Budgeting Practice

Using the example from class, complete a budget.  Be sure your income equals your expenses.

George works as a customer service representative and earns $43,000 per year after taxes.  He has two savings accounts; one at a credit union and the other at a local bank.  These accounts provide him with interest of $135 and $105 interest respectively.  George just recently purchased a new car and owes $400 per month for his car payment.  The car insurance company charges $185 per month and he estimates his upkeep and maintenance will cost him $50 a month.  George rents a one bedroom apartment in a choice location for $950 per month.  His utility bills cost him $175 per month.  In addition, George pays $65 per month to park his car in a secured lot.  George pays $125 per month for the latest iPhone and $125 for the Comcast Triple Play.  His medical and dental insurance plans cost him $75 each per month.  He shops frequently and spends $150 per month on clothes and $200 per month on groceries.  Georges uses $125 of gasoline each month and uses $80 for dining out.  He estimates his monthly expenses are $50.

Sonny Letter Review

Directions

1. Review your letter to Sonny.
2. Identify all comments that apply to your letter.
3. Copy and paste the comments that apply to the bottom of your letter.
4. Revise your letter to make it amazing!
5. Be sure this letter has been shared with justin.hill@donegalsd.org
6. When you have finished, please review the Unit Map and begin preparing a study guide.

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

Unit Exam

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

Analyzing SMART Goals

EQ - How are SMART Goals important to my financial well being?

1. Activator - Collaborative Pairs Review the elements of SMART goals
2. Evaluating SMART Goals
1. Write a SMART Goal on the board
2. Museum Walk Analysis
3. Update and Improve
3. Individual SMART Goal Creation
1. Write a SMART Goal
2. Self-Analysis
3. Peer Analysis
4. TOD - Answer the EQ 
5. Study Help - SMART Goals PPT
1. Complete in groups of 2 students
2. Jot Notes as you complete the Slide Show
3. Post your questions and/or comments to Today's Meet
6. Unit Exam

Introduction to SMART Goals

EQ - How are SMART goals applied to financial decisions?

1. Activator: "Goal Out" - My Future Letter
2. Introduction to Goal Setting (with PPT)  (The PDF Version)
• Financial v. Educational Goals
• Short-term and Long-term goals
• SMART Goals
3. Identify the missing elements
4. Knowledge Check
5. Team Practice

FCCLA Decision Making

EQ - How can we develop a logical argument to explain a decision?

1. Activator - Forced Decision
1. Directions
2. Statements
3. Reflection
2. Decide by Chance
3. Introduction to FCCLA's Method - LINK HERE
   
4. As a class - Solving a problem
5. Collaborative Group Activity
1. Choose a problem
2. Identify the 6 steps of DECIDE
3. 4 share
6. TPS - Making Decisions
7. TOD - Answer the EQ

1040EZ Simulations

(A) Dafknee Smith Trump (w-2) (1040EZ Instructions/Tax Table pg. #27) (key) Doesn't want to contribute to the presidential campaign fund. Line #2 No taxable interest. Line #5 claimed as a dependent on her parents taxes check yes box. Line #5 must complete the worksheet on the back of the form. Line #8 people claimed as dependents do NOT qualify for this credit.  Look at the first line of instructions pertaining to this on the back. (B) Donald Trump (w-2) (1040EZ Instructions/Tax Table pg. #27) (key) Doesn't want to contribute to the presidential campaign fund. No taxable interest. Line #5 claimed as a dependent on his parents taxes. Line #5 must complete the worksheet on the back of the form. Line #8 people claimed as dependents do NOT qualify for this credit.  Look at the first line of instructions pertaining to this on the back. (C) Donald & Dafknee Trump (Donald's w-2, Dafknee's w-2) (1040EZ Instructions/Tax Table pg. #27) (key) This will be a joint return. No taxable interest. Line #5 NOT claimed as a dependent on anyone's taxes. Line #5  DO NOT do the worksheet for line #5 on the back side, enter the appropriate standard deduction for married filing jointly from section/line #5. Line #8 complete the "Making Work Pay" credit worksheet on the back.   1a check "yes" and follow its instructions. 10 check "no" and follow its instructions. 11 enter the results on 11 and line #8 on the front.

Preparing 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