Making Ends Meet (a budgeting project -- abbreviated version)

Scenario
You have just received your diploma and are about to enter the real world. You will be given a career with a set income and your task is to create a realistic budget. An even bigger challenge is to live within that budget.

Task
You will complete a number of items on this worksheet as you work to complete this project. Fill in all the required blank spaces and tables as you go along.
A budget starts with knowing how much money you bring in each month. This is called your income.
Expenses are the opposite of income. Money is spent on the things you need or want. Below are some basic categories of expenses. Your expenses need to be less than your monthly income. If not you will need to change your spending habits. Also, if your savings are not at least 5% of your income, you will need to adjust your spending habits.
Items that should be included in your expenses, depending on your career and your spending decisions (items that are listed in bold are required):

student loan payment (depending on career)
basic health insurance
housing
utilities (10% of your rent or mortgage – multiply by 0.1)
transportation (car payment, insurance, gas)
food
charitable contributions
phones (home, cell)
cable or satellite television
clothing
entertainment
misc. (2% of your net monthly income – multiply by 0.02)
pet and pet supplies (optional)
savings (a goal of at least 5% of your net monthly income – multiply your income by 0.05)

Part One
Occupation
You will be given a career based on the luck of the draw. Depending on your career, you may have some monthly student loan payment amount. Every career choice will include a monthly cost for health insurance coverage.

Occupation __________________________________________________
Annual gross income ___________________________________________
Gross monthly income (income divided by 12) _______________________
Net monthly income (gross monthly income multiplied by 0.80) ___________
Student loan expenses ____________________________________________

Part Two
Housing
Choose a housing preference using the information listed below. Your housing cost should not be more than 30% of your monthly net income. (0.30 times your net monthly income)

How much money can you afford for housing? _____________________________
Which housing option did you choose? ____________________________________
What is your housing cost? ______________________________________________
What percent is this of your net monthly income (divide your housing cost by your net income, then multiply by 100)? __________________________________________
Utilities are 10% of your monthly housing costs. This includes gas, water, electric, and garbage collection (multiply your monthly housing cost by 0.1).
What is your utility cost? ________________________________________________
Apartment- rent per month
· One bedroom no roommate $650
· Two bedroom no roommate $850
· Two bedroom with roommate $450 per person
· Studio $500
Condo- mortgage and assessment per month
· One bedroom no roommate $850
· Two bedroom no roommate $1,050
· Two bedroom with roommate $550 per person
Townhome- monthly mortgage and property tax
· Two bedroom no roommate $1,350
· Two bedroom with roommate $700 per person
· Three bedroom with roommate $900 per person
Single-family Home- monthly mortgage and property tax
· Two bedroom $1,400
· Three bedroom $1,650
· Four bedroom $1,900

Part Three
Transportation
You will choose one of three options (Used SUV, New Honda FIT, or Used Ford Focus) and calculate your monthly payments based on the length of time you choose to finance your purchase (3 years, 4 years or 5 years).
Car (make and model) ________________________________
New/Used ________________________________________
Purchase Price _____________________________________
Monthly Payment ______________________________________


Part Four -Other Expenses
Food and clothing are a necessity. Cable, cell phone, pets, and entertainment are not. Estimated expenses for each of these categories are listed below. Fill out this section on your student worksheet so that it accurately shows the items you have decided to include in your budget.

Your Monthly Expenses
Food -- 196.54
Clothing -- 49.14
Cable or Satellite TV -- 76.59
Entertainment -- 88.43
Pet and Pet supplies -- 51.12
Charitable contributions -- 144.39
Phone -- 127.38

Part Five
Furnishing Your Home
You must purchase basic items to furnish your new home. You may take 12 months to pay for your household furnishings. Do not spend more than you can afford. Use the IKEA catalogs provided in the classroom, or other advertisements or catalogs that you might find, to select the required items:

Sofa

Table and chairs (for dining)

Lamp

Bed

Sheets

Blanket

Towels (2)

Plates and bowls (4 each)

Drinking glasses (4)

Knives, forks, and spoons (set of 4)

Sauce pan and frying pan (1 each)

Part Six

Data Entry
You will have the opportunity to visit the computer lab to enter the information you have collected into an Excel worksheet You will find a copy of the spreadsheet (called Making Ends Meet) in the Daniel Folder on the P Drive. Please make a copy of this file, naming it with your initials and the word BUDGET. As you fill in the spreadsheet, it will calculate your expenses, savings, etc. You can make adjustments to your spending if necessary in order to meet these project goals:
• Save 5% of your income
• Don’t spend more than you earn

Part Seven
Make a circle graph
Use the data from your Excel worksheet marked circle graph information to make a circle graph. Place the circle graph next to the data and print entire spread sheet with graph.

Data and Graphs – USA Today Snapshots

USA Today Snapshots Graphs—
Purpose: The purpose of this activity is to compare different types of graphs; to understand and explain why different graphs are used for different types of data; to analyze how particular graphs display information; to understand the reason that people may have for making graphs in particular ways; to view graphs critically and to formulate and ask questions related to the appearance and design of graphs.

