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