STATION 3: Transportation
Buy a New or Used Car?
http://www.money-zine.com/Calculators/Auto-Loan-Calculators/Simple-Auto-Loan-Calculator/
You can use this calculator to help you compare the costs of buying a new car versus a used car. The calculator takes into consideration such things as the depreciation in value of each car, maintenance costs and how long you want to own it. Using that information, it determines the monthly cost of ownership for buying a new vs. a used car. Remember to include $80 in gas if you go by car.
OR
Take a bus? $2.00 per day x 30 days per month.
Record your purchase on your check register and find your new balance.
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STATION 4: Insurance (Automobile)
AVERAGE EXPENDITURES FOR AUTO INSURANCE, UNITED STATES, 1996-2005
Year Average expenditure Year Average expenditure
1997 $705 2002 $781
1998 703 2003 824
1999 685 2004 840
2000 690 2005 829
2001 726 2006 817
Source: © 2007 National Association of Insurance Commissioners.
Make sure you divide by 12!
My car insurance for one month is: _______________________.
Record your purchase on your check register and find your new balance.
Station 4: Insurance (Health)
Visit the following site for the opportunity to get monthly quotes on many different plans. Make sure you enter all the information requested including your area code. Remember that you are 25!
https://www.ehealthinsurance.com/
I would like health insurance from _______for a monthly cost of ___________.
Record your purchase on your check register and find your new balance.
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STATION 5: Utilities
To find the average cost of utilities per month, check out: http://www.whitefenceindex.com/
Phone, Cable, Electricity, Natural Gas, High Speed Internet
You may not want all of these utilities…but you will definitely need some!
This month I purchased the following utilities: _______________________________________
for a monthly total of:__________.
Record your purchase on your check register and find your new balance. Record each utility separately.
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STATION 6: Child Care
According to the U.S. Department of Labor there are several types of child day care for youth under five: child care in a child's home, care in an organized child care center, or care in a provider's home, also known as family child care. Older children may participate in before- and after-school programs or private summer school programs.
How much does child day care cost?
Because I have ____ number of children, I will have the following cost in childcare:
$_______________.
Assume all children are under the age of 5.
Average: $611/month per child
High: $300+/week/per child
Remember to make sure you record this monthly amount in your checkbook register and find your balance.
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STATION 7: Groceries
According to the United States Department of Agriculture (USDA), average prices of food are categorized into four categories and by the number of individuals within a family. The prices are calculated either for a month or a week.
Visit: http://www.cnpp.usda.gov/USDAFoodCost-Home.htm
Our Monthly Food Costs: _______________
Remember to make sure you record this monthly amount in your checkbook register and find your new balance.
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STATION 8: Let's Eat Out!
“Have it Your Way” is what students will be told as they decide which type of restaurant they will dine at. The first option is fast food restaurants where students deduct $6.00 for each adult and $3.00 for each child. The second option includes family-type restaurants where students are to deduct $12.00 for each adult and $5.00 for each child. The third option is to dine at a more formal restaurant where adults spend $20.00 for each adult and $10.00 for each child.
Make sure you multiply this amount by the number of times you intend to eat out!
$_____________________________
Bon appetite!
Remember to record this monthly amount in your checkbook register and find your new balance.
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STATION 9: Clothes
BUY AN OUTFIT FOR EACH PERSON IN YOUR FAMILY
You may want to be very economical when choosing clothes: So save some money at Walmart: http://www.walmart.com/
You may want to try something simple, yet more professional: http://www.jcpenney.com
But then, if you have any extra cash on hand: http://www.macys.com/
My monthly shopping spree amount:_________________
Be sure to record this amount in your checkbook register and find your new balance.
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STATION 10: A Spirit of Giving
It is better to give than to receive! Here are some worthwhile charities that you can contribute toward:
Make sure you research their services.
http://www.charitywatch.org/toprated.html#homeless
This website rates each of the charities based on their ability to help people with the least expenses in the administration of their charity.