Directions: Find two different types of graphs on the USA Today Snapshots Website:

USA Today Snapshots

1) Write a short descriptive paragraph about each of your two graphs. Give information about the title, type of graph, data included in the graph, and any other important or significant details that you notice. Use words like more, least, most, less, same, etc. Use numbers (including fractions, ratios, decimals, and percents if appropriate) to make your description more precise.

2) Complete the following activities for each of your two graphs (You may write your answers on notebook paper or you may type them using a word processor):
What conclusions can you draw from the data?
Why do you think this data is displayed in this format instead of some other?
Was this type of graph a good choice for this data? Why or why not?
Write a question that can be answered by looking at this graph.
Write two facts that you learned about the topic from reading this graph.
Write one question about this topic that you would like answered that cannot be answered by the data contained on the graph.

Evaluation Rubric
Mathematical Writing to Inform Checklist - for USA Today Snapshots Write Up

_______ My paragraphs have topic sentences. (state the purpose)

_______ My writing clearly informs the reader about the topic and uses at least three sentences to
support each topic sentence.

_______ My writing includes many specific details. (Numerical or process references)

_______ My sentences are well organized. (signal words: first, next, etc.)

_______ My word choices are appropriate for the audience.

_______ My writing includes words that show risk-taking. (knowledge of mathematical terminology)

_______ My closing sentence includes the specific final results. (tells results in numerical, strategical, process, etc. form)

Fraction Mathematics –

Task: Your task is to work your way through the fraction tutorials at the Cool Math Website. You will complete lessons 10 through 17 there, working with your partner.

Requirements: Each time you complete a lesson and are ready to move forward, you must get a worksheet from the file and complete it before moving ahead to the next lesson. Worksheets should be completed as homework and not done in the computer lab. (NOTE -- some lessons require more than one worksheet). Here is the list of lessons and required worksheets/quizzes:

Lesson 10 -- Fractions: How to Add Fractions When the Denominators are the Same
Lesson 11 -- Fractions: How to Subtract Fractions When the Denominators are the Same

Worksheet 6-3

Lesson 12 -- Fractions: How to Add and Subtract Fractions When the Denominators are Different

Worksheet 6-4

Lesson 13 -- Fractions: How to Add and Subtract Fractions with Whole and Mixed Numbers

Worksheet 6-5

Worksheet 6-6

Assessment: You have completed the lessons for the first half of this project. Take the Chapter 6 quizzes (there are three) to earn final credit for this unit. You must complete the test with a passing grade in order to finish this portion of the project. If you do not earn a passing grade on the quiz, you must go back to the appropriate lessons and review so that you might take the quiz again.

Lesson 14 -- Fractions: How to Multiply Fractions

Worksheet 7-2

Lesson 15 -- Fractions: How to Multiply Fractions with Whole and Mixed Numbers

Worksheet 7-3

Lesson 16 -- Fractions: How to Divide Fractions

Worksheet 7-4

Lesson 17 -- Fractions: How to Divide Fractions with Whole and Mixed Numbers

Worksheet 7-5

Worksheet 7-5 Enrichment

Assessment: You have completed the required lessons for this half of the unit. You will now take the final test for this unit. You must complete the test with a passing grade in order to finish this project.

Perimeter Interactive Lesson

In this lesson, you will explore ideas related to perimeter. You will complete lessons at an online, interactive website, and save your responses. I will be able to access your work, and grade it online once the exercises are completed.

To begin this project, go to The University of Utah mathematics website.
Click on the arrow marked "Choose your School," and scroll down to find “Nativity – Cincinnati.”

You will need to log in on one of the student accounts. Please use the student accounts as follows:

Student 1 – Kirsten
Student 2 – Iain
Student 3 – Madison
Student 4 – Michelle
Student 5 – Megan
Student 6 – Alice
Student 7 – John
Student 8 – Helen
Student 9 – Dani
Student 10 – Tia
Student 11 – Joe
Student 12 – Kylan
Student 13 – Nohemi
Student 14 – Darcey
Student 15 – Shea
Student 16 – Robert
Student 17 – Garrett
Student 18 – Katie
Student 19 – Jasmine
Student 20 – Alex
Student 21 – Barabara
Student 22 – Thomas
Student 23 – Caroline
Student 24 -- Matt
Student 25 – Jensen
Student 26 – Andre’
Student 27 – Paul
Student 28 – Miki
Student 29 – Abby
Student 30 – Grace
Student 31 – Elena
Student 32 – Courtney
Student 33 – Matthew
Student 34 – Erin
Student 35 – Will
Student 36 – Claudia
Student 37 – Maddy
Student 38 – Kennedy
Student 39 – Kyndal

Once you have logged in, you are to work on the lessons for Perimeter and Area. Begin with the very first lesson, called “What is Going Around?” and then complete the activities in order.

NOTE: You are not required to complete the lesson that is entitled “Odd Perimeter Shapes.” Simply click on the Submit Answers button for that lesson and go on with the ones that follow it.

When you complete all the activities in the Perimeter lessons, you are finished.