Your teacher will assign you one of the positions
listed on the chart below. In completing this exercise
assume you are earning the salary that appears next
to that position.
Click on this
link:
Then follow these instructions:
- Scroll down the page to find the heading "Enter
your income." In the box provided enter the salary
appearing on the chart.
- Read the next few paragraphs until you get to the
box labeled "Monthly salary after taxes." Click the
box labeled "Monthly salary after taxes." An amount
equal to your monthly salary, after taxes, should
appear in the box.
- Decide how much money you'll use to start a make-believe
savings account and enter that amount in the box labeled
"Enter the amount you wish to save."
- Select a savings option from the drop down menu.
- Click the button labeled "Add Information to Budget."
You should now be on the page with the title that
reads at the top: "Where Your Paycheck Goes: Living
On Your Own." Click on the dollar amount to indicate
the decision you've made as to how much you wish to:
- pay for rent ;
- pay for a cell phone package;
- pay for transportation; and
- save.
Leave the box marked "Credit/Student Loan" as it
is.
" Click the box labeled "Add Information to Budget."
" You should now be on the page labeled "Where
Your Paycheck Goes: Variable Expenses." Complete the
information called for on this page by clicking on
the appropriate dollar amount to indicate your decisions
for each of the expenses listed. "
At the bottom on the page click in the box labeled
"Click here to add information to your budget."
You have now finished your make believe spending
plan. Answer the following questions:
- What two things did you learn about making a spending
plan from this exercise?
- Discuss two advantages of making a spending plan.
- How can you explain why so many people do not make
a spending plan?
- Which two decisions about making your spending plan
did you find most difficult? Explain.
- Write a letter to your classmates presenting three
reasons why it's a good idea to make a spending plan.
Spending
Plans - Tutorial 3: Your Turn to Create a Spending Plan
