WHAT IS IT? - PLanning 10



___________’s BUDGET BOOKLETWHAT IS IT?A budget simulation attempts to give people a situation that is similar to the real world. Of course the real world is so complex that a simulation cannot recreate all the variations and changes you might experience. With this limitation in mind, this budget simulation project will address the following objectives:Demonstrate financial literacy related to: budgeting skills, planning for transition from secondary school, knowledge about credit and debt, and knowledge of legal requirements for reporting personal income Costs of Education and Career Options Identify the costs and funding sources associated with various education and career options Financial Plan Develop a personal financial plan to support the achievement of education and career goalsHow to complete it?You must have one ESTIMATED budget of both FIXED and VARIABLE expensesYou must make up an ACTUAL budget for a one-month period of both FIXED and VARIABLE expenses.Recording: You will be required to record a 1 week Food Journal and keep track of cost You will record an Expense Sheet purchases you make for a one week periodComplete a personal profile of what your life looks like in 5-10 years Complete the Evaluation and Reflection Questions11684001778000THE BUDGET* means you need to include an attached print outACTUAL monthly expenses (Monthly income: $3000) Food*Consider how much this will cost by recording your one week menu/grocery list and x by 4Housing*Find a place to live by looking on Craigslist or Padmapper. Print the online ad and include it to this sheet.UtilitiesIncludes heat, hot water and electricity. It should be 25% of your rent so (If rent is $500 then utilities would be $500 x .025 = $125If your housing includes rent then write N/A in the boxTransportation* (Choose A ,B, or C)A= Public Transit and equals $125B= Used Car (attach ad from craigslist of car and divide total cost by 12)C= New Car (attach price from website of monthly cost or lease)Cell Phone*Include a print off from the cell phone carrier page of your cell phone package and costCable and Internet*Include a print off of the Cable and/or Internet package you subscribe to including plan details and monthly cost.If you wish to have Netflix, Shomi, Crave TV etc, add an additional 10$ a monthGasAverage gas spent with current prices a month per person is $250Household IncidentalsLaundry soap, cleaning products, lightbulbs etc. $25ClothingConsider how much this will cost by recording your one week menu/grocery list and x by 4(must buy at least 3 clothing items)THE BUDGET* means you need to include an attached print outActual monthly expenses (monthly income $3000)Personal IncidentalsToothpaste, cosmetics, vitamins, first aid, shaving, feminine products, etc. (You must purchase at least 5 items per month)Recreation and EntertainmentMovies, books, restaurants, sports equipment, concerts, etc.(You must include at least 8 Entertainment items, they can be the same thing twice)Basic Health (MSP) $65Home Contents Insurance$25 Savings Savings account, RRSP, etc $50 minimumExtended Health Benefits and Dental (Optional)This includes, physiotherapy, massage, teeth cleanings etc.$50Gifts for Birthdays/Holidays (Optional)Donations to Charities (Optional)Travel/Vacations (Optional)Temptation CardsDrawn at the end of the UnitChance CardsDrawn at the end of the UnitTOTAL MONTHLY EXPENSESAdd all expenses!!!food journalRecord your meals and money spent on food for 1 weekDaysBreakfastLunchDinnerSnacksMondayTuesdayWednesdayThursdayFridaySaturdaySundayExpense SheetKeep a record for 1 week of all your expenses *Remember: you must include in your monthly budget at least 3 clothing items, 5 personal items, and 8 entertainment items per month, so that works out to at least 4 items per week.DateIncomeItemCostTOTAL WEEKLY EXPENDITURE: __________ x 4 = _______________Monthly Expenses4784651-26156100PERSONAL PROFILESummarise pg 2-5 in a written responseIn a paragraph (100-200 words), describe your situation. Where do you live, do you share an apartment? Do you split bills and groceries or buy your own? Where do you work and how do you travel to and from work? Do you own your own car? Are you saving for one? What else are you saving for? Briefly describe your main expenses and goals.____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________Evaluation and ReflectionEvaluationEach day after class you should be able to answer one new question. Answer the following questions as we progress through the unit. DO NOT WAIT UNTIL THE END TO COMPLETE THEM?Question 1: What are 3 advantages of budgeting? (3marks)Question 2: How much are you saving each month? What are you saving for? (2marks)Question 3: How much of your money would you invest and where would you invest it? (2marks)Question 4: Which would you more likely use: a Bank or a Credit Union? Explain your answer. (2marks)Question 5: Would you have a credit card? Which one would you select and why? (3marks)Question 6: What will you take away from this budget assignment into your own life? (3marks)ReflectionAre you ready for the test? Look at the following Vocabulary and Concepts and make sure to study anything you are unsure of.Vocabulary: Budget, net income, gross income, fixed expenses, variable expenses, emergency fund, estimated budget, actual budget, credit, debt, savings.Concepts: Budgeting, savings, investing, insurance, banking, identity, credit, financial plan.Budget Booklet evaluationEstimated Budget-completed and accurate/5Actual Budget-completed and accurate-includes all required print off attachments-Doesn’t go over budget (after temptation and chance cards)/15Food Journal-completed and accurate/5Expense Sheet-completed and accurate /5Personal Profile-100 to 200 words/5Evaluation and Reflection-completed/15TOTAL/50COMMENTS:____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ................
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