Dave’s FamilyBudget Project
Groups
You will be assigned a group of your peers to complete this family budget with. These groups will represent families of different makeups. You will draw for your family’smakeup; once you have them you will choose a family name and names for family members. Each group will record this information on the student activity sheet.
Order of Events
- Fill out Family Reality Check sheet (Mr. Rolwes must check before you move on.)
- Create your budget using the excel version on my website. (Mr. Rolwes must check before you move on.)
- Answer review questions over budgeting process. (Mr. Rolwes must check before you move on.)
- Fill in what actually happened during the month. (Mr. Rolwes must check before you move on.)
- Answer review questions over the actual section of your budget. (Mr. Rolwes must check before you move on.)
- Neatly organize your project in the order of completion and turn into Mr. Rolwes.
- Fill out your individual reflection of the project and evaluate your team members. Turn into Mr. Rolwes.
Choose the Family Income
Groups will draw for their annual income, ranging from $30,000 to $70,000. The income drawn will represent the total household income for that family. So, the single mom might get the largest income. Remember this is the total income for the family, including any part-time work, Social Security, or child support. Take out 20% for taxes and figure out your monthly take home pay.
Do the Budget
Work together to create a budget based on the needs of their assigned family. There is an allocated spending plan to use on Mr. Rolwes’ website. Groups must stay within their specified household income. They must account for every category that would apply for their assigned family. Below is a list of estimates that you can use to help you estimate your budget amounts. Try to estimate as accurately as possible based on real life situations. If you run out of money, you still need to account for everything; this will give you an idea of how far in debt they are. Typically, it takes several budgets before most groups work everything out. You need to provide information to support the numbers that you use for your estimates and make sure that the services you are using are available in Dubuque, IA.
Include in Budget
Groceries: $125.00/per month/per person
Rent: Find a place to rent in or around Dubuque, IA. You need to know how much it is going to cost per month and what utilizes are included in your rent.
Electric bill: $110.00/month
Water bill: $50.00/month
Cell phone bill: Find a cell phone plan online that will work for your family.
Internet access: Find a plan online that will work for your family.
Cable TV service: Find a plan online that will work for you family.
Trash bill: $15.00/month
Baby sitter: $3.00/per hour/per child, you hire a baby sitter for 10 hours per month.
Charitable gifts: 10% of your monthly income
Savings: You decide.
Gas: Estimate how much gas you are going to spend per week and times that by 4.5.
Auto Insurance: $45.00 per car/per month
Actual Spent Column
You have to draw four events from Mr. Rolwes for your actual amount column. If you had something budgeted in an account that you got an event for, you add or subtract the event amount from what you had budgeted for that account. If you didn’t have something budgeted in an account that you got an event for then you have a surprise expense and you must pay that amount in your actual column. If the event is a positive to an account you have nothing budgeted for you don’t get to use the event. All accounts not affected by an event you can assume you used what you budgeted. Explain what your four events were and how you dealt with them.
Group Evaluation
Being able to work as a team is an extremely valuable skill in the work place today. Here are ten skills that you need to be a good team member.
- Demonstrates reliability
- Communicates constructively
- Listens actively
- Functions as an active participant
- Shares openly and willingly
- Cooperates and pitches in to help
- Exhibits flexibility
- Shows commitment to the team
- Works as a problem-solver
- Treats others in a respectful and supportive manner
You need to do your best to exhibit theseskills as you work in your group because each group member will evaluate the rest of their group on these skills. Mr. Rolwes will also be evaluating you on these skills.