Step 1
Read through the following information on budgeting. Refer to the sample budget at the end of the reading before analyzing your own budget.
Step 2
Can I survive in the real world?
Your 18th Birthday is coming up and you are excited at the possibility of finally moving out of your parents' house. Your parents think you should stay at home for a few more years and attend community college. Your best friend wants to move out too and says they will get an apartment with you. You are pumped this will cut your living expenses in half, because you and your friend can pay half of each bill. You decide to make a budget to prove to your parents that you can afford to live on your own. You work 40 hours a week and make $8.25 an hour. This equals to $330 a week before taxes and social security are taken out. After these two things are taken from your check you make $312 a week. This equals to $1,248 a month.
Based off the average cost for the following how much of your $1248 monthly income would you need to spend in a month to pay your bills?
- The average two bedroom apartment in the Chicago suburbs is $900 a month (Split with roommate)
- Electricity is $80 a month (split with roommate)
- Water bill is $40 a month (split with roommate)
- Health Insurance is $250
- Car Insurance is $100
- Phone $80
- Cable $80
- You will go through 2 tanks of gas in a month and each tank of gas costs $40
- Groceries $300 month (Split with roommate)
- Household Goods (toilet paper, toothpaste, soap, etc) $50
- Your parents bought you a used car when you turned 16. You have no car payment. This saves you hundreds a month on a car payment.
Google Sheet - Checkbook Register
Read the real-life scenario. Open the Google Doc. Make a copy. Rename it. Organize it in your Life Management Folder. Complete your check register to match the real-life scenario. Print. Turn into your teacher when complete.
Step 3
Open the Google Doc. Make a copy. Rename it. Organize it in your Life Management Folder. Print. Turn into your teacher when complete.