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Ms. Braden – Life Styles: DESIGNING A BUDGET

“Money is one of the most important subjects of your entire life. Some of life’s greatest enjoyments and most of life’s greatest disappointments stem from your decisions about money. Whether you experience great peace of mind or constant anxiety will depend on getting your finances under control.”Robert G. Allen

DUE DATE:December 9

RESEARCH

A. LIVING ON YOUR OWN:

I. Imagine that you have recently completed your college degree (BA/BS) in the occupation you wish to pursue. Then find out what the starting salary would be for that occupation. (Round up or down). You need to contact an actual person (when possible) to confirm that starting salary. Call up companies and tell them you are doing a project and get a direct quote from them. Remember to back up your salary with your source.

II. Then find a place to live. Refer to the links for information. Assume that you would be living with a roommate in a two-bedroom apartment, that you would own your own car. If you choose public transportation fill in that portion of the Budget Sheet. Seek information about expenses from parents, other adults, apartment mangers and the newspaper.

III.Complete the Personal Budget Sheet.(Round up your numbers). Also include how you will handle start up costs (Security deposit, furniture, computer, TV, VCR, DVD, cleaning supplies, etc.). Have another adult look it over for suggestions before handing in.

IV. Plan a weeklymenu and then completeMenu/Grocery Sheet(you will have to either go shopping or pretend to shop on line for prices).

*Don’t forget charity! Remember the biblical concept of tithing, the first tenth of the harvest was returned to God.

B. WHAT’S IT LIKE TO BE THE WORKING POOR?

I.Salary: We will go with Minimum Wage for NJ. It is currently $7.25 per hour. Assume a 40-hour work week. FYI:2-person household earning less than $13,540 in 2007 was officially below the poverty level. A 4-person family is officially below the poverty line if their income is $21,027 or less. As of 2007, some 37 million people, or 12.6 percent of the US lived at or below the poverty level. Numbers are even worse for children – the Census Bureau reports that 17.6% of all children lived in poverty. To find Minimum wages in the US go to GovernmentWage Website

II. Then find a place to live. Refer to the links for information. Assume that you would be living with a roommate in a two-bedroom apartment and that you would either be walking or taking a bus. A car may be too expensive.

III. Complete the Working Poor Budget Sheet. You will notice that taxes are not taken out; usually they will not make enough to pay taxes or will be in a lower pay category.

IV. Plan a weeklymenu and then complete Menu/Grocery Sheet(you will have to either go shopping or pretend to shop on line for prices).

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PROJECT REFLECTION QUESTIONS FOR SUMMARY REFLECTION:

After completing the ENTIRE PROJECTuse the following questions to create a summary reflection no longer than two pages:

1. What was easy about this project? Why? What was difficult? Why?

2. Was there anything you had to do without? What was it and why?

3. Did any of the results surprise you? If so, explain.

4. What were some of your feelings while doing this project? Explain.

5. How do the working poor survive in our society? What do they need in order to be successful?

6. What is the value of work as stated by the Catholic church? (refer to pages 47-65 in your textbook and cite one additionalCatholic source for information) & how does this relate to this project? This should be one whole paragraph-summarize and use quotes.

7. What did you learn from this exercise?

8. After having an adult read over your budget, ask them if it is realistic or not and why. List any suggestions they offer on how to keep a budget or things to consider.

THE PROJECT WILL BE GRADED ON:

Written Report: Needs to include:

1-A. Cover Sheet: Your name, your section, your occupation and where you will be living.

1-B. Works Cited Sheet: documenting all your sources (Salary, Apartment, etc.) (5 points)

2. Completed budget sheet (one for yourself and one for the working poor living on minimum wage). Include how you will handle start up costs (Security deposit, furniture, computer, TV, VCR, DVD, cleaning supplies, etc.). (20 points each)

3. Menu/Grocery Sheet (one for yourself and one for the working poor) (10 points each)

4. Summary Reflection (based on the answers to the questions) (35 points)