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Living on a Budget FACS  

Last Updated: Dec 16, 2016 URL: http://lms.bluevalleyk12.libguides.com/content.php?pid=705782 Print Guide RSS Updates

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Learning Targets

  1. I will demonstrate management of financial resources by applying money management/budgeting skills.
  2. I will identify factors that influence wise consumer choices.
  3. I will document my daily findings on my Padlet.
  4. I will complete my Living on a Budget Project template to summarize my findings and my reflection.

 

Project Overview

For the next two weeks you will create a monthly budget project for a family using the monthly income for the job you draw out of a hat.

You will need to find the costs of housing, transportation, utilities, groceries and savings. Record your daily findings each day on your Padlet.

 

Week 1

All notes will be entered in Padlet:

Monday-Tuesday:Overview activities

Wednesday: Post overview on Padlet

Thursday: Find housing and post on Padlet/do reflection

Friday: Finalize housing and begin search for transportation and do reflection

 

Week 2

Monday - Finalize transportation & car insurance/reflection and post on Padlet

Tuesday - Find health insurane if it is not provided/reflection and post on Padlet

Wednesday - Estimate utilities & groceries/reflect and post on Padlet

Thursday - Fianlize utilities, goceries & other miscellaneous expenses and post on Padlet

Friday - Complete Padlet & project template

Cost-of-Living Reality Check

Personal Finance Information

 

Objectives

Living on a Budget 

Students will research budgets and experience a simulation of living on a budget.

Students will share their reflections on Padlet.

 

Percentage of Budget

Housing 30%

Food 15-20%

Medical/Dental 6%

Transportation 17%

Personal 16%

Savings 10%

 

Useful Documents

 

Project Template

 

Turn in your padlet to:

ERChristian@bluevalleyk12.org

Padlet Site

 

Padlet Guide

 

Budgeting Terms

Budget: financial tool to help you manage income and expenses
Net income: money made after taxes
Gross income: money before taxes are taken out
Principal: amount upon which interest is paid
Interest: money charged for using
Default: failture to pay a loan
Collateral: Security on a loan
Premium: amount of money you must pay on an insurance policy
Fixed expenses: expenses that don't vary in amount and are paid regularly
Flexible expenses: expenses that vary from month to month

 

Utilities & Important Info

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