Introduction
Welcome to Budgeting for the Real World!
You are going to embark independently on a Budget Quest activity. This is going to give you an opportunity to see what your lifestyle would be like working at the job of your choice. Many different steps will be taken throughout the project that will involve higher order thinking, reflection, and possibly redesigning your lifestyle in order to live within your means. Enjoy your ride into reality!
Task
Task
~Students will complete a budget based on their salary of a career of their choice. The final result will be a completed budget worksheet, a home sample, car sample, interview data, and a final product summarizing your budget.
Process
Process
Please print out this Budget Worksheet and begin your webquest. This worksheet should be completely filled out after acquiring the information online.
STEP 1: Choose a Career
You will use the Occupational Outlook Handbook website to determine what job you would like to have and research the pertinent information for the budget worksheet. Click the following link for job selection: http://www.bls.gov/ooh/home.htm
There are many ways to search for a career. You can search by category. For instance, if you are good at math and want to find something math related, click on the math category. You can search by highest paying careers, fastest projected growing career, or most new jobs projected in the future.
- Print out your findings for evidence and submit at the end.
STEP 2: Find a Home
Use the resources below to find a house or apartment you think you could probably afford. The final link is a mortgage calculator for you to use to determine your monthly payments.
A. Type in the city and state you wish to live to search for your dream house.
Century 21 Website: http://www.century21.com
Realtor.com is a more comprehensive website: http://www.realtor.com
Homes for sale by Owner: http://www.fsbo.com
B. Mortgage Calculator:
http://www.zillow.com/mortgage-calculator/
Use the following to calculate your monthly mortgage payments:
Interest rate 4%
You can put down a down payment, but you must deduct that from your income.
Loan term: 30 years
Print out your findings for evidence and submit at the end.
STEP 3: Shop for a Vehicle
Use the following resources to find a car you can afford. You may choose a new or used car, depending on your income. Calculate your monthly payment if necessary using the auto calculator link at the bottom of the page.
A. Search for the make, model and year of your dream car.
Kelley Blue Book: http://www.kbb.com
Auto Trader: http://www.autotrader.com
B. Calculate Your Auto Payments:
http://www.onlineloancalculator.org/
Use the following to calculate the monthly payments
Interest rate 7.5%
Loan Term 5 years
Print out your findings for evidence and submit at the end.
STEP 4: Conduct an Interview
There are many expenses that adults encounter. Interview someone knowledgeable to find information about utilities, taxes, food, entertainment, savings, clothing, gas, insurance, student loans, etc… Fill in the Interview worksheet as a guide.
- You need estimates of amounts of money spent for each category.
- Compare the categories on the budget worksheet to the ones you discuss with your interviewee. Are you missing any important expenses on the budget worksheet?
- Ask your interviewee if they have some tips on how to successfully manage money during your first year working. Include some of the tips in your reflection (the final phase of this web quest).
STEP 5: Final Product
You have a choice: Write a final reflection paper or make a power point presentation.
Reflection Paper
Create a 3-paragraph essay in reflection format. Please reflect on your findings from this web quest. The following general outline should be followed:
- Introductory Paragraph: this paragraph should include the job you chose, how much your starting salary was, and your overall impression of your newfound research.
- Body Paragraph: this paragraph should contain details to support your thoughts about what your lifestyle will be like the first year on the job. The advice you gathered from your interview should be incorporated into this paragraph.
- Closing Paragraph: your final paragraph should mention any general changes you may consider making, then briefly summarize for a closing.
Powerpoint Presentation
This powerpoint should include everthing that would be in the paper, but present it within the slides of the powerpoint. This will give you the opportunity to add pictures and be creative. You do not have to present this unless you want to. Email me the final version of the powerpoint to vanschaikp@dcpsmd.org Include your name_budgetproject in the title. For example....janedoe_budgetproject
Evaluation
Evaluation
Budget Quest Evaluation
1) Completed Worksheet………………….......10 pts.
2) Performed Calculations Correctly…35 pts.
3) Researched Information
a. Career……………………………………………………..10 pts.
b. Housing……………………………………………………10 pts.
c. Vehicle…………………………………………………….10 pts.
d. Interview………………………………………………..10 pts.
4) Final Product……………………………………………………15 pts.
TOTAL……………….100 pts. _____
Conclusion
Conclusion
You have successfully completed your Budget Quest! I hope this was a learning experience for both you and your family as you thought ahead towards the future. Perhaps you found out the career you initially chose would not provide a salary to accommodate the lifestyle you desire. Maybe you realized that the amount of money you will make is going to be sufficient or in excess of what you imagined. Regardless of your personal results, this lesson should have been an enjoyable learning experience. I encourage you to continue talking about money with your parents. So many math concepts related to real life and it is important that you make the connection!
If you or someone in your family would like to continue this budgeting project for your own personal use, this website has some great links! Enjoy
http://www.betterbudgeting.com/familybudgeting.htm