Budgeting How to manage your money
Guessing Game Question 1 How much a much do you think gas for one car costs each month?
Answer $30 a week $120 a month Truck $60 a week $240
Question 2 How much do you think an average car payment costs per month?
Answer It depends on the car, how much money you put down, and the interest on your car loan A 7, 000 car, 3 year loan plus interest =$260 a month
Question 3 How much do you think car insurance is?
Answer It depends on your car, driving record, and how much coverage you have. On average at least $70 a month
Question 4 If you had to guess, how much do you think it costs each month to buy groceries for one person?
Answer Living modestly $50 a week $200 a month If you eat out once or twice a week $275 a month If you eat out a lot $350 -400 a month
Question 5 How much do you think it costs to rent a house or apartment per month?
Answer For a one bedroom apartment $475700 Two bedroom $700 -900 House (depends on size) More than one bedroom probably $900 -1400
Question 6 How much do you think renter’s insurance costs?
Answer About $50
Question 7 What are utilities? And how much do they cost per month?
Answer Gas if not being used to heat $40 Using heat will add $90 a month Water and Trash $15 Electric $40 using AC add $70 a month *depends on the size of apartment or house Total the average costs of utilities a month =$150 -200
Question 8 How much do you think it costs to own a cell phone each month?
Answer At least $80 -100 a month for one person $50 if on someone else’s plan
Question 9 How much do you think Internet costs?
Answer Internet costs about $40 a month
Question 10 How much does cable cost per month?
Answer Cable costs approximately $50 Cable and Internet together $90
Question 11 How much do you think it costs to have a baby?
Answer Average costs just for hospital costs while being pregnant and giving birth $10, 000 Cost of a baby each month $300
Question 12 How much do you think the average person spends on entertainment per month?
Answer About $200
Question 13 Say you’re sick and you go to the emergency room and you have no health insurance. How much do you think an ER visit costs?
Answer Around $450 or more depending on what you have done at the ER and depending on insurance
Question 14 How much do you think health insurance costs?
Answer For average coverage $150 -200
Question 15 What are some other payments that we have not yet included?
• Clothes • Shoes • Furniture • Special Occasions (birthdays, Christmas)
the budgeting process phase 1: Assess your personal and financial situation (needs, values, life situation). Phase 2: Create a budget for fixed and variable expenses based on projected income. Phase 3: Monitor current spending (saving, investing) patterns. Phase 4: Compare your budget to what you have actually spent. Phase 5: Review financial progress and revise budgeted amounts. teens – lesson 3 - slide 3 -A
goal-setting guidelines Well-written personal and financial goals SHOULD: • Be realistic A student working part-time is not likely to be able to afford a new car every couple of years. • Be specific“I want to save $2, 000 to buy a car. ” • Have a timeframe“I want to pay off my credit card within the next 18 months. ” teens – lesson 3 - slide 3 -B
income budget actual difference Job #1 $ $ $ Other $ $ $ total monthly income $ $ $ expenses budget actual difference fixed regular expenses Rent $ $ $ Car insurance $ $ $ Car payment $ $ $ Credit card $ $ $ fixed irregular expenses Savings $ $ $ Food $ $ $ Utilities $ $ $ teens – lesson 3 - slide 3 -Ca
expenses budget actual difference Bus fare $ $ $ Gas and oil $ $ $ Parking and tolls $ $ $ Repairs $ $ $ Medical expenses $ $ $ Clothing $ $ $ Entertainment $ $ $ Household items $ $ $ Personal items $ $ $ Tuition $ $ $ School expenses $ $ $ total monthly expenses $ $ $ transportation other teens – lesson 3 - slide 3 -Cb
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