Careers Personal Budget WebQuest

Name: ____________________________ Class: ___________

Objective

The objective of this lesson is for you to set up a budget that would allow you to live the
type of life you would like according to the career you have chosen. This will include
finding a house, finding a car, and developing a budget that would match your income
needs. This WebQuest does involve doing some calculations, but its main purpose is to
allow you to have fun dreaming of the future while realizing what these dreams may cost.
During this WebQuest you will need to fill out a 2-page worksheet that is provided.

Tasks

You will need the career you selected from the career assessment.

You will be required to:

1. Know your income from the career you have chosen.

2. Set up a monthly budget. (Worksheet will be provided for you.)
3. Preparing the budget will include finding a house and finding a car.
4. Search for information on the Internet for your budget. Remember to notate the
sites that you used.
5. After completing the preliminary budget, exchange your budget with another
student in your class.
6. Your partner will review your project and you will review his/hers. You are
looking for calculation errors and will be required to comment on how realistic
the budget is.
7. After you and your partner have made necessary revisions AND make comments
to each other’s budgets, return it the original person.
8. Make the necessary revisions to your budget.
9. After all revisions have been made, turn in your budget for grading.
10. This project is worth 200 points and will be a guide for you to use when
completing your preliminary high school schedule. Mrs. Thurman, the school
counselor, will discuss scheduling options with your class as a whole and then on
an individual basis. Mrs. Thurman will have a copy of your Careers WebQuest
available for you when she speaks to you individually regarding your high school
schedule.
 Each part of the project is detailed below.

Monthly Budget

This is the first step of your WebQuest after finding your career and calculating your
income. You must figure how much you can afford to spend on your house and car each
month. Below is a chart with monthly expenses. The chart indicates the percentage that
each expense should cost you each month. These numbers are approximate, but should
give you a good idea about the expenses you will encounter each month as an adult.

Monthly Payments
Expenses Gross monthly salary $
__________
Multiplied by percent at left
Housing 28%
Automobile 12%
Utilities 5%
Taxes 20%
Food 18%
Savings 5%
Entertainment 5%
Misc./Other 7%

Finding a House

Almost everyone has an idea of where they would like to live, and what type of house
they would like to own. It's your job to use the Websites below to find your dream house.
After you do so, make sure to note where the house is located, and what the selling price
is. Also make sure to note the URL (the address of the Web site) that you used.

www.realtor.com
http://homeseekers.cyberhomes.com/
www.poplarbluffrealtyinc.com

**Note: Make sure is no more than you can afford. Your house payment should not be
more than 28% of your total income.**

What is the total cost of the house you found? $_____________________________

Where is your house located (city, state)? __________________________________
How many bedrooms? ___________ How many bathrooms? ____________

How many square feet is your house? ____________________________________

You must determine if you can afford the house you have chosen. Usually a person has a
monthly house/mortgage payment. How long can you pay on a house will differ
according to your specific
Finding a Car

Most people also have ideas on what type of car they would like to own. Use the Web
sites below to find your dream car. Make sure to note the price of the car. Also make sure
to note the URL (the address of the Web site) that you used.

www.autoweb.com
http://autos.msn.com/
www.autotrader.com

Setting Up Your Budget

The next step is to set up your budget. This will entail the following steps:

• Figure out your monthly mortgage payment using the Yahoo! Real Estate Loan
Payment Calculator at http://realestate.yahoo.com/calculators/payment.html and
your monthly car payment using the Yahoo! Car Loan Payment Calculator at
http://autos.yahoo.com/finance/loan-calc/. Make sure to look up current interest
rates on car loans in your state. (You don't need to do this for mortgages.) In both
cases assume that you only have a 5% down payment.
• Some budget experts recommend that a house payment should be no more than
28% of your gross monthly income, and that a car payment should be no more
than 12% of your gross monthly income. Knowing your income from your careers
assessment, you will choose a house and car that fits into your budget.
• Fill out the worksheet to see how much money you should budget for the
remainder of your household expenses. Make sure to double-check your
calculations.

