Budget Project

Name: Caroline Lin Zhibin

Teacher: Ms. Miller
Date: 6/10/15
Subject: Financial Management

Table of Contents:
Career/Job
Bank
Credit
Housing
Transportation
Gasoline Consumption
Medical & Dental Insurance Coverage
Cell Phone / Telephone
Utilities
Food and Clothing

Entertainment / Miscellaneous
Saving & Retirement

Career
Job: Psychologist
Company: Private Studio
The career I believe that I would like to do when I finish my education would be a
personal Psychologist. Its a kind of job which helps people solving problems in their
deeper mind or make people relax towards anxious by chatting with or enlighten
them. Anxiety can lead people to poor decisions and make them misunderstanding of
themselves. Psychologist can be the job than people use some psychological methods
to help with this kind of ideological problems. Psychology is one of the most
complicated subjects in the world and I think if I want to be a good psychologist, I
need to try my hardest to get at least master degree of my education. After high
school, I do not want to attend a very perfect college to study so hard about
everything; I just want to go to the college that has a good area of the exploration of
psychology so that I can learn a lot from that school for what Im interested in. In my
first consideration, I think Im not going to a company to work for other people, my
favorite career is to be a personal psychologist so that I want to have personal studio
to help other people solve problems. My studio will be casual style and everyone who

comes in can relax themselves and have a good time chatting with me.
Resource: http://psychology.about.com/
Gross
Income.........................................................
.............
FICA
Amount...................................................................
Medicare
Tax....................................................................
Federal
Tax.......................................................................
State
Tax...........................................................................
Net
Income.........................................................
..................

$ 60000
$ 3720
$ 840
$ 6600
$ 2400
$ 46440

Additional Monthly Deductions

Health
Insurance.......................................................
Dental
Insurance.......................................................
Life
Insurance...........................................................
Savings
(minimum
of
5%).......................................
Total
Additional
Monthly
Deductions..............................

150

100

100

250

$ 600

Being a psychologist is somehow different from other careers, most of companys

psychologists do not have health insurance, dental insurance or life insurance. Their
gross incomes contain basic salary, commission and sometimes commercial
insurance. For I want to run my personal studio and I should consider more about
myself, I will buy health insurance, dental insurance and life insurance for myself if
its available.

Bank
After graduating from a college, I will choose the Bank of America to deposit my net
income because the Bank of America is one of the most dependable banks in
American. Some of other banks were purchased by other stronger company and no
longer exist. In the Bank of America, you can apply for whether checking account or
saving account. Their online services contain the application for a credit card and you
can also deposit by phone which makes you more convenient to get the money you
want. There are also different services for fees, for instance, if you want to apply for a
credit card in the Bank of America, the interest rates will be 12.99% - 22.99%, based
on your creditworthiness when you open your account, and the overdraft protection of
the card will be $10 for each transaction. What comes to the limits on accounts will
depend on your total annual income. The Bank of America has a very good service
attitude and they can always try their best help me solve problems. During my fouryear college study, the amount of my students loan will be a total at about $48,000, I

will try my best to

study hard to get as much scholarship as I can and I

will work part-time jobs in my spare time to pay for the student loan. The monthly
payment of my loan during four years of college study will be about $1105.41.

Application from a bank:

What type of loan are you requesting?*
You and/or the co-applicant must be an owner of the property and the property must be located in California, Oregon, or Washington.
Owner Occupied Properties
Flex Equity (Line/Loan Combination)

Non-Owner Occupied Properties

Real Estate Equity Line of Credit

Amount requested: *

.00

48000
(years)

Length of Loan: *

(Leave blank for Flex Equity and Lines of Credit)

How would you like to apply? *

Applicant Only
Applicant and Spouse
Applicant and Co-Applicant

Applicant Information
Name
First Name: *

Mary

Middle Initial:
Last Name: *

Li
(Jr, Sr, I, II)

Suffix:
Home Address
Street Number: *

30401

Street Name: *

Taylor Street

(months)

(Avenue, Road, Court, etc)

Street Type:

Court

Unit Number:

Seattle

City: *
State: *

WA
-

Zip Code: *

(last four digits are optional)

98102

Other Information
-

Social Security Number: *

Date of Birth: *

Jul
$

Annual Salary: *

(i.e., Jan/1/1900)

1998

.00

(if retired or not employed, enter 0)

Gross income if employed by others; net income if self employed. Two years tax returns may be required.
If retired or not employed, enter income in "Other Annual Income" box below.

