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Budgeting Activity (Grades 11-12)

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Budgeting Activity

1. 
Peter is a 21 year old college graduate. He is beginning his first job next week. While he is excited about beginning a new chapter in his life, he is concerned that he will not make enough money to cover all of his expenses. Peter will receive a $943 paycheck two times each month.
Below are eight monthly expenses that Peter must pay each month. Write them in the surrounding boxes below and label them as either fixed or variable expenses. In the middle box, write the amount of money that Peter have left after he pays all of his bills.
Web
  1. Rent - $725
  2. Groceries - $240
  3. Leisure, Clothing, etc - $165
  4. Utilities (includes heat, water, electric, cell phone, cable) - $250
  5. Student Loan - $75
  6. Car Loan and Auto Insurance - $235
  7. Gas - $70
  8. Savings - $50
2. 
Peter has been very successful at his new job! He has also seen success in his personal life, as he would like to propose marriage to his girlfriend, Sophie. He now needs to put aside additional $100 per month to pay off the engagement ring he has purchased, and another $200 per month to pay for the grand wedding reception and Caribbean honeymoon they are planning.

Choose three of the monthly expenses above and explain how Peter can reduce them in order to find the money he needs to pay for his upcoming wedding.



3. 
Life has changed a lot for Peter in the last couple of years. He has been promoted at his job and his salary is substantially higher. He and Sophie purchased a home, and are expecting their first child in just two months! Using the information below, fill out an expense web for Peter and Sophie, and determine if they can afford their new lifestyle.
Income: $5750 per month
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  1. Mortgage - $3155
  2. Taxes - $1200
  3. Groceries - $400
  4. Leisure, Clothing, etc - $265
  5. Utilities - $435
  6. Car Expenses (Loan, Insurance, Gas) - $425
  7. Savings - $150
  8. Baby Expenses - $250
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