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Living on a Budget: Home

Week 1

All notes will be entered in Edmodo:

Day 1 and 2: Overview activities

Day 3: Set a budget and do reflection on Edmodo

Day 4: Begin search for housing

Day 5: Finalize housing, including monthly payments, insurance, and utilities, do reflection

Week 2

Day 6: Begin search for transportation

Day 7: Finalize transportation, including the monthly payments, insurance, and gas, do reflection

Day 8: Search for costs on groceries, child care, and personal care items. Do reflection

Day 9: Wrap up day

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 in Edmodo.

Edmodo Link

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