Project-Based Learning CREATE A PERSONAL BUDGET Decimal Operations (Add, Subtract, Multiply, Divide) Percentages Critical Thinking CCSS Aligned 5.NBT.B.6 5.NBT.B.7
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Part 1 A Balanced Budget 1. What does this pie graph tell you about what your completed budget should look like? 2. What do you think is included in the other expenses category? 3. What questions do you have about this graph?
Part 2 Choose a Career Career Average Starting Yearly Salary Police Officer $30,211 Teacher $32,500 Military $16,029 + housing and food are covered Border Patrol $36,658 Veterinarian $48,371 FBI Agent $34,024 Fire Fighter $42,259 Nurse $41,190 Doctor $76,305 Yearly salary 12 = $. monthly budget
Required Material Budget Spreadsheet Category Amount Budgeted Monthly Budget Balance Monthly Salary Savings (10%) Housing Utilities Car Payment Car Insurance Gas Groceries Clothing Entertainment Pets Health Insurance Other: Other: Other:
Part 3 How Much Should I Save? You should save at least 10% of your monthly income. Calculate how much you should put in your Savings each month below. Monthly Salary $ x 0.10 = /month savings I need to put $ /month in my savings account. After 6 months, I will have $ in my savings. After 1 year, I will have $ in my savings.
Part 4 Choose a Home Your monthly housing payment + the utilities should not be more than 35% of your monthly income. Calculate your maximum budget for a house, and choose accordingly. Monthly Salary $ x 0.35 = /month housing budget Apartment Average Utilities: $120/month Small House Average Utilities: $300/month Large House Average Utilities: $370/month
. Part 5 Choose a Car Your monthly car payment + insurance + gas should not be more than 15% of your monthly income. Calculate your maximum budget for a car, and choose accordingly Monthly Salary $ x 0.15 = /month car budget Ford Mustang $381/month car payment $150/month insurance $180/month gas Ford F150 $341/month car payment $100/month insurance $200/month gas Kawasaki Motorcycle $172/month car payment $65/month insurance $70/month gas Other $ /month car payment $ /month insurance $ /month gas Ford Fiesta $224/month car payment $75/month insurance $120/month gas
. Part 6 Budget Spreadsheet Use the calculations you made in Part 2-4 to fill in the first part of your budget spreadsheet. Calculate The money you have remaining in your budget by subtracting it from your monthly pay. Example: Category Amount Budgeted Monthly Budget Balance Monthly Salary for Librarian $34,510/12mths $2,875..83 Savings (10%) $287.58 $2,588.25 Housing $733 $1,855.25 Utilities $120 $1,735.25 Car Payment $172 $ 1,563.25 Car Insurance 65 $1,498.25 Gas 70 $1,428.25
. Part 6 Budget Spreadsheet Interview an adult at home to find out how much they pay for the other items in your budget. Here are some ideas: Health Insurance Groceries Clothing Entertainment Pets The average health insurance cost for a young person is $100/month. Do some research by asking the adults in your family. Remember that health insurance costs more for people who are older, so talk to people that are close to the age you will be when you graduate college (around 22-26 depending on what you study). The next time your family shops at the supermarket, ask your parents for the receipt. Have your parents help you calculate the total they spend every month by looking at the receipt and figuring out how many shopping trips they make each month. Once you have a total spent on groceries, divide it by how many people are in your family. That will give you how much it costs to feed just yourself for your budget. The average family spends $200/month on clothing. You can decide to spend less and put more money in savings, or to spend more and have a closet full of clothes. Just remember, if you spend too much in this category, you may have to get a smaller house or a cheaper car! Entertainment includes the fun things you do on the weekend and other times you are not working. Research how much it costs for a movie ticket, or Sea World, and decide how often you will do these activities. Estimate how much you will need in your entertainment budget to cover your fun activities. Will you have pets? Pets have to be fed, groomed, and taken to the vet. I spend $40/month on food for my two dogs, and routine vet visits are about $40. We save money by grooming them ourselves. There is a lot to think about when you are budgeting a pet! This is the last category you fill in because it s optional to have a pet. If you can t afford one, don t get one! Create 2-3 of your own categories, then decide how to get information to make a good estimation of how much it will cost each month.
. Part 7 Final Product & Summary Use your research to complete your budget spreadsheet. Answer the following questions, then write a summary to attach to your budget. 1. How much money do you have left over each month? What would be the responsible thing to do with this money? 2. How will you use what you ve learned during this project in your life when you become an adult? Summary: What steps did you take to complete your personal budget?
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