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3.19.1

“A Teenager’s Spending Plan”

Family Economics & Financial Education

Life Of…..

Taylor B. Jones

Get ready to Take Charge

of Your Finances

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

Snapshot

Taylor B. Jones

It is Friday afternoon and Taylor can not wait to go outside and ride his motorcycle. He has worked two nights

this past week and is working all day Saturday at Cubby’s Restaurant & Grill, so he wants to take advantage of

the free time he has. Next weekend, he has a motocross competition so he wants to practice to ensure a smooth

ride. His season has been very successful thus far and he is really looking forward to the competition.

He is also on the North Shore High School chess team and is organizing a community tournament that will be

open to individuals of all ages. He enjoys playing chess with his grandmother when she visits on the weekends,

and thinks other elderly individuals will enjoy the tournament as well. The location he wants to rent for the

tournament costs $100, so he is busy asking local businesses for donations. He would like to make a personal

donation, but needs community support as well. If he organizes and publicizes the tournament well, it should be

a successful community event that will hopefully be repeated in the future even after he graduates.

Taylor has been researching several different technical universities he would like to attend after high school. He

really enjoys fixing his motorcycle and is interested in becoming a small engine mechanic. He has registered to

take an auto cad course this year and has been saving a portion of his income from Cubby’s Restaurant & Grill for

his tuition.

Meanwhile, Taylor’s mom, Liz needs to pick up his sister Ella from school. Liz is an artist and works three days a

week in the office and two from home. The Jones family is hosting a block party tonight so both Liz and Ella

need to hurry to make several final preparations before the guests arrive. The Jones’ love to have guests at their

house and entertain friends and family often. Liz’s mom and dad also live in the area and often spend Sunday’s

enjoying time with their grandchildren.

Ella is in the fourth grade and loves to draw. She hopes to follow in her mother’s footsteps as an artist but for

now she enjoys taking dance classes at a local studio. Ella travels to dance practice in a carpool with other

children that live in their neighborhood. Luckily this is not the Jones’ family’s week to drive because both Liz and

Jerome are busy preparing for their block party.

Jerome, Taylor’s father, is an assistant chef at a small bistro. He usually works until closing time, but has

switched his work schedule with a co-worker in order to make it home to the block party. He has spent countless

hours preparing the perfect menu and is anxious to get busy preparing the food. When Jerome is not working he

enjoys playing catch with Taylor and Ella, going to the movies with his wife and listening to music. The entire

family enjoys sports and attends Taylor’s motocross competitions and other sporting events as often as possible.

Directions: The following information is a Snapshot on Taylor and his family. Read all information carefully in

order to make wise decisions when creating a spending plan for the Jones family.

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

The goal is to create a spending plan that balances Taylor’s expenses with his income.

He can not have more expenses than he has income.

Transportation

Because Taylor needs transportation to and from his part-time job, his

parents have agreed to purchase a car for Taylor. However, he must pay

for his own fuel. On page 17 there are different transportation options

to choose from.

Other

On pages 8 and 9 there are many other items such as a cellular phone,

motocross upgrades, electronics, a baseball collection, and entertainment

options. All costs are identified in red. You may choose as many of

these items as Taylor can afford to purchase.

Taylor’s Expenses

The expenses that Taylor is responsible for, or has the option to buy, are described below. When creating

Taylor’s Spending Plan, be sure to consider his values, needs and wants before buying items.

Cubby’s Restaurant

& Grill

Taylor works during the evening and on weekends as a dish washer.

He earns $7.25 an hour and works ten hours a week. He also gets a

portion of tips which is approximately $75.00 a month.

Allowance

As a member of the Jones family, Taylor is expected to help around the

house. His parents have agreed to pay Taylor a monthly allowance of

$20.00 if he completes the tasks.

Gifts

Taylor is excited because it is his birthday this month and his

grandparents always send him $50.00 as a gift. He may spend the

money as he wishes as long as half of it is saved for college expenses.

