consumer education budget project carol dossett & carla schaer midland high school
TRANSCRIPT
Consumer EducationConsumer EducationBudget ProjectBudget Project
Carol Dossett & Carla SchaerMidland High School
Step One: Finding a Job
The writing portion . ..The writing portion . ..
Using the Occupational Outlook Handbook
http://www.bls.gov/oco/ Find a career that you
think you would enjoy doing after high school or after college.
Type the information found and add it to your folder.
This is the information you should be looking for:
Starting salary What does the future hold? (Job
Outlook) Working Conditions Qualities/Characteristics for the
job Possible benefits (ex. Travel, flex
hrs, etc) Hours per week or month
expected to work Clothing you are expected to
wear (suit, uniform, casual, etc.)Click for
OOH
Step Two: Do the Math
Graph Net PayGraph Net Pay
Using Excel, graph the amount of Net Income (Net Pay) you will take home
◦ Figure Taxes, other deductions and Net Pay The formulas you may want to use:
◦Taxes: (=Gross Pay * .20)◦Net Pay: (=Gross Pay – Taxes – Health Ins.)
Use a chart ◦ (Pie or Column)
to show your results
One example of how to set it up . . One example of how to set it up . . ..
Excel
Step Three: Find somewhere to live
Find an apartment or houseFind an apartment or house
Using the Internet, find an apartment or house in the city you want to live in.
Remember to use a mortgage calculator if buying the house so as to pay interest.
Some useful websites:◦www.rent.com◦www.apartments.com◦www.realtor.com
Rent.com
Find furnishings for your placeFind furnishings for your place
Find furnishings, flatware and linens for your house.
Find out the price of cable, phone, Internet, electricity in the area you want to live
Find pictures from magazines or the Internet of furniture, bedding, kitchen accessories, etc.
Find the prices of each item you buy
Step Four: Find transportation
TransportationTransportation
Find the monthly payment of your car◦New/Used
Figure the cost of maintenance, gas, insurance
Find a picture of the car you want to buy.Figure your monthly payment of the car.
(Choose to charge interest or not.)
Step Five: Purchase Clothing
Purchase ClothingPurchase Clothing
You must purchase two new outfits to wear to work
You must have pictures and prices of all items
Some helpful sites:www.jcpenney.comwww.kohls.comwww.walmart.com
You must buy:◦Shoes◦Socks◦Shirts◦Pants/Dresses◦Uniform (if
applicable)
Step Six: Buy GroceriesStep Six: Buy Groceries
The Groceries . . .The Groceries . . .
In this section, you must buy specific groceries for a month.
Pictures and prices must be included in your folder.
Some websites we use:◦ Kroger.com◦ Aldi.com◦ Schnucks.com
Use the Internet to a local grocery store and find a picture and look through their ad to find specific groceries.
You can also use the Internet to find sites that will deliver groceries to your house.
Netgrocer.com
Step Seven: Entertainment
Have some fun . . . Have some fun . . .
Find at least three things that you would like to do during the month.◦Find pictures and
prices of all three of these things.
Some examples:◦Sporting events◦Movies◦Concerts◦One-day getaways◦Club Memberships
Put it all together . .
““Curve Balls” . . . Curve Balls” . . .
As in real life, unexpected things happen. Life throws you a “Curve Ball.”
A couple of days into the project, hand the students “Curve Ball” one.
A few days later, hand them “Curve Ball 2.”
They’ll need these curve balls for their preliminary budget.
Curve Ball #1 and #2Curve Ball #1 and #2
Curve Ball #1 Curve Ball #2
If you went to college, you must pay back a college loan:
• 2 yr. college: subtract $200 a month for student loan
• 4 yr. college: subtract $500 a month for student loan
• 4 yr. college (transfer after 2 yrs.):subtract $400 a month for student loan
• 6 yr college: (Master’s degree)subtract $600 a month for student loan
• 7 yr. or higher college: subtract $750 a month for student loan
You must save at least 15% of your take home salary every month.
Make sure to keep this until
you work on your preliminary budget!!
Preliminary BudgetPreliminary Budget
When the binder is done, then fill out a preliminary budget.
Have the students figure what they have spent during the month vs. what they made.
Also have them decide whether their expense were fixed or flexible.
Finally have them figure whether or not they stayed within their budget. (Net Pay – Expenses)
Preliminary Budget
Final Test
The test . . . The test . . .
For a final test, I have them complete an adjusted budget figuring in their 3rd “curve ball” and readjust their expenses if they were living outside their means.
They must decide which expenses they can adjust and label them as fixed or flexible.
They also have one final “Curve Ball” (Curve Ball #3).
They must write a summary comparing and contrasting what they have learned from this project, was it realistic, and what would they do differently now that they know this information.
Adjusted
Budget
The test continued . . . The test continued . . .
Curve Ball #3
On the final test, they are given the last “Curve Ball”. They must react to this and show what they have done on the adjusted budget.
You just found out that your salary at work is getting cut by 15%. All fixed expenses remain the same. You must adjust your variable (flexible) expenses to counteract the decrease in pay. Your income must be at least as much as your expenses. You must still put some into your savings account if possible.
The EvaluationThe Evaluation
• After completing the project, the student receives two grades◦The Test◦The Evaluation
The Evaluation
Variations . . . Variations . . .
Career Project
Instead of having a writing component on Step #1 “Finding a Job”, have the students:
Create a brochure Design a Visual Aide Create a PowerPoint
presentation
Instead of writing this information, you could also choose to have the students present it orally to the class. This way the students learn about more than one occupation and practice speaking in front of others.
