Name: ______Date:______
Personal Budget Reflection Questions
1.Were you able to afford all of your fixed expenses? How did scarcity affect the
choices you made?
2.How did your income level affect your variable expenses?
3.Did you qualify for any income bonuses? How did these bonuses reflect real life
income?
4. Were you demoted during this process? Why did this happen?
5.Think about one variable expense you chose to incur. What was the opportunity
cost of this decision?
5.Why do you think the following statement is true? Explain your answer in terms of specific decisions you made while completing this budget process.
“Nearly a quarter (22 percent) of Americans have no money left once they've paid for their essential living expenses and spent their discretionary dollars. That puts the United States at the top of a list of 42 countries for saving futility. The United States is neck and neck with Portugal.”
-Les Christie, CNNMoney.com, January 25, 2006
6.What sort of additional unplanned expenses might you incur?
7.What was most difficult about completing this budget process?
8.Why are creating a budget and financial planning important?
9. How much were you able to save? How might this amount of savings help or hurt you in the future?
10. Search the internet and find a job that, if you were working in the real world, you would be making within $2,000 of your project income (for example, if your income is $35,000, you need to find a job that would make between 33,000-37,000 dollars). List the job and the source of your information below.
11. What skills/background is required for this job?
12. Is this a job you would be happy doing for the rest of your life? Explain.
13. Search online for the "job of your dreams" and find the average income of someone doing that job. List the job, income and the source of your information below.
14. How do the job, income, and required skills for your project job and your dream job differ?
15. Knowing what you now know about life expenses, what can you determine about your future and the career you wish to pursue? What type of education or skills do you need to have this career?