Taylor’s Income

As a high school student, Taylor manages his time well to be involved in extra-curricular activities at school and in

the community while working a part-time job at Cubby’s Restaurant & Grill. Taylor is a dishwasher and clears

tables when the restaurant is busy. He earns a wage and also receives a portion of tips. Taylor’s grandparents

have a tradition of giving money for each grandchild’s birthday and wish that half of the money be saved for

college expenses. Taylor’s parents also give him a monthly allowance for taking out the trash, picking up the mail,

helping clean the house and mowing the lawn or shoveling snow off the driveway and sidewalk.

Snapshot

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

Taylor’s

Activities

Taylor’s mom and dad have agreed to pay for his motocross and chess

expenses. They understand that he works hard at school and his part-time

job and will support the basic costs of his extra-curricular activities. There is

a nicer chess set and newer motocross clothing items on pages 8 and 9 that

Taylor would like to purchase, however his parents have provided the

necessities for both activities. If he wants either item, he must pay for them

himself.

Housing

The Jones’ family allocates $2000 each month to be spent on all housing

costs. This includes their housing monthly payment, utilities, and other

housing expenses including television, internet and telephone described on

pages 5 and 6. They must have a home, but the television, internet and

telephone plans are optional. When making housing decisions for the

family, remember $2000 is the maximum allotted amount for all housing

expenses.

Transportation

The Jones family owns one family car. Each month, Taylor’s parents pay the

monthly payment and fuel costs for the family car. They have also made an

agreement with Taylor that because he needs a car to get to and from his part

-time job, they will pay his monthly payment, if he pays for fuel. The total

amount the family has allotted for all transportation costs is $1000.

Insurance

Taylor’s parents pay $1200 each month for insurance. Their homeowner’s

insurance, health, life, and vehicle insurance costs are all included.

Food

Both Liz and Jerome enjoy cooking and sharing meals with their family at

home. However, because of their busy schedules, the Jones family eats out

approximately five to ten times a month. Each month, the Jones family allots

$600 for groceries and eating out.

Directions: The chart below describes the Jones’ family major expenditures; housing, transportation, insurance

and food. Read each category below to determine how much money is allocated for each expenditure. A house

and vehicle will need to be purchased for the Jones’ family from the options on pages 5, 6, and 7. The total

amount allowed for all housing and transportation expenses are described below and must not be exceeded when

completing the Jones family spending plan on pages 13 and 14.

Snapshot

Jones Family

Expenses

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

House C

A 1600 sq. ft. single story home featuring 3

bedrooms, 1 bathroom, full basement, central

air conditioning, 2 porches, and off-street

parking for 3 cars.

 Monthly Payment: $1034.05

 Utilities: $190.05

House B

A 1016 sq. ft. single story mobile home featuring

3 bedrooms, 2 bathrooms, fireplace, porch, shed

and small lot.

 Monthly Payment: $478.65

 Utilities: $170.85

House A

A 1963 sq. ft. three story fixer-upper home

featuring 5 bedrooms, 2 bathrooms, family

room, living room, laundry room with

washer/dryer, porch, fenced yard, and 4 car

garage.

 Monthly Payment: $2454.32

 Utilities: $206.20

Directions: Choose one home for the Jones family to live. Consider the size of the family,

age of all family members and the family lifestyle. The

Monthly Payment

includes the

housing payment, insurance, property taxes, repairs and maintenance. The

Utilities

cost

includes heat, electricity, water, sewer and garbage.

House D

A 1420 sq. ft. apartment featuring 2

bedrooms, 2 bathrooms, extra storage,

fireplace, on-site pool/hot tub, spa, fitness

center, sun deck and covered parking.

 Monthly Payment: $815.00

 Utilities: $136.60

Housing

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

Directions: The following options are for the Jones’ home. Taylor’s parents will pay for the

expenses listed below. Before making any decisions, take into consideration what the Jones

enjoy doing in their free time and the needs of the family. Refer to page 4 for the total

amount allotted for housing expenses ($2000) and record the following housing others for

the Jones family on page 14 of the spending plan.

