Warm Up April 26, 2011

My Life – You will write a paragraph about how the concepts in this unit matter to their life. They will include ideas that they were given while learning this unit. They will also write how they will use these concepts to better their financial future.

( 5 mins)

Activator

Continue My Life writing assignment using vocabulary related to personal banking.

( 5 mins)

Standard/Elements

SS7E4 The student will explain personal money management choices in terms of income, spending, credit, saving, and investing.

Essential Question

What are the personal money management choices in terms of income, spending, credit, saving, and investing? 

Today I will learn how to explain personal money

management choices because life is all about income, spending, credit, saving, and investing.

 

Work Period You will complete your banking transactions register-

( 30 mins)

 

Game of Life

Directions

• Get a job, discuss salary, set up budget, must pay all bills, must flip coin for any toss up decision. Example go out to dinner (H) or get fast food (T). Must balance check book after every decision. If you run out of money your done until next pay check unless, coin flip, to use credit card.

Jobs and Salary• 1. Teacher – $40,000 (Monthly $3,333.33)• 2. Receptionist – $25,000 (Monthly $2,083.33)• 3. Nurse – $39,000 (Monthly $3,250)• 4. Accountant – $38,100 (Monthly $3,175)• 5. Computer Programmer -- $41,600 (Monthly $3,466.66)• 6. Mechanic -- $28,100 (Monthly $2,341.66)• 7. Dishwasher – $15,675 (Monthly $1,305.83)• 8. Six Flags Worker – $16,730 (Monthly $1,394.16)• 9. Fast Food Attendant – $11,000 (Monthly $916.66)• 10. Fireman/Police officer – $40,000 (Monthly $3,333.33)• 11. Hair Stylist – $33,000 – (Monthly $2,750.00)• 12. Collecting Unemployment – $12,960 (Monthly $1080)

Payday

• Congratulations your first pay check. Hope it’s as much as you figured.

• Unfortunately it’s time to pay some bills.

First Timers

• You need to write a check for your (mortgage or rent).

• If you have roommates your total can be divided by the number of people.

• Remember to balance your checkbook.

Rent• Apartment:• 1 Bedroom : $ 792.00• 2 Bedrooms : $ 847.50

(423.75 per person)• 3 Bedrooms : $ 1043.00

(347.67 per person)

Mortgage (House)

4 Bedroom: $1,700.00

They Just Keep on Coming

• More bills to pay.• Here are your Utilities. • Not to bad hopefully they

won’t go up next month. • Remember if you have

roommates your bills get divided by the number of people.

• Don’t forget to balance your checkbook.

• Utilities (Power, Water, Trash)

Power: $75.00Water: $90.00Trash: $25.00Total: $190.00

• Cable/Phone/Internet BillComcast

Phone: $ 20.00

TV: $ 80.00Internet: $ 60.00Total: $160.00

How's the Checking Account Looking?

• Now depending on how much you spend on your car will depend on your car payment.

• You may flip a coin to decide on your cars value or you may choose.

• Remember to balance your checkbook.

• Car Bills• Car payment Car value (Interest Rate

12.5%) $5,000.00 -- $135.00

(a month for 48 months) $10,000.00 -- $270.00 (a month for 48 months)

$15,000.00 -- $400.00 (a month for 48 months)

$20,000.00 -- $535.00 (a month for 48 months)

And You Thought You Were Done!!!

• There is still much to be done with your car.

• You have to have Insurance and you’re not going any where with out a tank of gas.

• Boys your insurance might be looking a bit different from the ladies. That’s unfortunate.

• Car InsuranceBoys:

$ 275.00Girls:

$ 200.00• Gas Allowance:

Once a week (15 gallon tank) Regular: $2.65 ($39.75 to fill

tank) Midgrade: $2.75 ($41.25 to fill

tank) Premium: $2.95 ($44.25 to fill

tank) Diesel: $2.98 ($44.70 to fill

tank)

Time for Some Car Maintenance

• Flip a coin to see if your car needs maintenance.

• If heads your car needs an oil change and tire rotation.

• If tails you got away this time but watch out for next time your luck might change.

• Remember to balance your checkbook after EVERY purchase.

• Maintenance: Oil Change: (every 3,000

to 4,000 miles) - $40.00 to $50.00 Tire Rotation (every 6,000

to 8,000 miles) - $25.00 to $35.00 New Tires (every approx

60,000 to 80,000 miles) - $300.00 to

$700.00

Have You Been Keeping Up With Your Spending?

• Check out your checkbook and try and calculate how much money you have spent so far.

• Compare with a neighbor and see if they are doing as good or better than you.

• How much money do you have left?

Let’s Grab Dinner

• You and your friends decide to grab some dinner.

• Flip a coin to see if you’re getting Chick-Fil-A (H) or Outback (T).

• Chick-Fil-A

Number one with a lemonade and an ice dream.

$9.75

• OutbackSirloin steak with a coke.

$14.00 + (20% tip)

Total: $16.80

Can’t Eat Out Every Night.

• Time to go grocery shopping.

• While shopping you pick up everything you need (H) or just get the bare essentials (T).

• Remember if you have roommates you can divide everything by the number of people but your bill goes up.

• Did you balance your checkbook.

• Grocery Store

Everything from bread to A1 sauce.

$150.00 to $250.00

Just the bare essentials (bread, milk, lunch and dinner fixings)

$75.00 to $100.00

You Got To Be Looking Your Finest!

• One of two options, let the coin decide, you can go buy some new clothes (H) or you can just have your old clothes dry cleaned (T).

• Things are adding up, better make sure your checkbook is balanced.

(T) Dry Cleaners Cost5 Shirts: $1.75 (per shirt)

- $8.755 Pants: $4.00 (per pants) - $20.001 Jackets: $6.00 (per jacket) - $6.00

Total: $34.75

(H) New Clothes 3 - Shirt/blouse: $20.00 to $60.00

- $80.00 2 - Pants/Skirt: $30.00 to

$120.00 - $120.001 - Shoes: $25.00 to

$150.00 - $60.00

Total: $260.00

Feeling a Little Under the Weather.

• Time for a doctor’s visit to try and get rid of that cough.

• Jobs 1, 2, 3, 4, 5 and10 you all have insurance doctors visit $25.00.

• Jobs 7, 8, 9, 11, and 12 you do not have insurance doctors visit $100.00.

Date Night!

• You decide to take that special someone out. Flip a coin to decide what you do (H) dinner at the Cheesecake Factory and a movie the AMC or (T) Make dinner and rent a movie.

• Don’t forget to balance your checkbook.

• (H) Dinner and a movie

Dinner = $50.00

Movie = $22.00

Total = $72.00• (T) Cook and rent a

movie

Dinner = $20.00

Movie = $7.00

Total = $27.00

Let’s Get Some Cash Out…• You need to stop by the ATM to withdraw some

cash.• Everyone needs to withdraw $40.00 from their

bank account for the weekend.• Make sure you balance your checkbook and are

using the correct codes in your transaction register.

Time to Check the Checking Account.

• Check out your checkbook and try and calculate how much money you have spent so far.

• Compare with a neighbor and see if they are doing as good or better than you.

• How much money do you have left?

Closing• Reflective Statements – Students will

reflect on the issues encountered during their filling out the transaction register and how this would affect them in the real world.

( 10 mins)