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.
All notes will be entered in Padlet:
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
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
Living on a Budget
Students will research budgets and experience a simulation of living on a budget.
Students will share their reflections on Padlet.
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