budgeting how to manage your money. guessing game question 1 how much a much do you think gas for...
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BudgetingHow to manage your money
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Guessing GameQuestion 1
How much a much do you think gas for one car costs
each month?
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Answer
$30 a week $120 a month
Truck $60 a week $240
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Question 2
How much do you think an average car payment costs per month?
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Answer
It depends on the car, how much money you put down, and the interest on your car loan
A 7,000 car, 3 year loan plus interest =$260 a month
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Question 3
How much do you think car insurance is?
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Answer
It depends on your car, driving record, and how much coverage you have.
On average at least $70 a month
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Question 4
If you had to guess, how much do you think it costs each month to buy groceries for one person?
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Answer
Living modestly $50 a week
$200 a month
If you eat out once or twice a week $275 a month
If you eat out a lot $350-400 a month
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Question 5
How much do you think it costs to rent a house or apartment per month?
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Answer
For a one bedroom apartment $475-700
Two bedroom $700-900
House (depends on size)
More than one bedroom probably $900-1400
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Question 6
How much do you think renter’s insurance costs?
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Answer
About $50
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Question 7
What are utilities?
And how much do they cost per month?
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Answer
Gas if not being used to heat $40
Using heat will add $90 a month
Water and Trash $15
Electric $40 using AC add $70 a month
*depends on the size of apartment or house
Total the average costs of utilities a month =$150-200
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Question 8
How much do you think it costs to own a cell phone
each month?
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Answer
At least $80-100 a month for one person
$50 if on someone else’s plan
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Question 9
How much do you think Internet costs?
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Answer
Internet costs about $40 a month
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Question 10
How much does cable cost per month?
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Answer
Cable costs approximately $50
Cable and Internet together $90
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Question 11
How much do you think it costs to have a baby?
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Answer
Average costs just for hospital costs while being pregnant and giving birth $10,000
Cost of a baby each month $300
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Question 12
How much do you think the average person spends on entertainment per month?
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Answer
About $200
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Question 13
Say you’re sick and you go to the emergency room and you have no health insurance. How much do you think an ER visit costs?
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Answer
Around $450 or more depending on what you have done at the ER
and depending on insurance
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Question 14
How much do you think health insurance costs?
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Answer
For average coverage $150-200
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Question 15
What are some other payments that we have not yet included?
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• Clothes
• Shoes
• Furniture
• Special Occasions (birthdays, Christmas)
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the budgeting processphase 1: Assess your personal and financial situation (needs, values,
life situation).
Phase 2: Create a budget for fixed and variable expenses based on projected income.
Phase 3: Monitor current spending (saving, investing) patterns.
Phase 4: Compare your budget to what you have actually spent.
Phase 5: Review financial progress and revise budgeted amounts.
teens – lesson 3 - slide 3-A
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goal-setting guidelines Well-written personal and financial goals SHOULD:
• Be realistic A student working part-time is not likely to be able to afford a new car every couple of years.
• Be specific“I want to save $2,000 to buy a car.”
• Have a timeframe“I want to pay off my credit card within the next 18 months.”
teens – lesson 3 - slide 3-B
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teens – lesson 3 - slide 3-Ca
income budget actual difference
Job #1 $ $ $
Job #1 $ $ $
Other $ $ $
total monthly income
$ $ $
expenses budget actual difference
fixed regular expenses
Rent $ $ $
Car insurance $ $ $
Car payment $ $ $
Credit card $ $ $
fixed irregular expenses
Savings $ $ $
Food $ $ $
Utilities $ $ $
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teens – lesson 3 - slide 3-Cb
expenses budget actual difference
transportation
Bus fare $ $ $
Gas and oil $ $ $
Parking and tolls $ $ $
Repairs $ $ $
other
Medical expenses $ $ $
Clothing $ $ $
Entertainment $ $ $
Household items $ $ $
Personal items $ $ $
Tuition $ $ $
School expenses $ $ $
total monthly expenses
$ $ $