DIGITAL CABLE

 Basic Package: $47.95/mo.

Includes basic (ABC, CBS, FOX, NBC, PBS) and expanded (CNN, DISC, ESPN, FAM, MTV,

TBS, TWC, WGN, etc.) channels.

 Expanded Package: $56.95/mo.

Includes basic and expanded channels plus one movie package (4 Cinemax channels, 8 HBO channels,

12 Showtime channels, or 17 Starz/Encore channels).

 Everything Package: $83.95/mo.

Includes basic and expanded channels with all four movie packages.

INTERNET

 56K dial-up access: $18.55/mo.

 Wireless access: $40.00/mo.

 DSL access: $45.00/mo.

PHONE LINE IN HOUSE

 Basic package: $20.00/mo.

Includes only a phone line with no special services

and no long distance.

 Advanced package: $25.99/mo.

Includes a phone line with caller ID, call waiting,

and voice mail with no long distance.

 Long distance: $25.00/mo.

If selected, this must be included with the Basic

or Advanced package and provides

an unlimited number of phone calls.

SATELLITE DISH

 Top 100 Package: $33.99/mo.

Includes 100 channels in children’s programming, entertainment, family programming,

music channels, news, public interest, and sports.

Housing Other

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

Directions: Choose one vehicle for the Jones family. Take into consideration how many

people are in their family, and fuel costs when traveling to visit family members. The

Monthly Payment

includes the car payment and maintenance costs. Taylor’s parents will

pay his car payment, however he is responsible for the fuel costs that are listed below in red.

Taylor’s fuel costs need to be recorded on his spending plan on page 16. Remember, the

Jones have allocated $1000 for all transportation costs.

$32,690

2003 Dodge Ram

 Payment: $582.57/mo.

 Fuel Costs: $218.02/mo.

$56,760

2007 Cadillac Escalade

 Payment: $1,011.52/mo.

 Fuel Costs: $174.75/mo.

$1,695

1993 Saturn SL2

 Payment: $47.10/mo.

 Fuel Costs: $75.20/mo.

$11,934

2005 Hyundai Accent

 Payment: $212.68/mo.

 Fuel Costs: $85.83/mo.

$24,939

2002 Chevrolet Suburban

 Payment: $415.72/mo.

 Fuel Costs: $163.98/mo.

$9,467

1999 Suzuki Grand Vitara

 Payment: $263.08/mo.

 Fuel Costs: $129.02/mo.

Transportation

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

Directions: The following “other” items are available for Taylor to purchase. You may choose

any items described below. Each cost listed in red is Taylor’s monthly expense that must be

recorded on page 16 of his spending plan.

ELECTRONICS

 iPod Shuffle: $69.90

512 MB that holds 120 songs with a twelve hour rechargeable battery.

 Sony MP3 Player: $124.95

512 MB that holds 345 songs with a fifty hour rechargeable battery.

 JVC 1 CD Mini Shelf Stereo and System: $399.99

CD, clock timer, 2 column speakers, sub woofer , and 20 radio stations memory track.

 PlayStation 2 System: $149.99

This compact design includes surround sound, 2 memory card slots, DVD playback and online playing

capabilities.

 Canon PowerShot A520 Digital Camera: $169.95

4 Megapixels, 4x optical zoom with a 1.8 inch LCD screen size.

MOTOCROSS UPGRADES

AXO’S BEST GEAR

 Gloves, Jersey, Boots and Pants: $189.95

Pick your own color!

2007 HONDA CR85R

 Monthly Payment and Insurance: $185.28

 Fuel: $30.00

Others

CELLULAR PHONE

 Basic plan: $39.99/mo.

Includes 500 day minutes, 20¢ long distance per minute, caller ID, and voicemail.

