ACT 4480 Aberystwyth University Personal Budget Project Excel Sheet Y’all will be graduating soon and most of you will be starting work in your first profe

ACT 4480 Aberystwyth University Personal Budget Project Excel Sheet Y’all will be graduating soon and most of you will be starting work in your first professional jobs. You will be making much more money than you are used to, and I want you to think about it before you actually get there. There is an Excel spreadsheet with a personal budget started. I want you to think about your day to day expenses and finish it within the guidelines I have included. Please use real numbers where possible. Planning to go work in Montgomery and don’t know what apartments cost there? Look it up and choose an apartment you would realisticly expect to live in. Do the same for the other expenses. Since I know I haven’t listed everything, go ahead and add in expenses that you have that I did not include. I’d like this to be as realistic as possible. ACT 4480
Budget Project
This project assumes the following:
You graduated with a MAcc in August, started your new job in September, you have $500 in your bank account wh
and you are committed to contributing 3% of your salary to your company’s retirement plan immediately. Your sta
$52,000. The expenses included below are the minimum you need to include. Include any other expenses you thin
normal living environment, groceries for example. Don’t forget to budget for things like Christmas shopping if that
habit. The spreadsheet is set up with some formulas already so be sure to update them if needed when you make
Use 18% as a federal income tax figure and 7% as a state income tax figure. Use the appropriate percentage for pa
If you do not know the cost of renting in the city you plan to be working in, do a little research and find a realistic n
Likewise, if you will be buying a new car, research the actual cost of the vehicle you plan to purchase and assume f
years at 4% interest. If you don’t plan to purchase a new car right away, plug it into your budget in the month you d
one. If you will be putting down a downpayment, be sure to include that negative cashflow in the appropriate mon
If you have student loans be sure to include the payments starting at the appropriate time.
September October
November December January February
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Beginning cash balance
Salary
Payroll Taxes
Federal Income Tax Withheld
State Income Tax Withheld
Retirement Contributions
Rent
Utilities
Cable
Insurance
Car Payment
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–
–
–
–
–
Total Income/Expenses
–
–
–
–
–
–
Ending Cash Balance
–
–
–
–
–
–
$500 in your bank account when your job starts,
nt plan immediately. Your starting salary is
e any other expenses you think you may incur in a
ike Christmas shopping if that is your normal
m if needed when you make changes.
ppropriate percentage for payroll taxes.
e research and find a realistic number.
lan to purchase and assume financing over 5
our budget in the month you do plan to purchase
hflow in the appropriate month.
March
April
May
June
July
August
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–
–
–
–
September
–
–
–
–
–
–
–
–
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–
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