Consumer Education Project Directions
Consumer Education Project Directions
In order for students to determine their family situation and incomes students need to roll a die. Have the first roll determine their family situation.
1. Single- No Children
2. Single- 1 Child
3. Married- No Children
4. Married- 1 Child
5. Married- 2 Children
6. Married- 3 Children
Then have students roll the did again to determine their yearly income
1. $20,000
2. $30,000
3. $40,000
4. $50,000
5. $60,000
6. $70,000
If the student is married then the will roll again to determine what their spouses yearly income is
1. $20,000
2. $30,000
3. $40,000
4. $50,000
5. $60,000
6. $70,000
Then have students complete and fill out the Monthly Budget Worksheet. All of the information on this sheet should be the student’s prediction on how much they will be able to afford based on their family situation and monthly income. Students need to be sure their expenses/costs do not exceed their income. These predictions will be used later so the student can reflect on whether or not their predictions were right or not.
After the student has completed the Monthly Budget Worksheet have them complete the other worksheets. All of the information needed can be found online. Be sure each student prints out all of the information they find so they can make a “Life Portfolio”. Students again need to be sure that their Yearly Expenses/Costs do not exceed their Yearly Income.
Monthly Budget Worksheet
I. Family Situation: ______________________________________________
Occupation (Make up, depending on your income level): ______________________________________________
Your Yearly Income: _________________________
Spouse’s Yearly Income (Spouse works same job as you): _________________________
Total Yearly Income (Total Monthly Income x12 months): _________________________
Total Monthly Income: _________________________
Based on this information estimate how much you will be able/need to spend on the following things.
II. Health Insurance:
Health Insurance is extremely important for you and your family and your well-being. How much do you think it will cost to cover your family for a month?
Monthly Coverage Costs: _________________________
III. Housing and Utilities:
It is recommended that your housing should be approximately 25-30% of your monthly income. Circle the choice you plan to choose for housing and utilities.
Remember the nicer the house the more the mortgage will cost.
A. One bedroom apartment: Utilities: $65
B. Two bedroom apartment: Utilities: $85
C. Small house: Utilities: $105
D. Medium house: Utilities: $135
E. Large house: Utilities: $195
F. Luxury house: Utilities: $265
IV. Additional Utilities:
Decide which additional utilities you want. Remember that if you choose to get cell phones for the entire family you need to include this cost. List the amount to be paid PER MONTH. If choosing to NOT have these utilities, simply write N/A.
Phone (house, cell, or both):________________________________________
Cable:_________________________________________________________
Internet:________________________________________________________
V. Food:
Estimate how much you will spend on groceries and dining out for your family each month.
Grocery: _________________________
Dining Out: _________________________
VI. Transportation:
Circle your selection from the following:
A. Old car, paid off. Insurance is $45/month.
B. Used car for $98/mo. Insurance is $63/month.
C. New car for $163/mo. Insurance is $70/month.
D. New car for $263/mo. Insurance is $83/month.
E. New Car for $440/mo. Insurance is $98/month.
F. Public transportation $110/month.
G. Other: (Specify)_______________________________________________
*For each car, add $150/month for maintenance and gas.
Total Transportation Costs:_________________________________________
Calculate your monthly costs at this time. Add together all of your costs up to this point and write them below.
Costs: ___________________________
VII. Additional Costs:
Disperse the above remaining amount into your “additional costs” category. Remember this is the cost of each item PER MONTH
Clothes: _________________________
Cosmetics: _________________________
Toiletries: _________________________
Gifts: _________________________
Child care: _________________________
Entertainment: _________________________
Vacation: _________________________
Charity: _________________________
Savings: _________________________
Additional Costs Total: _________________________
Final Monthly Total: _________________________
Multiply your final monthly total by 12 to get your Final Yearly Total.
Final Yearly Total: _________________________
If your final yearly total exceeds your yearly income make any needed adjustments.
Consumer Education Final Project
After finishing high school/college you live frugally for a few years and manage to save $20,000 in your savings account. You will begin “your” life with $20,000 in your savings account and with 1 year of your Total Yearly Income. You will be searching for a variety of things. The first part of the assignment is to find transportation, insurance, phone, cable, Internet, and grocery options for your family.
You need to print out advertisements or receipts for each of the following expenses. Each print out is worth 10 points
Also be sure not to go over your budget!!!
Transportation
Option 1
Find a car or cars for you and your family. If you plan to get a used car you can check out . If you plan on getting a new car you can look at any company’s website to get a price estimate. You will be financing the car for 5 years, and you will be paying a 5% interest rate on the car. Be sure to print out an ad of the car and the price!
a) Year:
b) Make:
c) Model:
d) Price:
e) If you plan to pay off the car in 5 years with a 5% interest rate how much will you end up paying for the car total?
Cost of Car x Interest Rate = Amount of Interest Paid ____________________
Add Cost of Car + Interest Rate = Total Cost of Car ____________________
f) How much will you pay per year on the car?
Total Cost of Car / 5 = Yearly Payments *** ___________________
g) Why is this car the best option for your family?
Repeat this process for year car you buy.
Option 2
If you plan to use public transportation check CTA’s website: to find what CTA option is best for you and your family.