 Upgraded plan: $49.99/mo.

Includes 500 day minutes, unlimited mobile to mobile minutes, unlimited nights and weekends, free

long distance, caller ID, and voicemail.

 Upgraded plus plan: $69.99/mo.

Includes 1,000 day minutes, unlimted mobile to mobile minutes, unlimited nights and weekends,

unlimited text messaging, free long distance, caller ID, and voicemail.

3.19.1

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

Directions: The following “other” items are available for Taylor to purchase. Choose any

described below or create your desired item in the space provided at the bottom of the page.

Each cost listed in red is a monthly expense that must be recorded on Taylor’s spending

plan on page 16.

CHESS SET

 Magnetic Walnut Chess Set: $29.92

This attractive inlaid, magnetic

chessboard has 1 1/4 squares and a

storage drawer to neatly organize and

store all the pieces

BASEBALL CARD COLLETCION

 Rookie Baseball Card Collection: $19.99

Includes 8 original baseball cards from various

athletes during their rookie year. The

collection will increase in value in the years to

come.

HOBBIES

 Renting movies: $7.00

2 rentals at the local video store.

 Going out to the movies: $15.00

1 box office movie with a large popcorn and

soda.

 Skateboard park: $0.00

Enjoy as much time you would like at the local

skateboard park for free!

 Go to the mall: $0.00

Spend time with friends while browsing at the

mall.

ENTERTAINMENT

 Meeting friends for ice cream: $3.50

Get together with friends at the local ice

cream shop.

 MLB game: $25.00

1 ticket to a Major League Baseball game.

 Rock Concert: $50.00

1 ticket to a rock concert of your choice.

 Swimming at the local pool: $10.00

Enjoy unlimited swimming at the local pool

with this monthly swimming pass.

CREATE YOUR OWN

Draw a picture and list the cost of other items that Taylor would like to have in the space provided.

Others

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

Directions: The following questions relate to Taylor’s Snapshot on page 2-4. Read each question carefully and

respond with a short answer.

1. Describe the events and activities Taylor must manage in order to make time for his part-time job.

(1 point)

2. What two things would Taylor like to save money for? (2 points)

3. How will Taylor and his family’s values which impact the decisions made when creating their

spending plans? (1 point)

4. Describe the major expenditures that the Jones family provides for Taylor. (1 point)

5. How is Taylor building his human capital? (1 point)

Snapshot Reflection

114 Points Possible

Points Earned

Percentage

Name

_____________________

Date

_____________________

Class

_____________________

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

Cubby’s Restaurant & Grill

Authorized Signature

Cubby’s Restaurant & Grill

309 Birch Avenue

North Shore, USA 12345

1234

Date

March 5, 2006

National Bank

5832 Main Street

Any City, USA 98765-4321

Dollars

$298.57

Taylor B. Jones

Pay To The

Order Of:

Two Hundred ninety eight and 57/100

Memo

0123456789 : 0987654321 : 1234

February Paycheck

Cubby’s Restaurant & Grill Pay Period 2/1/2006-2/29/2006

Employee

Jones, Taylor

SSN

999-88-4444

Check #

1234

Check Amount

$298.57

Employee Address

61 Lakeside Drive

North Shore, USA 12345

Pay Type Gross Pay

Year-to-date

Gross Pay

Deductions Current Year-to-date

Regular

Tips

Total

$290.00

$75.00

$365.00

$580.00

$150.00

$730.00

Federal Withholding

State Withholding

FICA

$32.48

$10.95

$23.00

$64.96

$21.90

$46.00

Totals $66.43 $132.86

6. What is Taylor’s net pay? How is this determined? (1point)

7. What deductions are added together to determine his total payroll withholdings? (1 point)

Directions: Read the paycheck below and answer questions 6 and 7 in the spaces provided.

Taylor’s Paycheck

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

Directions: After reading Taylor’s snapshot on pages 2-4, and reviewing the items that Taylor can

purchase on pages 8 and 9, answer the following questions. Remember to include the 5 elements of

goal setting described below when setting financial goals.

