CONGRATULATIONS!
You have just received your first job out of high school. Now you have to make some BIG decisions based on your new lifestyle. You will have to make a monthly budget to show how you are going to spend your income.
Good luck!
Now that you have a job, you need to create a budget, so you know where your money is going. Your job is to use the worksheet that can be found on the resources page and create a budget to include the items mentioned below.
Click on each link below to research your options. You will need a piece of paper to keep notes as you go along. The worksheet should show the final copy of your budget. You can print one out to use as a sample as you work along.
Also, you need to turn in a summary of your budget. You need to explain to your teacher why you made the decision you did and how you came up with the dollar amount for each item. Turn in your worksheet and summary to your teacher.
Your monthly salary is $1500.00. The government requires you to pay 15% of your income as taxes for public services. After taxes, your net pay will be $1275.00.
Utilities are household expenses that you must pay each month.
Examples of Utilities Include:
Your total utilities expense for this exercise will be $75.00 per month.
Transportation is the means of traveling from one place to another. You may choose your mode of transportation; take the bus or drive your sports car!
Assuming you don't want to live with your parents forever, you must find a place to live. Do you want the high-rise penthouse or the boarded-up shack?
Do you want to retire early or work forever? You will be required to save money in a savings account monthly and watch it GROW!!
We all like to have some fun, but we need money to go out. Do you like to go to movies, shopping, out to eat or to the arcade?
Please click on resources to access your worksheet and evaluation form.
We hope you enjoyed this exercise. Budgeting is a very important tool to use with your personal expenses. We hope you can now use your new acquired knowledge and apply budgeting to your real-life expenses. Good luck!
This Webquest was created by: Carrie Schrank, Keith Nerby, Jayme Krebs and Shelly Kadow, Business Education students at UW-Whitewater.