1st Quarter Worksheet – January through March
Name ______Due: ______
January
For this month, we are going to be getting used to all of your financial responsibilities as a household! Thankfully, the holidays are past, you don’t have to worry about any birthdays or weddings for the moment, and everything in your house and car is in working order (whew!). So… you can just focus on paying your bills.
Remember, just like we did in the Game of Real Life, you get paid at the end of the month. That means you need to pay for all your expenses before you get paid. (Don’t worry, this month your creditors won’t come knocking at the door – they know you’re just getting on your feet.)
Instructions for the month: Beginning at the top of your Family Budget Worksheet with housing, start writing checks to cover each of your budgeted expenses. You can make up the names of the payees (i.e. “the people you are paying”), just make sure to accurately record their names, the amount you pay, and your running balance in your checkbook ledger!
A couple of important things to remember:
- Make sure to number every check!
- Double check the amount of the check when you write it in your register before you find the new balance.
- Pay close attention to the column you put your check or deposit into in your register – don’t get them backwards!
When you’re done, you’re done for the month. You only have one thing left to do! Go get your teacher to look over your work and give you their signature here:
______
February
Great job! Now that you’ve gotten used to the “basics” of family finances, watch out! In real life, nothing ever happens like you expect – at least not for very long. This month and next month, you’re going to be exposed to some of the potential ups and downs of real life. Don’t worry – it’s not all bad!
Instructions for the month: Begin by writing checks for all of your budgeted expenses for this month. Only after you’ve finished that, go up to your teacher and get a “February/March” situation card. Look at the February side first. Write a check or a deposit in your register for whatever is appropriate (or otherwise follow the instructions on the card). Then, fill in the answers to the following questions about your card:
Is this an extra credit or debit? ______
How much is this credit/debit for? ______
Did you have savings to cover this expense, or have you gone into debt? ______
March
Yikes! Life can be expensive, huh? No worries, though. This month, you’ll get to see the “flip side” of unexpected events (quite literally).
Instructions for the month: Go ahead and pay all of your monthly expenses (you’re probably getting really good at this now). After you’re done, flip your “February/March” situation card over to read the “March” side. Write a check or a deposit in your register for whatever is appropriate (or otherwise follow the instructions on the card). Then, fill in the answers to the following questions about your card:
Is this an extra credit or debit? ______
How much is this credit/debit for? ______
If you were in debt, have you gotten back out? ______
After you finish with that card, make sure to double check all your checks and deposits, double-check your balance and then show everything to your teacher. Have them put their signature here:
______