Income from child support, alimony or separate maintenance need not be revealed if the applicant or co-applicant does not wish to have it conside
this credit.

Other Annual Income:

.00

Monthly Housing Expense * (enter either the rent or mortgage payment for your primary residence)
$
.00
Rent:
1400
Mortgage:
Taxes and Insurance:
Homeowner's Fee:

.00

.00 (If not included in payment above)

0
$

.00 (If applicable)

Credit
For my credit card I would like to choose the Visa Signature, Capital One No Hassle
because the APR of this king of card is lower and it has a free annual fee. The other
fees of Cash adv. is 3% and the late fees would be $29-35. If I want to transfer the
balance there will be no fees foe this transaction. Moreover, the grace period of the
Visa Signature card will be 20 days for all the consumers. You will earn double miles
on purchases; fly on any airline and, blackout dates and seat restrictions. Then, for my
choice of the store card will be target credit card which is only used for TS, I decided
to choose this card because the APR of this card will be variable and depend on the
amount of your card. Otherwise, even though the late fees of target cards would be a
little bit higher which is $35; you will have more time for the grace period. Other
information about this card is that if youre charging interests, the charge will be no
less than $7. Both of these two cards have a lot of advantages for me to choose them
and they were also kind of credit cards and store cards that Im familiar to.

LOANS

Cost

Student Loan Monthly Payment

$1105.41

Credit Card ($1,000 Balance)

$600

Store
Credit
Balance)

$150

Total

Card

($500

$1855.4
1

Housing
If I decide to live in my college in the future, it might be in the location of Washington
State. My housing payments per month will be about $2,000. I would like to live in an
individual bedroom by myself and the additional amenities contain game rooms,
volleyball court outside the dorm and study lunges. The using of all these equipments
and places will involve in the payments of the room. Situation 2 is that Im going to
rent an apartment outside the campus whether myself or living with another
roommate. I would like to share an apartment with another person so that I can save
more money for my other daily expenses. The first year in college I will definitely
rent an apartment with others and share the rental with them. The monthly payment
for an appropriate apartment will be $1821.

Advertising for the apartment:

Sample Apartment Application:

Applicant Information

Name: MaryLixin
Date of birth: 7/2/98
SSN:
Current address: Taylor Street 30401
City: Saint Clair Shores
State: Michigan
OwnRent (Please circle)
Monthly payment or rent:
Previous address: HaiDian International School
City:Beijing
State: Beijing
Owned Rented
Monthly payment or rent:
(Please
circle)
Employment Information
Current employer: Ms. Song
Employer address: Hai Dian International School
Phone:13720094733
E-mail: effie1118@163.com
City: Beijing
State: Beijing
Hourly Salary (Please
Position:
circle)
Emergency Contact

Phone: 13311299723
ZIP Code: 48082
How long? 1year
ZIP Code:100023
How long? 4year

How long? 2years

Fax:
ZIP Code:100023
Annual income: $60000

Name of a person not residing with you: Julie

Address: Taylor 30401
City: Saint Clair Shores

State: Michigan

ZIP Code:
48082

Phone:

Relationship: Classmate
Signature of applicant: Mary Lixin

Date:3/15/15

Transportation
The car that I chose was Volvo XC60, its a SUV and the certain safety factor of this
series of cars is very high. Its a kind of car which very suit for woman to drive and
the price is very reasonable.

The average of monthly payment for the car Volvo XC60

The monthly payment of the car BMW 5

The current interest rates for these car loans are 5% or 1.49%.
The insurance company I chose for my vehicle is Ping An Insurance Company, its
one of the biggest insurance companies in China and its attitude from their services
was really good. Ping An Insurance Company contain many different kinds of

insurance like secure insurance, renters insurance and commercial insurance, etc.

Gasoline Consumption:
For the gasoline of my vehicle, I will use the gas station from Sinopec which is a very
big and dependable company in China. The monthly amount of my cars gasoline will
be about $400 to $600. The car Im going to buy will be a SUV so it might be cost
more gasoline than most common cars and if we are planning to drive for a long
distance the payment of the car will cost more than usual.
TRANSPORTATION

Vehicle Payment (Principle)

Vehicle Payment (Interest)

The miles per

gallon my car
averages will be

Cost

$450
$80

Insurance

$586

Licensing

$100

Fuel

$150

Maintenance

$300

Other

$100

Total

$ 1766

282 miles.

