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Sunday, November 17, 2013

Lesson: How can I prepare to be financially self-reliant? (Part 2)


~LESSON PLAN (PART 2)~ How can I prepare to be financially self-reliant?


What is a Budget? Youth Activity
Go through and ask for estimates from the students, then go through and give them the average actual scenario.  Discuss each one.  It is fun to see what youth ideas of what things cost are, some are too high, some too low, and some just right.  Explain why they need to get good grades and have goals for good jobs for them to be able to live comfortably.  

Meet the Sharpe Family
Dad - bank manager making 60,000/yr
Mom
Boy - age 10
Girl - age 7
2 cars
2 cell phones
Live in a 3 bedroom home in San Diego
Rent is $1500/month

INCOME
YOUR ESTIMATE
ACTUAL
Monthly Salary
Taxes
Monthly Salary after Taxes
Other Income
Total Income
EXPENSES
Tithing/Offerings
Food (groceries + eating out)
Mortgage or Rent
Water Utilities
Trash Utilities
Gas/Electic Utilities
Cell Phone
Internet
TV
Clothing
Car Insurance
Medical Insurance
Dental Insurance
School Expenses
Gas
Renters/Home Insurance
Car Maintenance
Savings (for retirement or big future purchases)
Clothing
Debt / Car Payments
Entertainment + Miscellaneous
Total Expenses
Total Income – Total Expenses



INCOME
YOUR ESTIMATE
ACTUAL
Monthly Salary
5000
Taxes
(*0.18)= 900
Monthly Salary after Taxes
4100
Other Income
100
Total Income
4200
EXPENSES
Tithing/Offerings
510
Food (groceries + eating out)
600
Mortgage or Rent
1500
Water Utilities
30
Trash Utilities
40
Gas/Electic Utilities
70
Cell Phone
(x2) 100
Internet
50
TV
45
Clothing
30
Car Insurance
(x2) 100
Medical Insurance
200
Dental Insurance
50
School Expenses
50
Gas
400
Renters/Home Insurance
50
Car Maintenance
30
Savings (for retirement or big future purchases)
100
Debt / Car Payments
200
Entertainment + Miscellaneous
50
Total Expenses
4100
Total Income – Total Expenses

0 [break even]




To note:
*these are all averages, people give up things and find other deals, etc. etc.
*dog payments
*other payments?
*mortgage v. renting
*you should really be putting 10% into savings
*minimum wage = $8/hr, thats only 16,640 a year
*15/hr = 30,000/yr
*$30 = 60K

2 comments:

  1. Thank you for the idea!! I found it late last night, and made my own almost like it. Kids seemed to like it a lot better, and enjoyed the budget activity. Especially living in San Diego on $60,000/yr w/ a $1500 house payment. Thanks again!! Do some more!! :)

    ReplyDelete