Today you are going to create an average meal when eating at home for breakfast, lunch, and dinner. Make a new section in your "Cool" budget Excel worksheet below the "Entertainment" section and title it "Food". Find the links to each of the foods and leave them below the foods.

Multiply the number of dinners by 30, multiply the number of lunches by 30, and multiply the number of breakfasts by 30. That is, if you never eat out. If you prefer to eat out, and most Americans do, indicate that in your cell by adding the appropriate amount for your meal out. Then subtract the number of dinners or lunches or breakfasts you would

You can buy your furniture used or new. Put the links next to the price.

Now you are going to add a new section to your worksheet which you will title "Clothing". Find one professional outfit online, add the price and the link. Next find a casual outfit and add the price and the link. You can't avoid buying clothes or you'll look like a high school teacher. It isn't pretty.

Now that the budget is taking shape it is time to find out the monthly payments on the vehicle you selected.

Assume a 3.5% interest rate on a new car and a 7.5% interest rate on a used car.

http://www.edmunds.com/apps/calc/CalculatorController

Give yourself 3 years to pay off the car if you are buying it outright. A lease is up to you, but note the fine print when you are comparing leases. Some leases have a high price when you are finished.

Add $108 per month for insurance if your car is not a sports car and $150 per month if it is. This number was a rough calculation based a general group of young drivers and is merely for the sake of the simulation. I figured having everyone contact insurance companies might have been beyond the scope of the class. But it still might've had pedagogical value.

Once you have all this information total up your monthly spending and compare it to the fictional salary. Are you in the red or the black? Can you splurge on a nicer car or are you in over your head?

You will need a cell with your total expenses. Below this cell you will subtract your total monthly salary from your total expenses, this is your total amount saved per month. You'll need savings for your life, notably retirement and the inevitable downturns.

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On another note, EVERYONE will need a google account for the new blogger. We are going to be using their spreadsheet program, their reader program, and Google Groups. I gave my computer students google accounts at the beginning of the year and now it's your turn.

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I've been too terse with this blog. Instead of merely saying everything in class, I will try to out it out more completely.