Objective: Students will review/edit their personal budget. Bellwork: Do you have any remaining questions about your budget?

 What conclusions did you come to when analyzing housing?  Did anything surprise or interest you?  For those of you who are thinking of moving to another city/state what do you think that’s going to do to your housing costs?

 January 2010 Forbes magazine named Omaha the top city in the nation when comparing affordable homes, stable housing markets, fair property taxes and low unemployment.  Little Rock, AR ranked 2 nd  Jackson, MS ranked 3 rd  Des Moines, IA ranked 4 th  Augusta, GA ranked 5th

5 BED, 4 BATH, 4123 SQ FT 3 BED, 1 BATH, 1,200 SQ FT Both homes are listed for $500,000

 What did you think about with transportation expense:  Was it higher or lower than what you expected?  Bonus question: What is missing from this budget for transportation expense?  Candy to the person I call on who gets the answer correct, NO candy if no one gets it

 What did you put as the average per person?  Why can this vary so much?

 This is one where people were either too high or too low?  $2000 a month for eating out?  $0 a month for entertaining friends, concerts, movies, theaters, sporting events, books, CD, & magazines?  Also a lot of people forgot this should be a MONTHLY figure  Why is it important to budget for vacations?

 How many of you picked the low-cost plan?  What do you think that means?  How many of you picked the moderate plan?  How is this different than the low-cost plan?  How many of you picked the liberal plan?  What made you pick this option?

 I told every class that $200 was reasonable, does this sound like too much or too little?

What did you think about child care costs? – The main error here was people forgot to divide the annual cost by 12 to calculate the monthly cost. Do any of you have parents that work off shift from each other? – Does it make more sense why? You only had to calculate child care for non- school age children? What then is missing? Anything else missing?

 Did anything about the Health Care costs seem off to you? The main error here was people forgot to divide the annual cost by 12 to calculate the monthly cost.

 If you read the instructions it says “assume you have most of these items by this time and you just need to replace limited items”  The most common error was people forgot to divide by 12 to figure the monthly amount.  The other common error here was people calculated WAY to much ▪ One student calculated $24,000 a year for furniture.

 How did you come up with the amount of savings?  Why is it so important to have savings?  What are some examples of savings?

 What kinds of things did you account for in your miscellaneous budget?

 After you completed each section you then had to add up the MONTHLY cost for each section to get your total monthly bills.  Why did you then divide that number by 80%  What happened to the number when you did this math?  Very few people received a 4 for the final paragraph. I told you the space was probably too small, I told you to attach another sheet of paper but many wrote an extremely short un-thoughtful analysis of this budget.

 Have any of you ever heard the phrase “house poor”?  On a piece of paper please write your name and what you think this phrase means.  You will be turning this in.  It’s okay if your wrong, but I’m looking for the amount of thought you put into this question.  It doesn’t need to be really long, ¼ - ½ sheet is fine.

 To makeup points you may write me an essay.  Explaining for each category what exactly you got wrong when you calculated originally and why that was wrong. Including a better answer and why you feel that would be a better answer. Makeup points will be added based on the level of learning displayed in your answer.  Makeup points for the final summative paragraph will be assigned based the level of thought and assessment given to your re-written summative paragraph.  You must turn in your original budget worksheet with this essay to receive any makeup points.