Budget WebQuest

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

Introduction

Procedure

Evaluation

Task

Tasks

Introduction

Procedure

Evaluation

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.

Procedure

Tasks

Introduction

Procedure

Evaluation

Click on the picture or words below to create your monthly budget

1. Actual Budget Sheet

2. Home

3. Car

4. Utilities

5. Student loans

6. Food

7. Miscellaneous Personal/Cleaning

8. Entertainment

9. Final Budget Expenses

Budget Estimation

Tasks

Introduction

Procedure

Evaluation

How much does it really cost to live on your own?

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.

Home

Tasks

Introduction

Procedure

Evaluation

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.

Find an apartment

Find a house

Sales tax rate in the state

You plan to live in

Don’t forget to fill in your Actual Budget worksheet

Car

Tasks

Introduction

Procedure

Evaluation

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.

Edmunds

Carpoint

Autoweb

Car Loan Calculator ( make sure you use the correct interest rate for a new or used car)

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

Tasks

Introduction

Procedure

Evaluation

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.

Don’t forget to fill in your Actual Budget worksheet

Phone

Tasks

Introduction

Procedure

Evaluation

Next, how will you communicate? Will you have a house phone (land line) and a cell phone, or just a cell phone?

House phone (land line) worksheet

Next, choose the type of phone you wantCell phone

AT&TVerizon

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

Don’t forget to fill in your Actual Budget worksheet

Cable

Tasks

Introduction

Procedure

Evaluation

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.

Go to the Cable section of the Utilities worksheet to figure out how much cable will cost you. Print out the utilities worksheet.

Don’t forget to fill in your Actual Budget worksheet

Student Loans

Tasks

Introduction

Procedure

Evaluation

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.

Don’t forget to fill in your Actual Budget worksheet

Food

Tasks

Introduction

Procedure

Evaluation

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.

Cost of eating worksheet

Create a menu worksheet

Cost of food & supplies worksheet

Print out your menu and the grocery cost worksheet.

Don’t forget to fill in your Actual Budget worksheet

Miscellaneous Personal/Cleaning Supplies

Tasks

Introduction

Procedure

Evaluation

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.

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.

Don’t forget to fill in your Actual Budget worksheet

Entertainment

Tasks

Introduction

Procedure

Evaluation

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…

Use the Entertainment Worksheet to figure out how much all this fun stuff will cost. Print out the Entertainment worksheet.

Don’t forget to fill in your Actual Budget worksheet

Final Budget

Tasks

Introduction

Procedure

Evaluation

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?

Monthly Budget Worksheet

Fill out the Monthly Budget worksheet and print it out.

Evaluation

Tasks

Introduction

Procedure

Evaluation

Now it is time for you to do the

Budget Reflection Worksheet.

You will be graded using

Budget Evaluation Sheet

Conclusion

Tasks

Introduction

Procedure

Evaluation

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?