Reviewing the Project

It is time for a reality check. At this point, change worksheets with a partner. Once you
have your partner's worksheet, you need to do two things:

• Double check the calculations, and

• Check to see how realistic the budget is.

Now, write a recommendation to your partner on their worksheet explaining how realistic
their budget is, and making suggestions on any necessary changes.
Completing the Project

To complete the project, make any changes to your budget THAT YOU CONSIDER
NECESSARY (not necessarily the changes your partner recommended). Write a
summary of the changes you made, and why you made them.

The completed project should contain the following:

• 2 copies of the worksheet, the initial copy and the revised copy,
• the recommendations that you made to your partner, and
• the summary of the changes you made.

The project will be graded on how accurate your calculations are, how realistic the
budget is, how well thought out your review of your partner's budget is, and the revisions
made, with explanation.

A+ (100), A (95), A- (92) - This is an excellent project that has all the necessary
components, and stands out above the rest.

B+ (88), B (85), B- (82) - This is a solid, above average project that has all the necessary
components.

C+ (78), C (75), C- (72) - This is a project with explanations that are satisfactory, and has
all the necessary components.

D (65) - This is a project that is missing necessary components, or has below average
explanations.

F (50) - This is a completed project that has just been "thrown together."

F (0) - This is a project that was not completed or not turned in.

Additional Resources

• www.google.com
• www.lycos.com
• http://go.com/
Name: ______________________________ Class: ____________________

Personal Budget Worksheet

Part A. Your Career

1. What career did you choose? ____________________________________

2. What is your annual income? ____________________________________

3. What is your monthly income (annual income ÷ 12)? __________________

4. Figure your net income (the amount you take home).

Gross monthly income $________________
x .25 for taxes & deductions (-)_______________
Monthly net income $________________

Part B. Finding A House

1. Where is the house located (city, state)? __________________________

2. How many square feet does the house have? ______________________

3. How many bedrooms and bathrooms? ____________________________

4. List any extra amenities in the house (i.e. basement, cathedral ceilings, formal
dining room, sunroom, mudroom, etc.). _______________________________
________________________________________________________________
________________________________________________________________

5. Name the Web site where you located your dream home.

6. What is the cost of your house? ____________________________________

7. Calculation for payment:

15 year mortgage payment: $___________________

30 year mortgage payment: $___________________

8. Can you afford this house? ____________

Part C Finding a Car

1. What type of car?

Year: ______________________
Make: ______________________________
Model: ______________________________

2. What is the price of the car? $____________________________

3. What is the address of the Web site where you found your car?
______________________________________________________________

4. Calculation for payment:

3-year payment (36 months) - $____________________________

4-year payment (48 months) - $____________________________
5-year payment (60 months) - $____________________________

5. Can you afford this car? _________________________

Part D Calculating Your Budget

Calculate your monthly budget and yearly budget below. Multiply your gross
salary by each of the percentages below.

Monthly Payments
Expenses Gross monthly salary
X percent at left
Housing 28%
Automobile 12%
Utilities 5%
Taxes 20%
Food 18%
Savings 5%
Entertainment 5%
Misc./Other 7%

Part E Revision Analysis

List the changes that you made AND why. ______________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
________________________________________________________________
_____________________________________________________________
Careers Personal Budget Reflection

1. What did you like most about this activity?

_______________________________________________________________________
_______________________________________________________________________
_____________________________________________________

2. What did you like least about this activity?

_______________________________________________________________________
_______________________________________________________________________
_____________________________________________________

3. What would you change about this activity to make it more

meaningful?
_______________________________________________________________________
_______________________________________________________________________
_____________________________________________________

4. Name at least 3 things you learned as a result of this activity?

_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________

5. Did this activity relate to real-life situations? If so, how?

_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
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