Medical
The dental insurance plans:

The medical insurance plans:

The monthly cost for the dental insurance is $63 or will depend on different coverage
of the insurance. The monthly payment for the medical insurance will $80-100 and
different plans contain different services and prices for the insurance you choose.
I think I will choose
the first plan for

INSURANCE

Cost

Dental

$63

Health

$110

dental insurance and

the

plan

medical

for

insurance

because both of them

can

save

more

Life (Average-use this amount)

Other
Subtotals

money and they seem better for me.

Cell phone/ Telephone

$27.53
$70
$270.53

I will choose the Telecommunications Company to set my telephone in my house

because the signal of this companys service is much better than the other company
and the plans from this company are really reasonable.

For the option of cell phone I will use the brand Im using now and the phone number
I will also choose from the Telecommunications Company because I can choose the
number by myself and their services are really good. The picture above shows the
plans you can choose for your phone.

Utilities
List of utilities:

Average monthly cost

1. Water or other kind of drinks

2. Snacks and toys
3. Books and magazines
4. Online services

$40
$60
$100
$80

5. Electricity(computers, wifi, etc)

6. Garbage bags and plastic equipments

$100
$50

Total: $430

Food and Clothing

My grocery shopping will be done in the supermarket in front of my house. There are
several tips that can help me save money on my day-to-day expenses. Firstly, I think
the most useful way is to make a budget because it is the basic for every financial
plan. You can save your money day by day by making a plan and record your
spending habits. When you started to record your costs regularly, this could help you
motivate yourself to spend less money than the last time and the amount of money
you spent every week will also limit your spending when you buy things. Another
important tip is to clear all debts as soon as possible or you will owe a lot of money
that you do not have the ability to repay it. The third way to save your money is to
minimize the cable TV and internet packages. You dont need so much TV channels
for sure because you sometime do not even have time to watch TV so it would be a
waste of money to have so many TV channels.

Entertainment / Miscellaneous
During my daily life, entertainment activities are essential because they enrich my life
and they are the things that I am interested in. I need to do some activities to relax
myself after study or working. This kind of leisure time makes my life more colorful
and I will leave a lot of good memories from them. They help me to choose what I
want and what the most suitable thing is for me in my whole life. Im going to make a
budget for each months cost and I may put some money on buying investments so
that maybe I can make some money from the investments. After that, I will choose the
necessary activities and those unnecessary going out activities I will cancel them to
make my dollar go further.

PETS

Food
Medical
Grooming
Toys
Other
Total

Cost

ENTERTAINMENT

Video/DVD
Cost
PERSONAL CARE
$50
CDs
Hair/Nails
$100
Movies
Dry Cleaning$30
$80
Concerts
Health Club/Gym Membership
$100
Sporting events
$20
Organization Dues or Fees
$70
Live theater
Other
$0
$15
Vacation/Travel (Saving for a
Total
$350
trip)
$0
Other
$115
Other
Total

Cost

$50
$20
$20
$50
$40
$40
$150
$0
$0
$370

Saving & Retirement

The current rates on the personal savings account are variable and depend on the saving
amount. The interest rate for the account will be 0.05% when the money was below $10,000
and increase to 0.15% when saving account is greater than $10,000. The more money you

save, the more interest you will get after a period of time. I decide to put 5% amount of gross
income in my saving account and 4% amount of money for my retirement. The money Im
going to put in my investment will be $10,000 and I will compare to different companies to
figure out which stock I will buy from the company. I would like to work part-time jobs
during my college study and try my best to payback the student loan as quick as I can. I will
save money every month for my future so that I can so what I want and I dont need to worry
about money before doing something.

Resources page
https://www.ambankqc.com/
http://psychology.about.com/
http://www.volvocars.com/us/services/design-and-buy/build-yourvolvo#/exterior/156/813-6USGCC-90-x-en-55117916-USD-155542460-x0155542550-0155542507-0155542546-0155542492-0155542479-01555425290155542488-0155542491-0155542512-0155542545-0156140547-1155542510
http://www.michigan.gov/healthymiplan

http://www.whistleout.com/CellPhones
https://www.chase.com/auto-loans/payment-calculator
http://www.bankrate.com/calculators/college-planning/loancalculator.aspx
http://www.careers.org/index.html
http://www.collegeboard.com/student/csearch/majors_careers/index.
html
http://stats.bls.gov/oco/home.htm
http://www.bls.gov/oco/cg/home.htm