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Grades 9-12

 

Language Arts Content Standards Addressed:

1.1    Students use appropriate strategies before, during and after reading in order to construct meaning.

1.2    Students interpret, analyze and evaluate text in order to extend understanding and appreciation.

1.3    Students select and apply strategies to facilitate word recognition and develop vocabulary in order to comprehend text.

 

Mathematics Content Standard Addressed:

Working with Data: Probability and Statistics – Data can be analyzed to make

 informed decisions using a variety of strategies, tools and technologies.

 

Cooperative Work Education Content Standard Addressed:

6. Economics Students will learn economic concepts that influence personal,

    business and government decisions.

 

Essential Questions:

How can collecting, organizing and displaying data help us analyze information and make reasonable predictions and informed decisions?

 

Overall:

Students will review the National Endowment for Financial Education Financial Planning Program to understand concepts of saving, budgeting, credit, taxes and purchasing to better prepare for their financial future.

 

Activity:

 

1.      Review “Can You Believe” article found in National Endowement for Financial Education Financial Planning Program book.

2.      Explain the concept of “pay yourself first”, pointing out the savings and profit in five/ten years time.

3.      Have students work in groups to complete sample family budgets.

4.      Review education level and income.

5.      Using newspapers and internet (www.californiarealitycheck.com), have students complete own family budget.

6.      Students can then use their “required annual salary” as a search method for looking at various career pathways.


 

 

Level of Education

Not completed High School

High School Graduate

On the Job Training/Certificate

Associate’s/Bachelor Degree

 

Hourly Rate of Pay

$10

$13

$16

$20

 

Weekly Gross Income

$400

$520

$640

$800

 

----20% TAXES (Federal FIT, State SIT, Social Security FICA, Medicare)

 

Weekly Net Income

$320

$416

$512

$640

Monthly Net Income

$1280

$1664

$2048

$2560

Other Income

 

 

 

 

TOTAL Monthly Income

 

 

 

 

 


Figure your family profile.  How many people do you envision living with in 5 years?

                                                     

Children?                                      Spouse/Partner?                      Extended Family?

 

 

EXPENSES

 

Monthly: Fixed

 

Pay Yourself First     10% of income                                                            ____________

(also known as PYF)

 

Housing          rent-1 or 2 bedrooms, with or without a roommate?

                        Own home

                        Live with parents

                                                Monthly Rent/Mortgage                                 ____________

                                                (includes taxes)

                                                Utilities                                                           ____________

 

                                                Insurance                                                         ____________

                                                           

 

Transportation          public transportation (cities only)

                                    Bicycle/walk (what about bad weather)

                                    Used car

                                    New car with car payments                                        ____________

 

                                                Gasoline                                                          ____________

 

                                                Insurance                                                         ____________

                                                                                                                                   

                                                Maintenance                                                    ____________

 

 

Food*                         Low cost, prepare foods yourself

                                    Moderate cost, more variety of foods, some prepared already

 (frozen meals), some you prepare

                                    High cost, buy whatever regardless of cost, eat out often (3+

  times/week)

                                                                        ____________

 

*  Consider amount of people in your family.  Use local supermarket flyers.

 

 

Clothing**                 sew

                                    Buy recycled clothing

                                    Buy on sale/discount stores

                                    Buy from department stores (Filene’s, JcPenney)

                                    Buy from boutiques (Gap, Express, Limited)

                                                                                                                        ____________

                                                                                                                       

**  Consider how many people. First figure out an annual budget, then divide by 12 to get monthly expenses.

 

Sundries                     toilet paper, shampoo, deodorant, diapers, cleaning

supplies, etc.

                                                                                                                        ____________

 

Child Care                 relative

                                    Community based center

                                    Day care center

                                    Sitter                                                                           ____________

                                                                                           (multiply by amount of children)

                                                                       

                                                                                                                        ____________

 

Health Care               share costs with employer

                                    Own health plan

                                    Co-payments                                                               ____________

 

Miscellaneous             Pets

                                    Furniture

                                    Vacations

                                    Entertainment

                                    Hobbies

                                    Sports/Recreation                                                        ____________

 

 

            *****KEY THINGS TO REMEMBER:

                                    HOW MANY PEOPLE ARE IN YOUR FAMILY?

                                    HOW MANY PEOPLE WILL YOU BE SHARING CERTAIN

                                                COSTS WITH?

                                   

 

Enter monthly amounts below:

 

Housing                      ______________        Sundries                     ______________       

 

Transportation          ______________        Child Care                 ______________

 

Food                           ______________        Health Care               ______________

 

Clothing                     ______________        Miscellaneuos             ______________

 

PYF                            ______________        TOTAL:                     ______________

 

 

To figure your monthly salary needed to support this lifestyle, divide your monthly expenses by 80% (taxes are 20%).

 

YOUR REQUIRED MONTHLY SALARY:                       _______________________

 

YOUR REQUIRED ANNUAL SALARY:             _______________________

 

****DON’T FORGET, ARE YOU A DUAL INCOME FAMILY?****

Cyndi Wells
Education Technology Portfolio
Eastern Connecticut State University