For this assignment you will do a thorough analysis and budget and complete every part. This should be a realistic budget for an adult. Be sure to use logical explanation for expenses. Must be in Microsoft doc. file
One of the most important components of wellness mentioned in our course was Life Planning.
Life Planning Wellness includes the process of discovering and maintaining a balance between personal, social, and vocational goals in your life. It involves taking advantage of opportunities to learn skills that will enhance satisfaction and enjoyment in your life. It is the awareness of your own strengths and skills, in addition to the time and financial commitment necessary to pursue the lifestyle of your choice.
Tips to Increase Life Planning Wellness
- Create a vision for your future
- Develop a budget and live by it
- Attend a time and stress management workshop
- Visit the Career Planning and Placement Office and use the resources available
- Actively pursue your interests and learn how they relate to career and life choices
The lesson mentioned that you should develop budget and live by it. In this project you will have the opportunity to create a Personal Budget. Your Personal Budget may either be fictitious or apply to your live.
You have to set up the following information.
- Electricity expenses
- Water expenses
- Rent/Housing Payment/Mortgage
- Car/ transportation
- Health insurance
- Car insurance
- Other expenses (cell phone service, cable television, internet, gym memberships, recreational expenses, food and groceries, college and training expenses, etc.) that apply to your lifestyle.
After you come with a list make sure you add all the expenses and see how that compares to your setup salary . Subtract your expenses from your salary and see if you have anything left.
Please set up a realistic expenses list. You can base your personal budget for this project on any adult you know, like your parents, your teachers, or others in your life. If you choose to base your budget on an adult that you know, you might want to conduct an interview.
At the end of your budget, write two paragraphs totalling at least 300 words, reflecting on the collected information.
In the first paragraph, justify your budget. In the paragraph, you might consider touching on some of the following questions: Is this a budget for a working high school student, a working college student, or an adult with a full-time job? What career would give you the salary you identified? What would your living situation be like for your provided rent or mortgage payment? What sort of car or transportation do you have? In this hypothetical budget, do you share your living space or provide financial support to family members such as children? What would you do with money you earn beyond your budgeted expenses? Do you feel that you would have quality life with this budget? Why or why not?
In the second paragraph, describe how you might handle any potential stressful financial situations that arise while you are living with this budget. (Potential stressful financial situations may include illness, injury, car or appliance break-down, natural disaster, loss of job, etc.) Be very specific about the parts of your own budget you might cut, and why you would cut those parts. Consider how savings would factor into this.
Submit your project in .doc, .docx, or .pdf format.
Data to use: Budget is for an adult with a full-time job
Salary: Teacher $125,000
electricity – $100
water – $20
Mortgage – $2400
Car $399 (BMW) Gas – $180 Insurance $300
Health Insurance $200
Cell – $90