C.I. / Sociology - Monthly Budget Project
Objective: To create a financial spending plan for a month. To comprehend how
difficult it is to live at the poverty level on a fixed income.
Task: Your task is to plan how you are going to provide for your family with the fixed amount of income available to you. Thus, you are to prepare a monthly budget. Be specific and accurate. Your budget resources must be cited.
You must include a minimum of one page typed paper explaining your living situation / scenario.
Criteria: I. A typed out monthly budget with current and accurate information, with cited
resources.
II. Minimum one page typed saturation / scenario paper along with your typed answers to the w following six questions:
1. How would a 15% tax increase affect your standard of living?
2. Was there anything about creating a budget plan that you did not understand? Explain
3. Describe some of the benefits of making and maintaining a budget plan .Why do you
think it is important or necessary for people to have a monthly budget plan?
4. Of the budget planning process which part do you believe was the most difficult
to do and why?
5. Explain to me what you have learned from doing this assignment. What did you learn
about poverty? Use specific examples.
6. After doing this assignment how did it make you feel?
Materials: Access to a Computer and the Internet, Newspapers, Renters/Apartment Guides, Phone, Library, Pen/Pencil, Paper, and any other materials /resource/references you feel that will help you to accomplish this task
Grading: This assignment will count as a Test Grade. It will be grade upon the following Criteria:
1. All criteria requirements have been met.
2. The information presented in your monthly budget is typed current and accurate.
3. Resources are cited.
4. One page (minimum) typed scenario paper and all six questions responses have been typed.
Duration: Two weeks
Due Date: __________________ this assignment will count for Two Test Grade.
C.I. / Sociology Project- Monthly Planner
The situation / scenario
You are the head of a family of four with two children under the age of eighteen.
Your annual income is $ 21,027.00 after paying Federal Taxes you have $18,655.55
(2007 data)
This allows you to spend $1,554.62 per month on your families’ expenditures.
(18,655.55 divided by 12 equals 1,554.62)
You have a Credit Card Debt of $8,000.00 you have 60 month / (5 years) to pay this off so your minimum payment is $ 133.33.
You will be living in a larger town / city in the state of CT (no other states)
This larger town / city must have mass transportation (bus, train, taxi, etc)
Your task is to plan how you are going to provide for your family with the amount of money available to you. Thus, you are to prepare a monthly budget. Be specific and accurate.
Some questions to ask yourself and to think about
How are you going to allocate your resources?
Will you have enough money to pay for everything?
Will you have to go without certain items?
Research the true / real cost for each of the expenses listed on the worksheet below.
Use the newspaper, internet.
Talk with your parents, friends living on their own, teachers.
Make inquires with people that deal with these types of expenses.
Your resources must be cited
(Web addresses, newspaper clippings, brochures, parents, copies of bills, etc.)
Here is a web site that may assist you in your completion of this project. http://www.practicalmoneyskills.com/english/at_home/consumers/budgeting/
C.I. / Sociology Project- Monthly Planner
Right click on this chart. A window will open up. Click on worksheet object. Click open to open up the excel worksheet to keep track of your spending; the math will be done automatically. Be sure to export into Microsoft excel (green X w/ pencil button at top) and save in your network file!