$ Money and Budgeting $

by
Susan Palmore

Introduction | Task | Resources | Process | Evaluation | Conclusion

Introduction

Do you have any idea how much money is spent each month on bills, house payments, car payments, clothing, and entertainment?  You are about to discover the important role money plays in real life.   $$$

The Task                                 

You will draw at random an occupation and salary, then figure your deductions and net pay.  Based on your net pay, you will use your resources to make a monthly budget.

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The Process

I will write down occupations, with their salary, on slips of paper.  You will then draw your slip from a hat.  You will fill out the budget worksheet according to the information given.  Remember, your salary is a yearly salary, but the budget is a monthly budget.

Use your resources to figure your mortgage payments and car payments.  Your links also contain many helpful savings and financial information to look over.  Also, remember we have talked extensively in class about the cost of things, having a credit card, opening and maintaining a checkbook, insurance, and financial goals.

As you are working, you will find that you will probably have to change some amounts, possibly several times.  One main rule of thumb in completing your budget is that you can't spend more money than you make.  Every day, people have to deal will managing money, whether it's for their home or their business.
 

Evaluation

Rubrics

When you have completed your budget with reasonable and working amounts, print out your budget worksheet and turn it in.  Be sure to put your name and occupation on this page.
Eighty percent (80%) of your grade is based on participation and looking up the information.  The other 20% is whether or not you deveoped a feasible, or realistic, budget based on your salary.
 

Conclusion

I hope you have learned a lot about managing your money that you will be able to use throughout your life.  Again, some of the links offer great financial advice to follow.  Use information learned from the links to help you further develop a savings plan.  This will be needed as you continue your education in college.