Introduction
Introduction
Have you ever wondered what the future holds? The choices you make today are shaping your future. You will be exploring your earning potential and create a budget that might represent your real life. Are you headed on the right road in your education to meet the goals you have for your future?
Task
Based on your grade in math class, you will be given a yearly salary. Better grades equal better pay. Based on this yearly salary you will calculate your taxes, housing costs, automobile costs, and many other things that go along with living in the real world. As young adults, we do not understand the struggles that our parents/guardians have gone through to keep food on our tables. This WebQuest has been thoroughly researched to reflect the cost of living in today's world.
You will research and calculate budgets, learn the limitations of your income, and begin to appreciate the power of good budgeting. Many times you will need to manipulate your budget in order to afford the necessities and luxuries you would like to have. As you cut your budget to fit your salary, you will begin to experience the struggles of real life.
As a final product, you will create a poster with all the information and pictures you have compiled over the course of the project. You will also compose a one-page essay (5 paragraphs) describing your experience during this WebQuest. You will use the WebQuest on my teacher webpage to help you with this project. Lastly, you will give an individual presentation sharing your discoveries with your class.
REQUIREMENTS:
- Follow the rubrics
- You MUST LIVE IN THE DMV area (unless you have special permission)
- You CANNOT share money, food, utilities, etc. with anyone
- Food stamps, Link card, welfare, etc. are not allowed
- YOU MUST LIVE BY YOURSELF – no roommates, live with parents/family/friends, no pets, etc.
- You CANNOT LIVE with someone else (ex: split cost), in a homeless shelter, in a box, in your parent’s basement, in a car/RV, nursing/retirement home, hotel, etc.
- If you are able to purchase a vehicle, it must be a REALISTIC price and an ACCEPTABLE vehicle on the roadways
- The rough draft and final essay MUST BE TYPED & have 5 PARAGRAPHS
- The final Monthly Expenses Sheet
- You are only allowed to select ONE job that falls within your designated salary range. The salary that comes with that particular job determines your monthly budget.
- The poster must have at least 5 PICTURES WITH DESCRIPTIONS
***YOUR PROJECT SCORE DROPS 10% EACH DAY IT IS LATE***
IMPORTANT DUE DATES
- TYPED-ROUGH DRAFT ESSAY DUE: June 9 & 10
(OPTIONAL – ONLY CHANCE FOR FEEDBACK): June 5
- FINAL, TYPED ESSAY DUE: June 15 & 16
- TYPED MONTHLY EXPENSES SHEET DUE: June 5
- FINISHED POSTER DUE: June 11&12
- PRESENTATION DAY: June 15 & 16
Task
Task
Based on your grade in math class, you will be given a yearly salary. Better grades equal better pay. Based on this yearly salary you will calculate your taxes, housing costs, automobile costs, and many other things that go along with living in the real world. As young adults, we do not understand the struggles that our parents/guardians have gone through to keep food on our tables. This WebQuest has been thoroughly researched to reflect the cost of living in today's world.
You will research and calculate budgets, learn the limitations of your income, and begin to appreciate the power of good budgeting. Many times you will need to manipulate your budget in order to afford the necessities and luxuries you would like to have. As you cut your budget to fit your salary, you will begin to experience the struggles of real life.
As a final product, you will create a poster (Digital) with all the information and pictures you have compiled over the course of the project. You will also compose a one-page essay (5 paragraphs) describing your experience during this WebQuest. You will use the WebQuest on my teacher webpage to help you with this project. Lastly, you will give an individual presentation sharing your discoveries with your class.
Process
Process
1) Salary / Profession - Web site: https://www.bls.gov/ooh/occupation-finder.htm
Any time you start to create a budget you need to know what your expenses are each month. You will be given a copy of a budget worksheet to be used throughout the web quest. When you finish your entire worksheet you will make a final copy by typing it on the computer.
a) It pays to do well in school!
Based on your GPA you will have a salary range per year. Use this chart to determine your potential yearly salary, based upon your GPA then record your data on 1a
Potential Salary Based on Your GPA
b) Determine the range of your Monthly Salary by dividing each number in box 1a by 12. You should have 2 numbers. These two numbers become the low and high end of your monthly salary.
