Note: This is one part of a Personal Finance Portfolio in the course that we will be working on throughout the semester. The completed portfolio will count 10% of your final grade.
This Personal Finance Activity will help you see how long it might take on minimum wage to save up for a large purchase. Understanding how to save and live on a budget will help you plan for large purchases in your future.
Read the following paragraph about the hypothetical budget you could be living on if you were making minimum wage. Calculate the totals for your monthly budget (what would you fill in the third column below) and then answer the five questions that follow.
You are living on your own, sharing rent with a roommate, trying to save up for college, and working for minimum wage ($7.25) at a fast food restaurant. You work 40 hours per week and take a bus to and from work five days a week. Along with saving for tuition, you are also trying to save enough to have 4 months’ rent in your account, a new car so you don’t have to take the bus and a vacation to Cancún with some of your friends. The amounts for Rent and Utilities in the first two rows are your half of the total for rent and utilities; your roommate pays the other half of both expenses.
Monthly BudgetItemCostMonthly TotalRent$260Utilities (cable, Internet, water, and electricityCable & Internet: $30, water: $20, electricity: $40Groceries$50 per weekEntertainment$20 per weekPublic transportation$1.50 per bus rideClothing$50Cell phone$45
The rubric below will be used to grade your project.
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