Budget WebQuest Introduction Congratulations! You just graduated college and you are finally living on your own. Your annual salary is $40,000. You will need to learn to manage your money and maintain a monthly budget - without the help of Mom & Dad! You will receive a paycheck every other week and pay a variety of bills including cable, electric, student loans, car payment and most important - rent. You will need to make sure you have enough money to pay all your bills and still have some left over to have some fun! Tasks Procedure Evaluation

Task Introduction Your task will be to determine the cost of all of the monthly expenses needed to live on your own.  You will research your expenses and you will complete various worksheets to help you figure out your expenses. At the end you will complete a monthly budget worksheet to see if you can live within your means. You will need to print out all worksheets and Internet pages used. You can get copies of all word documents from me. Tasks Procedure Evaluation

Procedure Actual Budget Sheet Home Car Utilities Student loans Food Click on the picture or words below to create your monthly budget Actual Budget Sheet Home Car Utilities Student loans Food Miscellaneous Personal/Cleaning Entertainment Final Budget Expenses Introduction Tasks Procedure Evaluation

Budget Estimation How much does it really cost to live on your own? Introduction Your first step will be to complete the Budget Estimation Sheet. You will predict what you monthly expenses will cost. At the end of the project you will complete an excel worksheet that will calculate the differences between what you predicted, and your actual costs. Tasks Procedure Evaluation

Home First you must find a place to live. You can find a house or an apartment in the newspaper or by using one of the following websites. You will want a picture of your place. Make sure you print the page when you find your place and place it in your folder. Introduction Tasks Find an apartment Find a house Sales tax rate in the state You plan to live in Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Car Now it is time to find your car! You will need to find a car to purchase, determine the cost of insurance, and gas You can find a car by using one of the following websites and figure out you monthly payment by using the car loan calculator. You will want of picture of your car. Print the page with your car, and the Car loan calculator page. Introduction Tasks Edmunds Carpoint Autoweb Car Loan Calculator ( make sure you use the correct interest rate for a new or used car) Procedure Evaluation Use the following worksheet to figure out your insurance cost and your cost of gas. Print out both the insurance and gas worksheet Insurance and gas worksheet Don’t forget to fill in your Actual Budget worksheet

Utilities Next you will have to figure out the cost of your utilities. First, electric. How much will your electric bill be every month, (assume you have an electric heat) Find the state where you have found your house or apartment, then find the cost of electricity in that state. Then go to the Utilities worksheet to find out how much your electric bill will be. Cost of eclectic in your state Utilities worksheet Don’t forget to print out the utilities worksheet. Introduction Tasks Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Phone Next, how will you communicate? Will you have a house phone (land line) and a cell phone, or just a cell phone? Introduction House phone (land line) worksheet Next, choose the type of phone you want Cell phone AT&T Verizon Cell phone worksheet If you decided to go with a cell phone, decided on a plan, and continue shopping until you get to the shopping bag. Then print out that page for you folder. Also print out the phone worksheet Tasks Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Cable Next is your cable bill. What do you watch, what is important to you. Do you want cable? How about Internet Access. Right now, the cable company is the only way you can get the Internet. Introduction Tasks Go to the Cable section of the Utilities worksheet to figure out how much cable will cost you. Print out the utilities worksheet. Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Student Loans Mom and Dad helped with college, but they did not pay for everything. Now you must pay back those student loans. Assume that you have a student loan of $15,000 if you attended a public or state university or $30,000 if you attended a private college or university. Using the Loan Payment Calculator , calculate your monthly loan payment and enter it on the budget worksheet. Use 6.8% for the annual percentage rate (APR), and select 10 years as the loan period to start with. Print the pages for you folder. Introduction Tasks Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Food How much will it cost to feed yourself every month? Will you eat at home, or eat out. Use the cost of eating worksheet to figure out how much it will cost to eat in and eat out. Then figure out the cost of your food. Introduction Tasks Cost of eating worksheet Create a menu worksheet Cost of food & supplies worksheet Print out your menu and the grocery cost worksheet. Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Miscellaneous Personal/Cleaning Supplies In addition to a home, transportation, and food, there are a number of other monthly expenses that you will be responsible for. These include cleaning supplies like soap, shampoo, and dish washing detergent, as well as basic supplies like trash bags, paper towels and aspirin. You must also include clothing in this list. Introduction Tasks You may use the local grocery store ads for prices or may use the following sites: Netgrocer Acme markets YoungGrocer Then fill out and print the Supply worksheet to figure out the cost of supplies. You may add whatever supplies you feel are necessary. Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Entertainment Now comes the fun part! If you have any money left over, it is time to spend it on something fun. Decide how you want to spend the rest of your money. Do you want to go to the movies, rent a movie, go out for a night with friends… Introduction Tasks Use the Entertainment Worksheet to figure out how much all this fun stuff will cost. Print out the Entertainment worksheet. Procedure Evaluation Don’t forget to fill in your Actual Budget worksheet

Final Budget Now, use your Budget Estimate worksheet see if you will be able to live the lifestyle you have envisioned for yourself. Fill in the Monthly Budget worksheet. Are you spending too much? Do you need to cut back? What can you do to make your budget work? Introduction Tasks Monthly Budget Worksheet Procedure Evaluation Fill out the Monthly Budget worksheet and print it out.

Evaluation Introduction Now it is time for you to do the Budget Reflection Worksheet. Tasks Procedure You will be graded using Budget Evaluation Sheet Evaluation

Conclusion The act of completing a budget can be a very sobering experience for those who have not had to worry too much about how far their money will go. It helps you to recognize the difference between needs and wants. Housing, transportation, food, utilities, etc. are obvious necessities.  Some items that are luxuries to some people but are necessities to others. What are some things that you cannot live without? For example cable is a necessity for some people and an "extra" for others. Does this experience make you think any differently about the job(s) you will consider after college? After doing this budget, do you think your current plans for the future will enable you to have the kind of lifestyle you envision for yourself? Introduction Tasks Procedure Evaluation