Example:
$22000 divided by 12 Months = $1833.00 (round to the nearest dollar)
Do this again using the high end of your yearly income. Use $27,999 instead of $22,000.
Example: $27999 divided by 12 monthly = 2333.33
(round to the nearest dollar)
c.) Determine the range of your hourly wage by dividing the 2 numbers in box 1a by 52weeks and then 40 hours. These two numbers become the range for your hourly wage.
$22000 divided by 52 weeks, divided by 40 hours = $10.58 per hour
(DO NOT ROUND TO THE NEAREST DOLLAR!!! round your answer to the nearest cent).
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Do this again using the high end of your yearly income. Use $27,999 instead of $22,000.
Example: $27999 divided by 52 weeks, divided by 40 hours = $13.46 per hour (round your answer to the nearest cent).
d) Now you will determine what type of job you can do based on the amount you are capable of making per year. Each year the United States Government surveys millions of Americans and determine how much different jobs pay per year, per month, or per hour. You will research and choose a career based upon your yearly or hourly wage range. On this web site there is a list of over 2000 jobs along with their Median wage.
For each job on the web site their is a Tab called Earnings.
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Here they list the Median Income for a group of jobs in that field. You must choose a job that does not exceed the Yearly, Monthly, or Hourly Salary ranges. You may pick a job below your ranges but you MAY NOT go over the higher number in your range. If you can't do the job you would like look at the tab called Related Occupations. This is a group of jobs that are similar to the job you are looking at.
e) Once you have found the job you would like to do, record the Median Yearly Income for the job of your choosing in box , based on the information from the earnings tab for that job. If the website does not list the median income for the job you chose you may not use it.
f) Next find the Actual Monthly Wage by dividing the median yearly income by 12.
g) Record your actual hourly wage by dividing the Median yearly Income by 52 and then by 40.
2) Taxes - Website: Taxes, Social Security, and Medicare Page
Every American must pay taxes and other expenses to help support the running of our government. Next you will find how much money you must pay per month in taxes, social security, and Medicare.
a) First you must find out what percent of your income is taxed and deducted per year. The more money you make the more the government taxes. Also, the more you pay in Social Security and Medicare.
Using this Web page find out what percent of your income is taxed. Don't forget about the 5% of your income that goes to Social Security and Medicare. Everyone must pay this.
Website: Taxes, Social Security, and Medicare Page
b) Next Subtract your Yearly taxes from your Median Yearly Income (box 1e) record the results in 2b.
c) Divide the results in 2b by 12 to determine your monthly salary after taxes, record in 2c.
This number is very important, this is the amount of money you have to spend each month!!! You may not go over this amount in any month. Good Luck!
You will explore some websites to find a place to live. Whether an apartment or house, you will need to calculate monthly payments. You may not live with someone else and you must live in your own apartment or home.
Living in a house or apartment is your choice. Each one has their own expenses. Keep in mind that homes cost more and have other costs associated with them, but you own it. Buying a home should be a goal of yours, but they can be very expensive.
Apartments versus Homes
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Apartments |
Homes |
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Less Expensive |
More Expensive |
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Smaller size |
Bigger size |
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Utilities Cheaper |
More Expensive Utilities |
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You rent it, but never own it. |
You own it. |
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Don't pay property taxes or insurance. |
You pay property taxes and insurance. |
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If something breaks someone fixes it. |
If something breaks you fix it. |
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Can be loud. |
Much quieter. |
You may also go to this website and read what other people think of the apartment you are thinking of renting.
a) Rent or Mortgage
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Homes- Website: http://www.homes.com Homes are one of the best investments you will ever make. They are much more expensive but you are buying it. In order to buy a home you must get a mortgage. A bank lends you the money to buy the home and you pay them back with interest. Unless you make more than $40,000 you should probably not spend more than $100,000 for the cost of a house.
