YOU'RE
AN ADULT NOW!
WEBQUEST
by Jennifer cole
TASK | STEP 2 | STEP 4 | PHOTOS |
STEP 1 | STEP 3 | STEP 5 | VIDEO! |
Your Situation:
You’re an adult now, earning a yearly salary of $31,500. Now that you are an adult, you will have to learn to manage your money- no more help from anyone! You will have to figure out how to live within your salary.
Your task will be to effectively allocate your limited resources (your monthly salary) with the typical “wants and needs” of everyday life such as rent, transportation, food, and other items. If you only take home $2075.15 per month, how will you be able to meet all of your expenses?
MONTHLY GROSS: |
$2625.00 |
FICA: |
162.50 |
MEDICARE: |
38.00 |
STATE INCOME TAX |
0.00 |
FEDERAL INCOME TAX: |
346.35 |
AFTER TAXES: |
$2075.15 |
* Note: Not all states have
state income tax. (
Item: |
Percentage/ $ Amount (Suggested) |
%/$ Amount (Actual) |
Housing |
28% |
|
Automobile |
12%
$249/month $2988/year |
|
Utilities (Gas & Electric) |
2% $41.50/month |
|
Phone/Cell Phone |
2% $41.50/month |
|
Cable or Satellite |
1% $20.75/month |
|
Taxes (non- negotiable) |
16% $332.02/month |
|
Food |
18% $372.52/month |
|
Savings (non-negotiable) |
5% $103.75/month |
|
Entertainment |
5% $103.75/month |
|
Misc./Other |
11% $228.27/month |
|
STEP ONE: |
Find a place to live!
You may choose anyplace you want, as long as it is in the continental
Suggested Links:
Now that you’ve found a place, complete the following:
Name of Complex (if applicable): ______________________________________
Street Address:____________________________________________________
City, State Zip:____________________________________________________
Phone: __________________________________________________________
Rent:____________________________________________________________
% of Monthly Salary (if more or less than 28%, you will need to adjust other budget items):_____________________________________________________
Apartment Description:______________________________________________
Website used: ____________________________________________________
STEP TWO: |
Now that we’re having fun, let’s find you a car! Keep your budget in mind; you may not be able to afford the car of your dreams!
Suggested Links:
http://pages.ebay.com/ebaymotors/index.html?ssPageName=ML01
(can only consider cars with a “buy it now” option)
http://carsdirect.com/home
(This site will give you lease and loan payment
information)
Have you thought about leasing a car? Check the local newspapers in the area in which you want to live (Most newspapers are available online).
Well, now that you found a car, let’s look at financing. Let’s pretend that you have saved $5000 towards the down payment; but must finance the rest. Use this sites to calculate your monthly payment:
http://peoplefirst.com/pff/site_auto_rates_terms.cfm
Year/Make/Model of Automobile:______________________________________
Price:____________________________________________________________
Financing Information (name of bank, interest rate, monthly payment):_____________________
________________________________________________________________
% of Monthly Salary for car: __________________________________________
Website(s) used: __________________________________________________
STEP THREE: |
It’s time to look up phone information. Decide if a cell phone is in your budget, too. Research basic service and long distance service plans. Some places to start:
http://www22.verizon.com/foryourhome/SAS/res_cat_localphone.asp
http://attconsumer.com/index_js.html
Answer the following:
Name of telephone company:_________________________________________
Describe the plan and what it includes:_________________________________
% of Monthly Salary:_______________________________________________
Cell phone- yes or no? Give details above!_____________________________
_______________________________________________________________
Website used: ____________________________________________________
STEP FOUR: |
Food! It’s a necessity, you know! Use the following link to compile an itemized list with prices. The site will get you to an “online” grocery store that also has a drugstore and general store component. You should print out your “shopping cart” when you finish shopping. To get to the shopping, click on the store directory.
Monthly food allowance:_____________________________________________
% of Monthly Salary:________________________________________________
STEP FIVE (LAST ONE!) |
You’ve learned a lot about budgeting, now it’s time
to reflect. Write a three-paragraph
essay incorporating the following:
Paragraph One:
· Is $31,500 a lot of money? Why
or why not?
· Where did you choose to live and why?
·
Is setting a budget necessary when living on your own?
Explain
Paragraph Two:
·
Explain the difference between “wants” and needs.”
·
Why are certain budget items “non-negotiable?"
Paragraph Three:
· What did you enjoy about this assignment?
· What challenges did you face?
·
What did you learn?