overall financial support provided by your parents?
b. Think about the adversities that you may face which insurance may help you overcome. Do you
feel that insurance is an essential component to consider when planning for your financial
future? If yes, explain how insurance can help you overcome challenges. If no, explain how
you could overcome challenges without insurance.
c. What is your plan for the future when it comes to using credit cards? Why have you decided to
adopt this plan? Discuss three positive outcomes from your chosen plan, and three negative
outcomes from your chosen plan.
d. What is your plan for the future with regards to student loans? What type of action would you
pursue if you were forced to get a student loan to complete your schooling? Why would you
choose this action?
e. What are two pieces of advice you would tell a friend as rules-of-thumb they should know and
follow when managing their own money?
Suggested Resources:
● Budget Template
DK/DM 12/2013