UMC High School GLC2O

Unit 3 Assignment: A Simple Budget

Description:
Imagine that you are working part-time and going to school (college or university). You own everything in
your room, and nothing else. So, if you want a couch, a table, or anything else that isn’t in your room, you’ll
have to figure out what it costs and how you will pay for it. You’ve only got so much money to spend in a
month, and you need to take care of your basic needs, as well as have a little fun. Build a budget of your
monthly expenses and make a plan for what you will do with any extra income you have.

Instructions:
PART A: Budget Plan (P)

1. You need to try to earn more or the same amount as you spend over the 8 months you are at school.

2. Figure out how much money you make each month:

a. Your current job pays you $17.00/hour
b. You are able to work on average about 20 hours/week
c. Your tax bracket is 15% (you pay 15% of what you make in taxes)
d. You have a student loan that has covered your tuition, and leaves you with $600.00 for living
expenses each month
e. You have a side hustle, which earns you $_???? / month (use this random number generator to
figure out how much you make -you do not pay taxes on this amount)
EACH MONTH YOU MAKE:
f. Fill out your income section of the budget table

3. Decide if you want to have a roommate

a. They can share the cost of living with you, but you’ve got to share your living space with them.
Don’t forget to do the math for multiple people if you have roommates!

4. Figure out how much you have to spend each month and add your expenses to the budget table:
a. Choose your apartment (for each bedroom, you can have a roommate share costs with you):
i. A one-bedroom apartment a 5-minute walk to school $995/mo. utilities included
ii. A two-bedroom apartment a 30-minute walk to school $1,299/mo. + utilities
iii. A two-bedroom apartment in bussing distance to school $799/mo. utilities included
iv. A three-bedroom apartment driving distance to school $1,375/mo. + utilities

b. Choose your transportation method:

i. Walking: Lose 5 hours of work each week, $0/mo.
ii. Bus pass: $140/mo.
iii. Car: Gain 2 hours of work each week, $200/mo.

c. Choose your utilities:

Internet
i. Slow internet: No streaming/gaming services $30/mo. (a roommate will not accept this)
ii. Moderate internet: Enough for one person to stream/game $55/mo.
iii. Fast internet: Enough for multiple people to do anything they want $90/mo.
Television
iv. Basic package:$35/mo.
UMC High School GLC2O
v. Top tier package: $50/mo.
Phones
vi. Basic cellphone $35/mo.
vii. Cellphone w/ data $80/mo.

Electricity
viii. Electricity for one person: $40/mo.
ix. Electricity for two people: $70/mo.
x. Electricity for three people: $90/mo.
Water
xi. Water for one person: $40/mo.
xii. Water for two people: $70/mo.
xiii. Water for three people: $90/mo.

d. Research the following expenses

Use the following sites to help you out:
Expatisan.com
Numbeo.com
i. Eating out at a restaurant once per week:
ii. Groceries for one person:
iii. Clothing for one person (monthly average):
iv. Personal care (toiletries, healthcare, medication, etc.) for one person:

e. Decide how much you will save each month (consider how much you will need to save to reach
your savings goals)

f. Choose three things you would like to buy (for yourself or your apartment)
i. Include a hyperlink to each product
ii. List the total cost (including taxes)
iii. List the time it will take you to save enough money to buy it, based on your budget

PART B: Conference (C)

In a short (2-3 minutes) video, explain your budget plan. Go over your budget table and talk about your
income, expenses, and ways to save more. Upload the video along with your assignment, in a separate
revision, on Schoology.
UMC High School GLC2O

YOUR BUDGET:
Income Amount Expenses Amount
Net income from job ??
Side income (no tax deduction) $103.00
Student loan $600.00

TOTAL INCOME: $?? TOTAL EXPENSES: $??

BALANCE:

Future Savings Item Cost Time to Save

1
2
3
TOTALS:

EXAMPLE:
Income Amount Expenses Amount
Part-time work $900 Rent (option 2) $650
Student Loan $255 Bus pass $80
Side Hustle $35 Internet package 1 $30
Television package 1 $35
Land line $20
Cellphone w/ data plan $80
Electricity $35
Water $35
Groceries $200
Entertainment $100
Clothing $40
Personal care $25
Savings $0
TOTAL INCOME: $1,590 TOTAL EXPENSES: $1,330
BALANCE: $260 -A negative balance is unacceptable in your budget

Future Savings Item Cost Time to Save

Ikea Poang Chair $159.99 + tax 1 month
Sony 55” TV $1,099.99 + tax 5 months
VW Rabbit (private seller) $2,950 taxes included 11 ½ months
TOTALS: $4,398.97 1 year, 5 ½ months
UMC High School GLC2O

5. Write a one-page report explaining your budget table and your plans.
UMC High School GLC2O

Rubric

Success Criteria Level 4 Level 3 Level 2 Level 1

Knowledge Your report shows Your report shows Your report shows Your report shows
/10 thorough considerable some knowledge of thorough little to
knowledge of the knowledge of the the concepts no knowledge of
Concepts learned concepts learned concepts learned learned the concepts
throughout the unit throughout this throughout this throughout this learned throughout
unit. unit. unit. this unit.
Thinking You have included You have included You have included You have included
/10 all possible items in most possible some items in your a few items in your
your budget items in your budget budget
Skills, Strategies, and You have budget You have You have
Habits of Success thoroughly You have researched two researched one
Your budget is well
researched and
researched three researched three things you want to thing you want to
planned, accounting things you want to things you want to save for save for
for possible income save for save for
and expenses.
Application You have You have You have You have
/10 accurately accurately calculated your calculated your
calculated your calculated your income with some income with
Planning and income accounting income accuracy limited accuracy
Financial
Management
for all variables You have You have You have
The math in your You have accurately accurately accurately
budget is properly researched and calculated all calculated some calculated few
completed. Your accurately expenses expenses expenses
budget is properly calculated all Your budget is Your budget is Your budget has a
balanced and
includes savings to
expenses balanced and balanced deficit (spending
prepare for your Your budget has a includes money for more than you
future. surplus (spending savings earn)
less than you earn)
and includes
money for savings
Communication Your report has Your report has Your report has Your report has
/10 been written using been written using been written using been written using
writing writing writing writing conventions
Writing Conventions conventions with a conventions with a conventions with with a limited
high degree of considerable some degree of degree of
effectiveness. degree of effectiveness. effectiveness.
effectiveness.