Name: Welcome to the Real World. Assignment Points Possible Self-evaluation Teacher-Grade. Cover page 5. Tracking Spending Patterns 25

Transcription

1 Welcome to the Real World Assignment Points Possible Self-evaluation Teacher-Grade Cover page 5 Tracking Spending Patterns 25 House Hunting Worksheet 15 Lease/Rental Agreement Act 10 Moving Out Inventory 10 Check Writing 10 Journal (4 entries) 40 TOTAL 105 1

2 Self- Evaluation & Real World Grades Directions: Use the rubrics to grade yourself for each assignment. Once you have determined your grade, write it on the table of contents (page 1). Criteria for success Cover page (5pts) 2pts 1pt 2pt Total pts My cover page illustrates/describes how my life will look in 5/10 years time, including 5 goals-- places I d like to go, my desired career, and/or academic plans. My cover page is with me in class, NEAT and stapled to the front of my packet RIGHT NOW. My cover page is colorful and demonstrates that I put a lot of time and effort in it s creation. Criteria for success Tracking Spending Patterns (25pts) 5pts 5pt 10pt 5pts Total pts I tracked all my spending for at least two weeks AND received 2 stamps on my expense tracker for on time recording of expenses. I went through each purchase and drew a circle around every (NEED) & lightly shaded (in pencil) over each item that I think I will have one year from now. I created a chart or graph to represent how and on what I spend my money and ed it to Ms. Riddle by the end of the timer I FULLY annotated pg. 4 Lease Agreement 4pt 4pt 2pt Total pts I recorded the answers to questions 1-7 on pg. 7 of my Real World Packet. I created a question of my own to ask a potential landlord AND recorded the answer on pg. 7 of my Real World Packet. I contacted a potential landlord and recorded their contact info, name, date I spoke to them, & time of call. 2

3 PART 1 (10pts): Tracking Spending Patterns (25pts) Starting today, track your spending and income (this includes money that is given to you) for one week. You must categorize your expenses into Transportation, Food, Clothing, Entertainment, Personal, and Miscellaneous. PART 2 (5pts): After your chart is filled out, go through each purchase and draw a circle (NEED) around it if you consider the item to be a necessity. Then, go back through the chart and lightly shade (in pencil) over each item that you think you will still have one year from now. PART 3 (10pts): Create a chart or graph to represent how and on what you spend your money. For example, if I decided to create a chart of my spending for two weeks, it might look something like this My Spending

4 Tools for Tracking Spending (continued) Directions: Read and annotate the reading below. Then, use the expense tracker to track your spending patterns over the next few weeks. How much exactly should you budget for food every month? How about gas for your car or eating out? Tracking your spending is to budgeting like a measuring cup is to cooking. Without it, you ll have a harder time making everything come out right. Furthermore, when you aren t tracking your spending, it is easy to forget those small purchases that really add up. For instance, if you are a coffee and energy drinker, how much do you spend on these things each week? What about snack foods? Not including these in your budget if you buy them on a regular basis can leave you short on money by the end of the month. Step 1: Record your spending (Daily) Starting today, save your receipts and tally how much you spend every day. It may seem like a lot of work at first, but over time you ll find that a daily money tracking system is an easy habit to keep. Just be sure to track all your cash, credit card, and debit card purchases to see where you re blowing your dough. Carry a small notebook or piece of paper with you when you re out and about- - - write down everything you buy and how much you spent if receipts are not available. Then when you get back to your expense tracker, you can add up how much you actually spent in each category and use that to estimate costs for the next month. I will check your Expense Tracker at random. For the full 25 pts you will need to have a stamp on each day the tracker is checked (2 times). Please have each day s expenses recorded in the Expense Tracker!! Add up your expenses for each category by May 22 nd. There are 6 categories minimum you should kept track of, please see page 2 of your real world packet and label them on your Expense Tracker. Step 2: Create a chart or graph that represents your spending. (We will complete May 22 nd in class) 4

