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