Using the Every dollar website we signed up for yesterday we are going to give the students 3 scenarios to see how their money is distributed.
Scenario 1: They are going to be a senior in high school, living at home with their parents. Go to the Paycheck line and have them put in $1000.00. We will figure that is what they make a month after taxes and everything. For cell phone put down $100.00. We are figuring they live at home so they don't have housing bills. Go to the budget line that says gas and put $125.00. Go down to Auto insurance and put $65.00. This should leave them with $710.00, if they look in the top left corner it will tell them. They have $710.00 for the rest of the month. Have them go through and spend this money on whatever items they would want. They can spend it all, put in savings, donate to charity, whatever they want. After giving them a few minutes to fill out the sheet. Ask how many spent every dime and how many put some into savings. Have a discussion about what the rationale was on where they put their money.
Scenario 2: They are living in college. Go to the paycheck line and put in 1000.00. Then go to the mortgage line and put 400.00, 25.00 for water, 25.00 for gas, 25.00 for electricity, 25.00 for cable and 10.00 for trash, 50.00 for groceries, 50.00 for restaurants. This will leave them with 110.00 for the rest of the month see what they would do with the leftover 110.00 and then talk about what they decided and pluses or minuses of what their decision was.
Scenario 3: Take scenario 2 and now add that you had to have your car repaired, which is the car replacement tab for 200.00. This will now put you 90.00 over budget, where would you pull money from to pay for this.
Let me know if you have any questions about these scenarios or the site.