To find the cost per month of a home use this Mortgage calculator Mortgage Calculator. Assume you have 6% interest over 30 years. Find the Monthly payment. Record this information in box 3a
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Apartments - Use this website to find Apartments: Apartments for Rent in Washington, DC - 10817 Rentals | ApartmentGuide.com Things to remember Apartments are generally cheaper than houses. You do not pay for property taxes, box 3b. If you want apartment insurance, you can assume you would pay $20.00 a month for renters' insurance or $240.00 a year in box 3c. Many apartments come with free utilities such as gas and water. Read the information carefully to see what they pay. There are three primary kinds of apartments. 1) Economy or Studio - a very small one room apartment. 2) Flat - usually a 1 or 2 bedroom apartment. 3) Town house - usually a large 2 to 3 bedroom apartment that usually has a yard included.
Once you find an apartment you like you may want to go to this website: Apartment Ratings.com. At this website people can leave their opinions about the apartment. If you rent an apartment you must find 1) the price per month. 2) What utilities are paid. If the website about the apartments says nothing about free utilities you must pay them all. |
Record the monthly rent or monthly mortgage amount the first box, the type is either house or the type of apartment Studio, Flat, or Town home, and #rooms is the number of bedrooms in the home. Record all 3 results in box 3a
a) Rent/Mortgage: Type: # Rooms:
b) Skip this step if renting an apartment.
If you buy a home you must determine the yearly property taxes, apartments do not have taxes. Take the price of the home and find 3% of the total value of the home. Remember turn 3% into a decimal and multiply by the total cost of the home. This is your yearly property taxes. Divide this number by 12 to find your monthly property taxes. Record both results in 3b
b) Property Taxes Per Year: Property Taxes Per Month:
c) For apartments:
If you want apartment insurance it will cost you $20.00 per month or $240.00 a year. Record your results in 3c.
For homes:
You must also have home owners insurance which is 1% of the value of the home. Find 1% of the total value of the home. Next divide that by 12 to determine the monthly insurance payment. Record your results in 3c.
c) Yearly Home Insurance: Monthly Home Insurance:
d) Add the Mortgage , Monthly Taxes, and Monthly Insurance together. This is the total expenses of your house or apartment per month. Record your results in 3d
d) Total Monthly Home Cost:
4) Vehicle payments - Research web sites ( Autotrader.com Cars.com)
to find a vehicle. Do you want a car, motorcycle, or do you want to ride the bus? You will need to determine what kind of vehicle you will purchase (if your income allows you to do so) and calculate monthly payments along with insurance and gas. When searching for a vehicle you must purchase it within 300 miles of Wahington D.C. You may not buy a car from someone living in California or some other place far away.
If you can not afford your own vehicle you may use the bus by buying a bus card for $40.00 dollars per month. Add this cost of a bus card to the box labeled other:_______ in box 6a.
a) To find a vehicle, use these web sites
Autotrader.com
Cars.com
Record the model and type of vehicle along with the cost in box 4a
a) Vehicle Model: Type: Cost:
b) Just like everything else in the world you must pay tax on a car purchase. To find the taxes for the vehicle find 8.25% of the cost of the vehicle in box 4a. Remember 8.25% as a decimal x the cost of the car. Record this number in box 4b. Next add the Cost of the vehicle to the tax. Record this in the second box in 4b. This is the total cost of the vehicle.
b) Taxes on Vehicle : Total Cost:
c) Just like homes you must borrow money from a bank to buy a vehicle. New cars and used cars have different rates and number years. Use the Car Payment Calculator to figure out the car payment for your vehicle.
c) Yearly Car Payment Interest Rate& Monthly Car Payment: You must pay interest on a vehicle that you are buying. New and used vehicles have different interest rates.
New Cars 7% Interest over 5 years
Used Cars 7.5% Interest over 3 years
Take the total cost of the car box 4b and use the information above to calculate the monthly cost of your car.
