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In this activity you will open the spreadsheet and fill in every cell that is shaded in yellow.  Other cells will automatically calculate from your entries.

Notice that you will need to do some investigation.  For instance, you will need to look up the beginning salaries of your projected career field in the city/town in which you hope to work.  You will also need to look up apartment rent prices.  You will need to look up federal and state income tax rates appropriate to where you anticipate working.  (Yes, you will need to look this up.)  You will also need to predict a number of expenses like utilities, cable/internet, student loans, cell phone, issues with cars, medical costs and insurance, and numerous others.  For some of these you will need to go to websites to get good estimates.  For instance, you can go to a cable/internet provider and find their prices.  Some of this information may come up when you communicate with your parent(s)/guardian(s).

In addition to completing the spreadsheet, you will need to submit an ancillary document explaining why you have the figures you have and what resources you used to indicate that your values are correct.  If you use a particular company website to get ideas, you will need to cite this.  (I anticipate this will occur frequently.) . You will not receive full credit if you do not indicate where you got the information to enter as amounts.

On your budget, note that if your income seems unrealistically high (particularly for you first year after college) or your spending seems unrealistically frugal, your budget may receive a lower grade.

Due to hobbies and other interests, many of you may have other anticipated expenditures.  These go in the category of “other” and will be explained in your ancillary document.

Notice that this is a monthly budget.  Some months are different than others.  For instance, you may have a month in which quarterly or annual payments are due.  You may also find that you need to pick up extra work on some months.

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Step 1: Open the Spreadsheet and Identify Yellow Cells

• Begin by locating all cells shaded in yellow—these are the only cells you will manually complete.

• Do not edit other cells, as they automatically calculate totals based on your entries.

Step 2: Research Your Anticipated Career Income

• Look up the starting salary for your chosen career in the city or town where you plan to live and work.

• Use reputable sources such as:

  • Government labor statistics

  • Job posting sites

  • Company salary data

• Record the monthly income in the yellow cells for salary.

Step 3: Gather Cost-of-Living Information

You’ll need realistic estimates for monthly expenses. Research the following:

1. Housing (Rent)

   • Search apartment listing sites for the area you plan to live.

   • Choose an average or typical price range—not the cheapest option available.

2. Utilities

   • Electricity

   • Water

   • Gas (if applicable)

   • Trash services

   • Many utility companies list average monthly costs online.

3. Cable/Internet

   • Visit specific provider websites (Spectrum, Xfinity, AT&T, etc.)

   • Record their actual monthly pricing.

4. Transportation Costs

   • Gas estimates

   • Car insurance

   • Maintenance (oil changes, tires, unexpected repairs)

5. Cell Phone Costs

   • Look up your current plan or research common provider prices.

6. Medical Costs and Insurance

   • Estimate premiums (if deducted from paychecks, factor that in)

   • Plan for co-pays, prescriptions, and occasional medical needs.

7. Student Loans

   • Use your loan provider’s repayment estimator.

8. Taxes (Federal & State)

   • Look up tax rates for the state where you will work.

   • Find current federal tax brackets for your income range.

   • Use simple online calculators to estimate monthly tax deductions.

Step 4: Include “Other” Personal Expenses

Everyone’s lifestyle differs. Examples include:

• Gym membership

• Streaming services

• Hobbies (gaming, art supplies, sports, etc.)

• Pets

• Clothing or grooming expenses

Add these into the “other” category and be ready to explain them.

Step 5: Ensure Realism in Your Budget

Your instructor will check that:

• Your income is realistic for an entry-level position.

• Your expenses match typical costs in the area.

• Your budget is neither overly frugal nor unrealistically high.

The goal is a believable first-year post-college monthly budget.

Step 6: Prepare Your Ancillary Document

This document is just as important as the spreadsheet.
Include:

1. Every figure you entered (rent, utilities, income, etc.)

2. Where you found it — websites, conversations with parents, bill statements, etc.

3. Citations for all sources

4. Explanations showing why your estimates make sense

This demonstrates that your numbers are accurate and research-based.

Step 7: Double-Check Monthly Variations

Some expenses are:

• Quarterly (e.g., car insurance)

• Annual (e.g., vehicle registration)

• Variable (extra gas, unexpected repairs, etc.)

Plan to show how your budget adapts during expensive months.

Step 8: Review and Submit

• Confirm all yellow cells are filled.

• Make sure the ancillary document is complete.

• Check that your research is cited clearly.

• Ensure the tone is professional and your numbers are realistic.

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