Introduction
Cost management is the process of planning and controlling the budget. In this webquest you will study your own budget and learn how
to make changes to it. When you know how you are spending your money, you can spend it more wisely.
Task
You have just graduated from college and you started your own business. Your salary is 1000$.You will need to manage your money and
maintain a monthly budget. You will need to make sure that you can pay all your bills and still have some left over. Therefore, you are
required to set your monthly budget.
Process
Step 1:Read about organizing your budget (1h-go to resources 1-2-3)
Step 2: watch a youtube video about how to organize your budget (1h-go to resource 4)
Step 3:Prepare your own budget using the following words:
Basic needs: what a person needs to live: food, housing, clothes to keep warm.
Budget: a plan to help someone pay bills, save money and have some leftover.
Bills: what we need to pay each month.
Credit: borrowing money to buy things.
Entertainment: fun things to do.
Optional spending: spending that is not a need but a want.
Required costs: things that need to be paid each month.
Retirement: money saved to help someone live when they are old enough to work.
Step 4: you will present your budget planning in class and give your opinion about your friends’ budgets
Resources
https://www.youtube.com/watch?v=E4Bp_90SILU
Evaluation
An excellent project that has all the necessary components: A (95)
- A solid above average project that has all the necessary components : B (85)
- A project whose explanations are satisfactory and has all the necessary components : C (75)
- This project that misses necessary components: D (65)
- This project has been thrown together: F (50)
Conclusion
Congratulations! You have learned a lot about budgets. This webquest helped you to decide the best way to manage your money and
determine your needs and wants.