5 ECONOMICS: Welcome to the Real World Personal Finance $$$ 5

6 Welcome to the Real World: House Hunting (15pts) Look in the classified ads in a newspaper or on the internet. Write down your top three choices for living situations. Make this real: Consider where you will be living in a few months. Headed to the East Coast for college? Look there. (Even if you have arranged to live in a dorm in the fall, it is important that you have an idea of how much it will cost to live off campus, for if/when you consider that option.) Choice #1 - House, apartment, or dorm? Location: Rent cost per month: Description/Amenities: Where/How did you find out about this house or apartment? Contact Info: Choice #2 House, apartment, or dorm? Location: Rent cost per month: Description/Amenities: Where/How did you find out about this house or apartment? Contact Info: Choice #3 House, apartment, or dorm? Location: Rent cost per month: Description/Amenities: Where/How did you find out about this house or apartment? Contact Info: 6

7 Lease/Rental Agreement Act (10pts) Of the three housing options that you researched, choose the one that you think is most ideal - Choice #. You must call or and ask the owner/landlord/rental agent the following questions (Note: You are acting as if you are a person who is looking for a place to rent. Do not tell them this is for school. Do not exchange any personal information with them, however, if they ask you for a phone number or if you would like to come see the place, politely say that you will get back to them if you are interested. Do not ask questions that are already answered in the ad.) Questions: 1. Are first and last month s rent due upon move-in? 2. What is the security deposit? $ 3. Are any utility charges included in the rental cost? (ex: is water free/included in the rent or separate?) Explain: 4. What is the policy for roommates (i.e. how many people are allowed to live in the unit/house)? Explain: 5. What is the laundry situation? 6. What is the parking situation? 7. Do you allow pets? 8. Ask one other questions of YOUR own choosing. (Some people like to ask about noise level, if the location is on a busy street, if the place is centrally located near town centers, etc.) 9. Before you hang-up, make sure to record Phone # Day that you called Time of call Name of the person you spoke to 7

8 MOVING OUT INVENTORY (10pts) On the left hand side of this sheet, make a list of ALL of the things you think you will need in order to move out of your house. The column on the right is for things you would like to have. For each item, you should estimate the cost. If it is something that you already own, the cost will be $0. Total up each list when you are done. Possible sites for referencing costs: Craigslist, Newspaper Classifieds, Ikea.com, Walmart.com, Target.com, etc. NECESSITIES (TOTAL $ ) WANTS (TOTAL $ ) ITEM COST ITEM COST Total Total 8

9 Check Writing (10pts) 001 Date Pay to the order of $ In the amount of dollars Bank of ESAT Los Angeles, CA member since 2009 For l: l: ` 002 Date Pay to the order of $ In the amount of dollars Bank of ESAT Los Angeles, CA member since 2009 For l: l: ` 003 Date Pay to the order of $ In the amount of dollars Bank of ESAT Los Angeles, CA member since 2009 For l: l: ` 9

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11 Journal Topics *Journals need to be at 1-2 paragraphs and need to address all questions in each prompt, using the week s vocabulary. Create a google document titled Real World Journals. Share your responses with Ms. Qriddle.esat@gmail.com by the end of the class period they are assigned. Title each journal entry: Journal #, date Journals will be factored into your FINAL grade. (10pts each) Journal #1 Your Ideal Life What do you see as your ideal life in the future? Realistically, what do you aspire to do for a career? How much money will you earn and what type of lifestyle will it afford you? (Example: Where would you like to live? Do you want to own a car and if so, which kind? Will you have pets? Kids? What would you like to do for entertainment? Hobbies?, etc.) Journal #2 Finding a Pad What was it like looking for an apartment? How much was the monthly rent for the apartment/dorm/house you chose? Did you plan to live alone or with roommates in order to afford it and why? Where was it located and why? What were your challenges and successes in looking for a place and contacting the landlord? How does your living situation now and where you will be in 1 year compare to living space you chose for this assignment? Is living away from home after ESAT a priority for you? Why or why not? How do you plan to afford to live independent of your parents/family? Journal #3 Budget: Needs vs. Wants Did all the items you first considered needs stay that way as you completed your budget? What did you learn about your spending patterns? Write about what you spent your money on vs. what you categorized as a necessity and what you will own one year from now. In which category do you spend the most money? Where does your money come from parents, guardian, job, etc.? Do you anticipate that your expenses and/or income will change over the next year? Journal #4 Saving & Credit What are steps you can take to ensure you are as debt free as possible? How can you make your money work for you? What types of savings and investment plans that you learned about this unit do you plan on using? Why is saving money important? Do you already have or plan to apply for a credit card? Why or why not? What are some steps you can take to ensure you maintain good credit? 11