Record this in the highlighted box 4c Monthly Car Payment
d) and e) Next you must determine how much gas and how much insurance costs for your vehicle. Based on the size of the vehicle use the chart to record your information for box d) and e). If you do not know how many cylinders the vehicle has please ask your teacher or read the description of the vehicle on the website.
d) Gas for Vehicle:
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Gas |
Insurance for Used Vehicle |
Insurance for New Vehicle | ||
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Motorcycle |
$60.00 |
$50.00 |
$300.00 | ||
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4 cylinder |
$80.00 |
$175.00 |
$630.00 | ||
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6 cylinder |
$100.00 |
$200.00 |
$750.00 | ||
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8 cylinder |
$150.00 |
$225.00 |
$775.00 | ||
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Sport UTL (SUV) |
$150.00 |
$225.00 |
$825.00 | ||
| Bus | $40.00 |
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$0.00 |
e) Car Insurance:
f) Now add the totals in boxes 4b) , 4c), 4d) 4e) this is your total monthly vehicle expenses. Record this amount in box 4f).
4. Vehicle Costs
a) Vehicle Model: Type: Cost:
b) Taxes on Vehicle : Total Cost:
c) Yearly Car Payment Interest Rate: Monthly Car Payment:
d) Gas for Vehicle:
e) Car Insurance:
f) Total Monthly Vehicle Cost:
5) Utilities
a) You will need to budget money for your utilities. Some places come with free utilities. You need to read the description of the apartment carefully. While others you have to pay them yourself. Keep in mind different size homes cost different amount to heat, cool, etc. Remember this when choosing your home.
So, this is why your parents keep telling you to turn out the lights when you leave a room. Some charges keep adding up whether the utility is used or not!
Compare you living arrangements with the chart below. Record each utility cost under number 5 on your Monthly Expenses.
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Home Information |
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Electricity |
Water and Gas |
Cable |
Phone |
Internet |
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Economy |
$100.00 |
$60.00 |
$50.00 |
$50.00 | $35.00 |
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1br Apt |
$115.00 |
$65.00 |
$50.00 |
$50.00 | $35.00 |
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2br Apt |
$120.00 |
$70.00 |
$50.00 |
$50.00 | $35.00 |
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3br Apt |
$130.00 |
$80.00 |
$50.00 |
$50.00 | $35.00 |
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2br Home |
$175.00 |
$100.00 |
$50.00 |
$50.00 | $35.00 |
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3br Home |
$200.00 |
$120.00 |
$50.00 |
$50.00 | $35.00 |
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4br Home |
$250.00 |
$135.00 |
$50.00 |
$50.00 | $35.00 |
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5br Home |
$300.00 |
$150.00 |
$50.00 |
$50.00 | $35.00 |
a) Electric: Gas and Water: Cable: Telephone: Internet:
b) Next add the total monthly cost for each utility and put the total in box 5b. This is your total monthly utilities cost.
b) Total Monthly Utilities Cost:
6) Living Expenses
a) Now determine your other expenses: food, cell phones, pagers, health insurance, clothing, entertainment, savings accounts, and miscellaneous items. Certain parts of this section have minimum amounts you can spend on them.
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Things to Remember. |
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You must spend at least a minimum amount in Food, Clothing, Entertainment, and Miscellaneous Items. |
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Miscellaneous Items include toiletries, cleaning supplies, and household supplies |
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You do not have to have Health Insurance, but think about the video and the problems they had. Co-pay is the amount you have to pay extra for visiting the doctors office. |
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Emergency Funds are always good to have when you need a little extra money for something, but you don't have to have one. |
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You must have a home phone, a cell phone, or both. |
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Any other things you may want for your home, such as a pet, plasma screen TVs or any thing else would go into this section. |
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Minimum amounts to spend. |
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Expenses |
Cost |
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Groceries |
$350.00 |
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Clothing |
$200.00 |
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Just a home phone. |
$50.00 |
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Cell phone without home phone |
$80.00 |
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Both home and Cell phone. ($50.00 each) |
$100.00 |
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Entertainment |
$40.00 |
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Basic Health Insurance with co-pay of $25.00 |
$100.00 |
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Good Health Insurance without co-pay |
$150.00 |
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Miscellaneous |
$40.00 |
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Pet |
$50.00 |
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Other Optional Expenses |
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Charitable Giving |
Gifts |
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Haircuts |
Travel |
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Medicine |
Car repairs/ maintenance |
b) Now add the totals in box a) together and record your total in box b) this is your Total Monthly Living Expenses.
