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?****