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8th Grade Budget Lesson |
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| Your Income will be assigned to you | |
| Figure Your Tax % | $40,000 - 49,
500 28%
$50,000 - 95,000 30% 100,000 - 200,000 32% |
| Mortgage -Buy your house clicking on | The cost of your
home must be over $100,000.
You must buy a home in Ohio Insert your monthly payment of your home (mortgage) onto your worksheet |
| Buy your car at
www.autotrader.com or www.cars.com
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Your car payment must be at least $200.00
You can buy a new or used car |
| Calculate
your Utilities for the year.
Electric $120.00 Water $80.00 Gas $150.00 Telephone: $75.00 Internet: $59.99 Cell Phone $49.99 Cable $39.99 |
Use the numbers on the left. Even though they are all averages, use the averages to calculate what your yearly budget will be for the coming year. |
| Groceries: $50.00 per family member | Calculate your grocery bill by multiplying the number of people in your family x $50.00 x 4 weeks in a month |
| Transportation: Gas for car is $3.55 | Calculate your gas bill for your car by multiplying the cars gas mileage by the price of gas on the left by 250 miles per week x 4 weeks in a month. (If you can not find what kind of mileage your car gets per gallon, use 20 miles per gallon as your average. |
| Insurance
Costs:
Car Insurance $98.00 per car a month House Insurance: $60.00 per month Health Insurance: $50.00 per month per person
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Calculate your car payment
based on how many cars you own. If you own more than one car then
you need to multiply $98.00 by the number of cars you own
Your house insurance is based on a monthly payment of $60.00 You health insurance is based on $50.00 a month by the number of people in your family |
| Medical
Costs:
Dental Costs: $100.00 paid twice a year Doctor Bills: $10.00 a month |
Dental Bills are paid only
2 times a year times how many people are in your family
Doctor bills are paid only 6 times a year times how many people are in your family |
| Clothing expenses: $65.00 a month | Clothing expenses are paid 6 times a year times how many people are in your family |
| Savings Plan: | Put the amount of money you have left into your savings account. Calculate how much money you will put away each month so that your final balance is under $2000.00. You must have at least $1.00 left in your final balance. |
| Items listed on the right are items of your choice. If you prefer you can have some or all of these items if your budget allows. These are only optional and do not have to be included at all. | 1) Pets A
one time charge depending on how much you'd like to buy the pet
for (Could be free). You will need to calculate $20.00
per month per pet on food expenses.
2) Vacation Plans Use Internet to look up. Depends on where you'd like to go 3) Gifts Your choice (How generous of a person are you) 4) Utility Vehicles Look up on Internet 5) Hair Care $100.00 per month 6) Entertainment: You choice. How much do you enjoying going out with your friends
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