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Budgeting for Life After High School

High school budgeting activity featuring a real-life scenario for college student Lisa. Students create a zero-based budget using her income, expenses, and support funds to learn personal finance, savings, and responsible spending.

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    Budgeting lor Life After High School CHAPTER 2, LESSON 6 NAME(S) DATE 15 Sep 2023 Andrea Bujanda DIRECTIONS Use the budget forms i n this activity t o create a zero-based budget for each of these three scenarios. Scenario One Lisa is a third-year college student living alone in an apartment. She works 2 0 hours a week ata local bank, making $10 per hour. Usa hasa savings account that shebuilt u p during high school and by working full-time summer jobs. During the school year, she withdraws $350 per month to help cover her living expenses. Lisa s college tuition and books are covered b y her scholarships. Her parents help b y providing an additional $500 a month and also provide her health insurance. Lisa's fixed monthly expenses are: 1 Rent: $600 • Insurance (renter Sand identity theft): $25 • Car insurance: $110 • Utilities: $60 • Cell phone: $60 • Streaming services: $40 * Lisd s budget should include giving and saving. It could also include spending categories like the following; food, gas, entertainment and personal. 1 Gross monthly income from part-time job: 800 2. Net monthly income from part-time job: Deduct 20% of the income for payroll taxes (gross income x . 8 0 = net income) 640 □ F O U N D A T I O N S I N PERSONAL FINANCE PAGE 1 OF 3

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    Lisa's Budgeting Form EXPENSES Planned Spending rent 600 insurance ( renter* kMityl $25 car insurance $110 Utffities 560 ceil phone $60 streaming service $40 food $200 $100 enteitammcnt $30 personal 570 Total | 1295 EXPENSES 1 Planned Giving I donating $95 Total I $95 Saving emergency fund 100 Total 100 Giving Total Saving Total Spending Total * TOTAL EXPENSES 9 5 + IDO + 1295 = 1490 FOUNDATIONS I N PERSONAL FINANCE PAGE 2 O F 5

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    r Budgeting for Life After High School CHAPTER 2 , LESSON 6 DIRECTIONS Answer the following questionsand b e ready to discuss your answers with the class. 3. What transportation alternatives might Lisa consider to allow more room in her budget? bus or walking 4. What changes, if any, could Lisa make to her income? trying to have one more income in order tn pay for college debt quicker 5, What alternatives might Lisa consider to cut her streaming services expense? use free Ixit with ods like v*x or peacock, or cut to one streaming service 6, WhatotherchangescouldLisamaketopositively affect her budget? try to cut expenses for eating, try cooking at home or use coupons Q FOUNDATIONS I N PERSONAL F I N A N C E PAGE

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