Print out the information on the package and answer the following questions.
a) What is included:
b) Cost:
c) Why is this option the best or your family?
d) Yearly Cost for Public Transportation *** _______________
Health Insurance
Go to the following website and use the plan finder (on the top right hand corner) to get a health insurance quote for your family. Be sure to look at all the options to decide what is best for you. Print out the page with your quote and answer the following questions.
a) What type of coverage do you get with this plan? What is included?
b) How much will you pay yearly to insure your family?
Monthly Cost x 12 = Yearly Cost ***___________________
b) Find an article about Universal Healthcare. Print out and read the article. Write a 2-paragraph response to what you read. One paragraph should be a summary of the article and the other paragraph should be a response. What are your thoughts on universal health care?
c) Do you think employers should have to cover a percentage of health insurance? If so, how much?
Additional Utilities
You need to find information on the following utilities. You do not need to have each of these options but you need to explain why you are not using them if you choose not to. Check different phone, cable, and Internet companies to find the best deals for your family’s needs. Be sure to print out advertisements/ quotes for each of the following utilities.
Home Phone
Company: ___________________
Cost per Month x 12= Total Yearly Cost _____________________
Cell phone Plan
Company: ___________________
Cost per Month x 12= Total Yearly Cost _____________________
Cable
Company: ___________________
Cost per Month x 12= Total Yearly Cost _____________________
Internet
Company:____________________
Cost per Month x 12= Total Yearly Cost _____________________
Add all your additional utilities together to
Figure out your
Total Yearly Cost for Additional Utilities ***_____________________
If finished to this point, stop on Day 1. See Mr. Logemann for an extra credit assignment at this point.
Consumer Education Final Project
Today you will be figuring out the cost of your family’s groceries for 2 weeks. In order to do so you need to visit . Be sure to include the food you’ll need for breakfast, lunch, dinner, and snacks. You also need to buy personal items and toiletries. Print out your grocery list and find your total cost for groceries for 2 weeks.
Total Cost of Groceries for 2 weeks _________________________
In order to figure out your cost of groceries for a month multiple your total cost of groceries for 2 weeks by 2
Monthly Cost of Groceries __________________________
(Total Cost of groceries for 2 weeks x 2)
In order to figure out your yearly cost of groceries multiply your monthly cost of groceries by 12
Yearly Cost of Groceries ***___________________________
Now you are going to figure out how much it will cost to take your family out to a restaurant for dinner. Visit and find a restaurant you would like to take your family to for dinner. Pick some items from the menu for each of your family members. Print out your total for the restaurant. You may also visit a restaurant’s website of your choice if you cannot find it on
Cost of going out for dinner with your family ___________________________
Monthly cost of Dining Out
(Cost of going with family x how many times you plan to go out in 1 month) ________
Yearly Cost of Dining Out
(Monthly Cost of Dining Out x 12) ***_________________________
Now you need to figure out all your expenses up until this point. Be sure to add up your yearly transportation, health insurance, additional utilities, groceries, and dining out cost.
Transportation ___________________________
Health Insurance ___________________________
Additional Utilities ___________________________
Groceries ___________________________
Dining Out ___________________________
Total Yearly Expenses ***___________________________
Consumer Education Final Project
You have budgeted for most of your expenses, but you are missing one very important expense. Where will you live? Look online (try or ) to find a home for you and your family. You can also try doing a yahoo or google search for real estate or apartments in Chicago). Make sure that you stay within your budget range. Print out a picture of your home with the price. Also if the page you print does not include a description of the home make sure you write down a description of the home (how many bedrooms, bathrooms, a/c, hardwood floors, etc).
Total Yearly Income AFTER expenses ________________________
(Income – total yearly expenses)
Yearly Cost of Home ________________________
(Monthly Cost x 12)
Left over funds ________________________
(Total yearly income after expenses – home)
Now you need to disperse your left over funds into your other expenses. Be sure to put money into your savings account!!!
Clothes: _________________________
Cosmetics: _________________________
Toiletries: _________________________
Gifts: _________________________
Childcare: _________________________
Entertainment: _________________________
Vacation: _________________________
Charity: _________________________
Savings: _________________________
Additional Costs Total: _________________________
Consumer Education Project Rubric
I. Initial Monthly Budget ___________/25 pts
II. Transportation
Print Out ___________/20 pts
Yearly Cost-Month ___________/10 pts
III. Health Insurance
Premium Print Out ___________/10 pts
Yearly Payments ___________/2 pts
Article ___________/10 pts
Summary/Analysis ___________/20 pts
IV. Additional Utilities
Home Phone
Print Out __________/10 pts
Yearly Cost __________/2 pts
Cell Phone
Print Out __________/10 pts
Yearly Cost __________/2 pts
Cable
Print Out __________/10 pts
Yearly Cost __________/2 pts
Internet
Print Out __________/10 pts
Yearly Cost __________/2 pts
V. Groceries
Print Out __________/10 pts
Family Situation __________/5 pts
Yearly Cost ________/2 pts
VI. Dining Out
Menu/Receipt Print out _________/10 pts
Family Situation __________/5 pts
Yearly Cost __________/2 pts
VII. Total Yearly Expenses __________/5 pts
VIII. Housing
Leftover Yearly Income __________/5 pts
Yearly Cost of Home __________/5 pts
Print out of Home/Apt __________/10 pts
Leftover Funds __________/5 pts
Dispersion of Funds
Into Additional Expenses __________/10 pts
FINAL TOTAL: __________/220 pts
FINAL PERCENTAGE: __________
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