Vacation of a Lifetime Spending Plan

Good Afternoon, Personal Finance Class.  Get ready to plan a well-deserved vacation!

It is time to make those vacation dreams come true - at least the planning stages.  Over the next several days, you will be researching and recording information about what it takes to get from here to your chosen destination and back.

You have a budget of $1,000 if you choose to go alone.  If you choose to go with a classmate, your combined budget is $2,000.

This amount must pay for transportation (both ways), sightseeing, souvenir shopping, lodging, meals, and other expenses you may incur during your trip.

It is your job to plan a great vacation within your budget.  Don't "skimp" if you really wouldn't make those choices.  Be realistic.

Unfortunately, you may not choose a vacation package that includes everything all together.  You must research each category listed on the handout provided to you.

When you have completed your research, make all of your decisions AND record the transactions in your check register.  Then, prepare a presentation about your vacation according to the packet guidelines.

Remember....Dream BIG.  This is a Vacation of a Lifetime!

Sonny Advice Letter Comments 

1. Organize your multiple ideas into multiple paragraphs (1 main idea per paragraph).
2. Watch out for run on sentences.
3. How can calculating the percentages spent on each category better convince Sonny to follow your advice?  Implement these calculations when necessary.
4. How does your recommended control system work?  Can you provide a description of what this may look like for Sonny?
5. Check your spelling and grammar (sometimes even spell check misses errors). 
6. You convinced me to review some items in my budget!  
7. You may want to be nicer to Sonny; its only his first time budgeting.
8. Great job!  Sonny is lucky to have you!
9. With some revision, this will be the best letter of advice ever!
10. Feel free to ask for help if you need it.  I will gladly meet with you during a Tribe Time to help you with this composition.

Developing a Budget

EQ - What are the steps used to develop a budget?

1. Activator: Test your knowledge (TPS)
• Spending Plan Note Taking Guide
2. Application Activity - "The Brown Family Scenario"
• Steps 1-3
3. Discussion & Review
4. Intro - Control Systems
1. What?
2. Why?
5. Complete Steps 4-5
6. Discussion & Review
7. Assignment - Complete pages 25-26

EQ - How is a real life budget created, evaluated, and adjusted?

1. Activator - TPS Splashdown
2. AP - Collaborative Teams - Questionnaire
1. What are the similarities between the Brown Family's expense allocation and the average expense allocation?
2. What are 2 differences?
3. AP - Debriefing - White Board Response
1. What 3 steps of budgeting are for PLANNING?
2. Which category allocation from the scenario most alarms you?
3. What makes it alarming?
4. Activator - TPS: Mint.com Budgeting Gadget
5. Evaluating a budget
1. Sample Budget *
2. Review Control Systems
3. The evaluation process* (Together)
6. AP - Financial Advice - What advice would you give to Sonny?  Be specific and detailed *
1. Google Docs Instruction Sheet
2. Letter Directions
3. Composition Work Time
7. Self-Evaluation
1. What kind of spender are you? 
2. How can the result of this quiz help you when planning your personal budget?
8. TOD 
1. Review the Unit Map
2. Develop a Strengths and Weaknesses Chart to assess your current comprehension of Unit 4 objectives
3. How can you use this information to prepare for your Unit Exam

Intro to Budgeting

EQ - How are income and expenses classified?

EQ - How is a budget created?

1. Activator - Chalk Talk
1. What do adults pay for on a monthly basis?
2. White Board Groups - Estimations
2. Mini Lesson - Cash Flows
3. Spending Plan - Advanced Organizer
4. Spending Plan - PowerPoint
• Classifying Income and Expenses  (LEQ 1)
• Spending Plan Development Process (LEQ 2)
• Components of Spending Plans  (LEQ 2)
• Identifying Spending Plan Components (LEQ 1 & 2)
5. TOD - Today's Meet (CLICK HERE FOR LINK)
• List the steps of creating a spending plan.
• Muddy Points

Unit 3 Exam

1. Q & A Review
2. Unit 3 Exam

Unit 4 EQ - How are budgets used to make wise financial decisions?

LEQ 1 - How are income and expenses classified?
LEQ 2 - What are the steps to develop a budget?

Please access your laptop & visit the class website 

1. Activator - Chalk Talk
1. What do adults pay for on a monthly basis?
2. White Board Groups - Estimations
2. Mini Lesson - Cash Flows
3. Spending Plan - Advanced Organizer
4. Spending Plan - PowerPoint
• Classifying Income and Expenses  (LEQ 1)
• Spending Plan Development Process (LEQ 2)
• Components of Spending Plans  (LEQ 2)
• Identifying Spending Plan Components (LEQ 1 & 2)
5. TOD - Today's Meet (CLICK HERE FOR LINK)
• List the steps of creating a spending plan.
• Muddy Points

Prepping Your Tax Return

EQ - How do I prepare a tax return?

1. Activator: Costs of doing taxes
2. Vocabulary Preview - The Language of Taxes
3. Start Here
4. Simulation 1 - W-4
5.  Simulation 2 - W-2
6. Simulation 3 - W-2 & 1099 INT - 1040EZ 
7. 1040EZ Form 
8. Tax Table
9. 1099-Int Form
10. Table Quiz - Key Terminology
11. Completing a 1040EZ

Minimum Wage Laws

EQ - How do current minimum wage laws affect your pay?

1. Warm-Up
2. Q&A
3. Quiz - Calculating Gross and Net Pay
4. Activator: LINK
1. List - TPS- What do you know about minimum wage?
2. Inquire - TPS - What questions can be formed from this list?
3. Read "The Impact of $9 Minimum Wage"
4. Collaborative Groups - Discussion - What's the big deal about minimum wage?
5. Note - Make Notes about your discussion.  Look for answers to our inquiry questions, connections to what you already know or heard about in our discussion, and new questions that arose as you read.
6. Know -  Write a short explanation (140 characters or less) of what you now know about minimum wage.
7. Discussion - How has your understanding of minimum wage changed as a result of the reading and discussion?
8. Muddy Points - What elements of minimum wage are you still working to understand?
5. Developmental Activity - Can You Survive?
1. TPS - Before you begin
1. Explain your opinion of a job that will pay your $9/hr.
2. Would you be able to provide for yourself at this hourly rate?
2. The Experience - Can You Survive?
3. TPS - What was this experience like for you?
4. Has your perception changed?  Why or why not?
6.  Additional Reading - Federal Minimum Wage Laws
7. Assessment - Compose a letter to your state representative
1. Identify your state rep.
2. Discuss the minimum wage debate
3. Propose a recommendation for how your rep should vote on minimum wage law changes
4. Provide evidence to support your recommendation

Where Do My Tax Dollars Go?

1. How are these taxes used? - Where Did My Tax Dollars Go 
2. Partnership Activity
1. Choose one category where tax dollars are allocated
2. Create a poster to illustrate the components of your category
3. Share with the class
3. Assignment
1. Answer the EQs
2. Describe your opinion on how our federal income are dispersed.
1. Do you think the allocation is appropriate? Why or why not?
2. If you could change anything regarding how tax dollars are spent, what would you change?  Explain.

Calculating Net Pay

1. Homework Review

EQ - What considerations factor into the calculation of net pay?

1. Activator - KWL Paycheck Withholdings
2. Paycheck Terminology Review
1. Hourly vs. Salary
2. Defining Pay Periods
3. Social Security
4. Medicare
5. FICA
3. Getting Paid Math *TPS
1. Calculation Information
2. Practice Problem
4. KWL Update
5. TOD - Half sheet summary
1. Formulate an answer to the EQ

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