b) Total Monthly Living Expenses:
The most important step
You now must find the total amount of your expenses per month.
a) Record once again the total from box 2c (Monthly Salary after Taxes) , so that you can easily reference it during this last section. Remember this is the total amount of money you have to spend each month on all your bills. You can not go over this amount per month.
a) Total Monthly Earnings:
b) Add the totals of boxes 3d, 4f, 5g, and 6k together. Record in box 7c.
b) Total Monthly Expenses:
If you make any money from being an accountant for someone else list that income in 7b. This is extra money you have each month for being someone else's accountant.
This is your total monthly expenses. Was this total less than your Monthly Salary after taxes? If so you have some money left over. If it's more than your monthly total you must go back and adjust your monthly expenses to fit your salary. Maybe you can't afford a home, a car, or your cell phone.
c) Any money left over should be put into your savings account box 7c and used for any emergencies of life, such as car repairs, doctors visits, or psychiatric counseling. It is always recommended to save about 20% to 30% of your income each month, but the choice is up to you.
Pie Graph - Degree = (part / whole) x 360°
EXAMPLE - (HOUSING / MONTHLY BUDGET AFTER TAXES 0 = (1795/4765) x 360°
Use the information from your Monthly Expenses to create a Circle Graph to represent your Monthly Budget.
You should have at lease 5 Sections:
1. Housing
2. Vehicle Cost
3. Utilities
4. Living Expenses
5. Savings
Evaluation
ESSAY:
- Write a 1 pg. typed essay answering the questions in the prompt in step 3.
- EXPECTATIONS: A) give a main idea that is an overview of your feelings about the project. B) restate and answer each question. C) support your answer to each question with evidence/examples D) end your writing with a conclusion that sums up/restates their feelings about the project. E) adhere to conventions: capitalization, punctuation, etc.
- PROMPT: After working on this project, you probably found that life in general, is pretty expensive. What lessons did you learn from this project? How can these lessons help you better prepare for your future? Does college sound more appealing to you today than it did before you worked on this project? Why/why not? Does getting good grades in school seem more important now? Why/why not? Write a 1 page essay describing this experience.
- Save your essay like this: LastName_FirstName_budget_essay_prompt.doc
- For example, Ulysses Montoya would save it like: Forth_Nicole_budget_essay_prompt.doc
http://www.cthompsonmath.weebly.com/uploads/2/5/2/8/25281985/scoring_guide.pdf
PRESENTATION:
- 5 points: All 4 required elements are clearly included (future job, place of residence, daily life, goals or dreams), and each element is supported with at least 1 complete sentence.
- 4 points: All 4 elements are included, but 1 element is not clearly explained (less than 1 full sentence or unclear).
- 3 points: Only 3 elements are included with at least 1 sentence each.
- 2 points: Only 2 elements are included.
- 1 point: Only 1 or none of the elements are included.
Conclusion
Congratulations on completing this WebQuest on THINKING about your future life!
Throughout this activity, students explored their future selves and learned how to express their ideas using future tense expressions such
as will and be going to. They described their future plans, including their jobs, daily lives, and goals, while developing a clearer vision of
their future. Students also developed their writing skills by creating their own essays and applying what they learned in a meaningful way.
Think about your writing during this activity. Which part was the most interesting or challenging?
Keep imagining your future and continue developing your PROBLEM SOLVING skills!
Credits
References
Amazing Animation, (n.d.). Retrieved from http://www.amazing-animations.com/
Quotes About Life, (2016). Retrieved from http://www.goodreads.com/quotes/tag/life
Travis-wetzel, (n.d.). Retrieved from http://images.pcmac.org/SiSFiles/Schools/AL/MontgomeryPublic/BaldwinArt…
U.S. Bureau of Labor Statistics, (2015). Career Exploration. Retrieved from http://www.bls.gov/k12/content/students/careers/career-exploration.htm
Virginia Education Wizard, (2016). Retrieved from https://www.vawizard.org/wizard/students.