Life of Taylor

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u Sneak peak of the life of Taylor and his family
² Taylor
² Liz
² Ella
² Jerome
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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u Taylor·s Income
² Cubby·s Restaurant & Grill
u .2hour
u 10 hours a week
u .00 month for tips
² Allowance
u 20.00month
² Gifts
u 0.00 birthday gift

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u Taylor·s Expenses
² Transportation
u Fuel
² Other Items

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u The goal is to create a spending plan the balances Taylor·s
expenses with his income.
u e can not have more expenses than he has income.
u Spending Plan
² Financial statement
² Tracks income and expenses
² Used to assist with money management and help individuals
reach financial goals
² An individual·s perception of needs, wants and values will affect
decisions made when creating a spending plan
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide

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u Taylor·s Activities
² Motocross and chess
u ousing
² Monthly Payment
² Others ² television, internet and telephone
u Transportation
² Family vehicle monthly payment and fuel
² Taylor·s vehicle monthly payment
u Insurance
² omeowner·s, health, life, vehicle
u Food
² Groceries
² Eat out 10 times each month

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u Monthly Payment u Utilities

² ousing payment ² eat
² Insurance ² Electricity
² Water
² Property taxes
² Sewer
² Repairs ² Garbage
² Maintenance
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide

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u Satellite Dish
u Digital Cable
u Telephone
u Internet

u Monthly Payment u Jones Family
² Car payment ² Pay for their vehicle
² Maintenance monthly payment, fuel
costs and Taylor·s
u Fuel
monthly payment
² An average is listed
u Taylor
² This cost may
increasedecrease depending ² Pay for his vehicle·s fuel
on the cost of fuel costs

u Cellular Phone
u Motocross Upgrades
u Electronics
u obbies
u Entertainment
u Create Your Own

R
h
u Make all choices for the Jones family and Taylor

u Complete a Major Expenditures Summary for the
Jones family
u Complete a Spending Plan for Taylor
u Answer reflection questions
u Write a summary essay

!"#$
u Jones Family
² Taylor, Liz, Ella, Jerome
u Create a Major Expenditures Summary for the Jones·
² ousing
² Transportation
u Create a Spending Plan for Taylor
² Savings
² Transportation fuel costs
² Others

h "%
u Review Taylor·s Snapshot on pages 24
u Answer questions 1

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Personal
Information
State the employee·s

name, address, and
social security
number.

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Pay Period
The length of time

for which an
employee·s wages are
calculated.

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Gross Pay
The total amount of

money earned during
the pay period before
payroll withholdings.

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The amount of
money subtracted
from the gross pay
for taxes.
Payroll
Withholdings

!
The amount required

by law for employer
to withhold from
earned wages to pay
taxes.
Withholding
Tax

!
Federal Insurance
Contribution Act ²
includes Social
Security and
Medicare
FICA

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Net Pay
The amount of
money left after all
payroll withholding
have been taken from
the gross pay.

!
Totals of all the

deductions which have
been withheld from an
individual·s paycheck
from January 1 to the last
day of the pay period
indicated on the paycheck
stub.
YeartoDate

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uShort Term ² less than one year

uLong Term ² more than one year

&'

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u Choose a house and housing others for the Jones
family
u Refer to the Snapshot on pages 24
u Remember
² Family size
² obbies
² Lifestyle
² Other family dynamics

&'

u Choose a vehicle for the Jones family and Taylor
u Refer to the Snapshot on pages 24
u Remember
² Family size
² Neighborhood carpool

&'

&' h
u Transfer numbers to complete the summary

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u Review Taylor·s paycheck on page 11
² State Withholding Tax
² Federal Withholding Tax
² FICA

h
h#
u Review Taylor·s Snapshot on pages 24

² Identify his needs, wants, values
u Review the short term and long term goals set for
Taylor on page 12

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u Taylor will pay for his fuel
u e needs a vehicle to get to and from work
u Refer to page 14 to see which vehicle has been chosen
for Taylor
² If a different vehicle is desired, changes must be made on the
Jones· Major Expenditures page

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u Choose which ´othersµ items Taylor would like
² Cellular Phone
² Motocross Upgrades
² Electronics
² Clothing
u Not an option on pages 89
u Write a dollar amount on line FF if desired
² obbies
² Entertainment
² Create Your Own
u Draw an item and list the cost in the space provided

h
h
u Gross Income
u Expenses
u Calculate the Difference
u If the difference is a negative number, go back and

adjust some of Taylor·s expenses.

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u If the number on WW is positive, adjust Taylor·s
expenses.
² Saving additional money for unexpected emergencies or events may be a
good idea.
u If the number on WW is negative, go back and make

adjustments to Taylor·s expenses.
² Changes need to be made consistently throughout the simulation.
² Keep in mind Taylor·s needs, wants, values and goals when making
changes.
u If the number on WW is zero, congratulations! You have

balance Taylor·s Spending Plan!

"%
u Once the difference equals zero«.

² Answer questions 1822 throughout the simulation
² Answer questions 232 on page 18

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u Monthly Payment u Utilities

u Make all choices for the Jones family and Taylor

State the employee·s

The length of time

The total amount of

The amount required

Totals of all the

h R

uShort Term ² less than one year

&'

&'

&'

u Transfer numbers to complete the summary

u Review Taylor·s Snapshot on pages 24

u Calculate the Difference

u If the difference is a negative number, go back and

u If the number on WW is negative, go back and make

u If the number on WW is zero, congratulations! You have

"%

u Once the difference equals zero«.

Das könnte Ihnen auch gefallen

Life of Taylor

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Dokumentinformationen

Originalbeschreibung:

Copyright

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Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

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| 

   

u Monthly Payment u Utilities

u Make all choices for the Jones family and Taylor

State the employee·s

The length of time

The total amount of

The amount required

Totals of all the

h   R

uShort Term ² less than one year

 &'   

 &'   

 &'   

u Transfer numbers to complete the summary

u Review Taylor·s Snapshot on pages 24

u Calculate the Difference

u If the difference is a negative number, go back and

u If the number on WW is negative, go back and make

u If the number on WW is zero, congratulations! You have

"%  

u Once the difference equals zero«.

Das könnte Ihnen auch gefallen

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&'

&'

&'

u Review Taylor·s Snapshot on pages 24

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