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Personal Finance WebQuest
CONGRATULATIONS! You have just graduated from high school. You may be going to a trade school, technical institute, 2 year or 4 year college, or maybe you decided to take some time off and just go from "school to career".
You are moving out of your parent's home though and now you really need to earn some money, so you got a job. Now you must make some BIG decisions based on your new lifestyle. You will have to make a monthly budget to show how you are going to spend your income since you will now have expenses to pay. Good Luck!
Your Task
Now that you have a job, create a budget, so you know where your money is going. Your job is to use the Budgeting Vocabulary and Budgeting Worksheet and create a budget to include the items mentioned below.
Click on each link below to research your options. You will need a piece of paper or a Google Doc to keep notes as you go along. The Savings and Budget Worksheets should show the final copy of your budget. Print them out to use as you work along.
Also, you need to turn in a SUMMARY of your budget. You need to explain to your teacher why you made the decision you did and how you came up with the dollar amount for each item. Turn in your worksheets and summary to your teacher.
Objectives
Salary
Since you are not qualified to earn much more than minimum wage, your monthly gross salary will be between $1,750.00 and $2,000.00. Click on the link to generate a monthly salary for yourself. Random Salary Generator. The government requires you to pay 22% of your income as income taxes for public services. Enter your monthly salary on the worksheet. Calculate the Taxes and Net Pay then enter in the proper spot on the worksheet.
Savings
Do you want to retire early or work forever? You will be required to save money in a savings account monthly and watch it GROW!! "PAY YOURSELF FIRST" by saving 12% of your gross income each month, then enter into worksheet.
Apartment - You need a place to live
You need to answer these questions: What is your approximate budget? Where do you want to live?Do you want to be close to work/and or school? Will you be living alone or with someone else? Find an apartment using resources by clicking the link provided.
Transportation - Click link for more information
Transportation is the means of traveling from one place to another. You may choose your mode of transportation; take the bus, subway, or drive your own car!
Option A: If you choose to own or lease a car you will have to calculate your payment, insurance cost, gas, and repairs. If you choose option A - click on the Transportation link above to calculate your monthly expenses.
Option B: Public Transportation. If you choose option B - click on the Transportation link above to get your monthly expense.
Utilities
Utilities are household expenses that you must pay each month for heat, electricity, and water.
Examples of Utilities Include:
► Gas / Oil
► Electric
► Water
Your total utilities budget for this exercise will be $105.00 per month.
Groceries / Personal Care
It is much less expensive to cook and eat at home. Use coupons, and store specials to save money. This number should include items like toothpaste, toilet paper, dish and hand soap, shampoo, etc. The number of times you go out to eat will affect the amount of your discretionary income. Use $425 per month for this item.
Telephone, Cable, Internet Cox.net Verizon.com
Entertainment
We all like to have some fun, but we need money to go out. Do you like to go to movies, shopping, out to eat or to the arcade?
College Loans
If you earn a post-secondary degree, your earnings potential and your choices of employment will be much greater over time. It may be difficult and costly, but it is easier to put in the time and effort now rather than later.
Resources
Please click on resources to access your Worksheets and Summary Evaluation form.
Conclusion
We hope you enjoyed this exercise. Budgeting is a very important tool to use with your personal expenses. We hope you can now use your new acquired knowledge and apply budgeting to your real-life expenses. Good luck!
Credits: This Webquest was created by: Carrie Schrank, Keith Nerby, Jayme Krebs and Shelly Kadow, Business Education students at UW-Whitewater. Webquest
It was modified and adapted for use by Stephen J. Rocco. email: [email protected]
Now that you have a job, create a budget, so you know where your money is going. Your job is to use the Budgeting Vocabulary and Budgeting Worksheet and create a budget to include the items mentioned below.
Click on each link below to research your options. You will need a piece of paper or a Google Doc to keep notes as you go along. The Savings and Budget Worksheets should show the final copy of your budget. Print them out to use as you work along.
Also, you need to turn in a SUMMARY of your budget. You need to explain to your teacher why you made the decision you did and how you came up with the dollar amount for each item. Turn in your worksheets and summary to your teacher.
Objectives
- Realize the importance of budgeting
- Properly prepare a monthly budget
- Make realistic decisions on personal spending
- Justify and analyze decisions made
Salary
Since you are not qualified to earn much more than minimum wage, your monthly gross salary will be between $1,750.00 and $2,000.00. Click on the link to generate a monthly salary for yourself. Random Salary Generator. The government requires you to pay 22% of your income as income taxes for public services. Enter your monthly salary on the worksheet. Calculate the Taxes and Net Pay then enter in the proper spot on the worksheet.
Savings
Do you want to retire early or work forever? You will be required to save money in a savings account monthly and watch it GROW!! "PAY YOURSELF FIRST" by saving 12% of your gross income each month, then enter into worksheet.
Apartment - You need a place to live
You need to answer these questions: What is your approximate budget? Where do you want to live?Do you want to be close to work/and or school? Will you be living alone or with someone else? Find an apartment using resources by clicking the link provided.
Transportation - Click link for more information
Transportation is the means of traveling from one place to another. You may choose your mode of transportation; take the bus, subway, or drive your own car!
Option A: If you choose to own or lease a car you will have to calculate your payment, insurance cost, gas, and repairs. If you choose option A - click on the Transportation link above to calculate your monthly expenses.
Option B: Public Transportation. If you choose option B - click on the Transportation link above to get your monthly expense.
Utilities
Utilities are household expenses that you must pay each month for heat, electricity, and water.
Examples of Utilities Include:
► Gas / Oil
► Electric
► Water
Your total utilities budget for this exercise will be $105.00 per month.
Groceries / Personal Care
It is much less expensive to cook and eat at home. Use coupons, and store specials to save money. This number should include items like toothpaste, toilet paper, dish and hand soap, shampoo, etc. The number of times you go out to eat will affect the amount of your discretionary income. Use $425 per month for this item.
Telephone, Cable, Internet Cox.net Verizon.com
Entertainment
We all like to have some fun, but we need money to go out. Do you like to go to movies, shopping, out to eat or to the arcade?
College Loans
If you earn a post-secondary degree, your earnings potential and your choices of employment will be much greater over time. It may be difficult and costly, but it is easier to put in the time and effort now rather than later.
Resources
Please click on resources to access your Worksheets and Summary Evaluation form.
Conclusion
We hope you enjoyed this exercise. Budgeting is a very important tool to use with your personal expenses. We hope you can now use your new acquired knowledge and apply budgeting to your real-life expenses. Good luck!
Credits: This Webquest was created by: Carrie Schrank, Keith Nerby, Jayme Krebs and Shelly Kadow, Business Education students at UW-Whitewater. Webquest
It was modified and adapted for use by Stephen J. Rocco. email: [email protected]