“Never doubt that a small group of thoughtful committed individuals can change the world. In fact, it's the only thing that ever has." Margaret Mead
My contribution to help others and my charity:
$___________________________
Be sure to record this amount in your checkbook register and find your new balance.
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STATION 11: Taxes
One of the few things in life that is certain!
To figure the amount of money you owe in taxes on your salary, visit H&R Block. Remember, you must use your salary for the year. After the calculator finds the taxes you owe (or the refund you receive, divide by 12 months). You can subtract the charitable contributions.
http://www.hrblock.com/taxes/tax_calculators/index.html#
My tax rate per month is: $__________.
Tax day is April 15th !
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STATION 12: Legal Fees
Most lawyers charge between $175- 275 per hour. Roll the dice to determine
how many hours your attorney has billed you:
1 hour = $225
I rolled a ___________, therefore, I will pay________________________.
Be sure to record this amount in your checkbook register and find your new balance.
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| STATION 13: Vacation
You work hard everyday. Remember to stay within your budget!
Option 1: Stay at home and have a Blockbuster Day! (Rent Videos and Buy Popcorn!) $25.00
Option 2: Enjoy the outdoors, Family Bike Ride! $50 for lunch, bike rentals, and helmets.
Option 3: One–tank trip. Visit local sights but try to do this on one tank of gas…$75. Add $7.00 for lunch for each family member.
Option 4: Travel to Disney Land! $2,500.
Be sure to record this amount in your checkbook register and find your new balance.
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STATION 14: Life's Surprises
Roll the dice and read your corresponding reality! http://rpgp.org/dice/# (Click on the 20 sided dice). When a number appears, you must then follow the directions below:
1. Prescription for allergies: $55.
2. You need to purchase a new mattress. Chronic back pain caused by old mattress. A new one costs $250. Make check payable to Sleepy Time.
3. You woke up with a toothache. Oh no! You call your dentist and your insurance does not cover this. You must pay $85 for your emergency visit.
4. Good news! Add $100 to your checking account. Your name was chosen from a raffle for Great Schools.
5. Poison ivy! You need something to help the itch!…$25.00.
6. Your car heater broke and it is December: $350.
7. You win $10 from a lottery ticket.
8. Congratulations, you received a tax refund of $300.
9. Someone stole your credit card. You will not be charged. You sign up for an identity protection service for $19.95 per month.
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10. Your great uncle died. While he was alive, he invented a special machine that helps people. He has given you an inheritance. Add $2,000 to your checking account.
11. Your garage sale netted $110.00.
12. Your church is building. Please contribute to the Renovation & Renewal fund: $30.00
13. Your doctor now does not accept your insurance plan, so you must pay $140 per visit.
14. There was a fire in your apartment building. You don't have insurance. Some of your clothes need to be dry cleaned: $150.
15. Books! Books! Books! For the class you are taking to upgrade your salary. WOW! $250.
16. Your only medical emergency this month is a paper cut. No Charge!
17. Sniffle, sniffle, sniffle. You have a cold. $28.00 for medicine.
18. You locked yourself out of your car. You will need to call AAA. But you don't have your card when the service comes. You have to pay $175.
19. Your cell phone was found in Michigan! You need a new one: $60.
20. Your sister is getting married. You spend $210 on the gala event.
Be sure to record this amount in your checkbook register and find your new balance.
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STATION 15: Congratulations!
Please take a certificate and a reflection worksheet. This will help you to think about your experiences. Bring your essay to class tomorrow.
For now, here are some statistics to think about:
Average Annual Earnings for College Graduates and Non-Graduates
Professional Degree $109,600
Doctoral Degree $89,400
Master's Degree $62,300
Bachelor's Degree $52,200
Associate's Degree $38,200
Some College $36,800
High School Graduate $30,400
Some High School $23,400
Average Annual Earnings—Different Levels of Education.
Source: U.S. Census Bureau, Current Population Surveys, March 1998, 1999, and 2000.
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