9. Write one long-term financial goal for Taylor. (reached in a time period more than one year) (5 points)

8. Write one short-term financial goal for Taylor. (reached in a time period less than one year) (5 points)

10. Why is it beneficial to set financial goals? (1 point)

Setting Financial Goals

SMART Goal

Specific

State exactly

what you would

like to do.

Measurable

Include how the

success of the

goal can be

measured.

Attainable

Determine how

the goal can be

reached.

Realistic

Do not set the

goal for

something

unattainable or

unrealistic.

Time Bound

Specifically state

when the goal

needs to be

reached.

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

Jones’ Major Expenditures

Directions: Refer to pages 5 and 6 to determine the housing options for the Jones’ family. Record

all expenses on lines A-K and answer questions 11-14 in the spaces provided.

14. How did you determine which Housing Others the Jones’ family needed? (1 point)

Expenses—Housing

• HOUSING

From the options on page 5, choose a home for the

Jones family and record the Monthly Payment on line A

and the Utilities on line B. Add the two expenses to

determine the Jones family Housing Total expense and

record on line C.

Monthly Payment:

Utilities :

HOUSING TOTAL:

13. What is the letter of the house that you chose? Why did you choose this home? (2 points)

12. What three things about the Jones’ family described in the Snapshot on pages 2-4 need to be

considered when determining which house is best for them? (3 points)

11. How much money has the Jones family allocated for their total housing expenses? (1 point)

• HOUSING OTHERS

After reading the other housing expenses on page

6, determine which the Jones family will have. List

with option for each was chosen on the line before

the expenditure. Record the monthly expense of

each desired item on lines D-G and total all four to

determine the Housing Others Total expense on

line H.

____________________ Internet:

___________ Landline Telephone:

________________ Digital Cable:

________________ Satellite Dish:

HOUSING OTHERS TOTAL:

• TOTAL HOUSING COST

Add the Housing Total and Housing Others

from above to determine the Jones’ Total Housing

Cost and write on line K. Ensure is it less than or

equal to the allocated amount described on page 4.

Housing Total:

Housing Others Total :

TOTAL HOUSING COST:

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

Directions: After reviewing the transportation options on page 7, choose one vehicle for the Jones

family and one vehicle for Taylor. Taylor will be responsible for paying his fuel costs and his

parents will pay his monthly payment. Taylor’s vehicle expenses will be recorded on his spending

plan on page 16. Answer questions 15-17 in the spaces provided.

Expenses—Transportation

17. What is the letter of the Jones family vehicle that you chose? Why did you choose this vehicle? (2 points)

16. What two things about the Jones family described in the Snapshot on pages 2-4 do you need to

consider when determining which vehicle is best for them? (2 points)

Jones Family Major Expenditures Summary

Jones Family Monthly Payment :

Jones Family Fuel:

Taylor’s Vehicle Monthly Payment

JONES FAMILY TRANSPORTATION TOTAL:

15. How much money has the Jones family allocated for their total transportation expenses? (1 point)

Total Housing Cost:

Jones Family Total Transportation Cost:

Insurance:

Food:

MAJOR EXPENDITURES TOTAL:

• MAJOR EXPENDITURES

Refer to the Jones family snapshot on page

4, selections made on page 13 and those

listed above to complete the major

expenditures summary. All expenses are

listed on lines P-S with the total on line T.

• TRANSPORTATION

Refer to page 7 and decide which car the Jones

family and Taylor will drive. Record on lines L

-O. Ensure the total cost is less than or equal to

the allocated amount described on page 4.

Jones’ Major Expenditures

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

Expenses—Savings

18. What do taxes pay for? (1 point)

Directions: Identify Taylor’s payroll withholdings and amount to save to write on lines U-Y.

Answer questions 18-20 by writing a short answer in the spaces provided.

Expenses—Payroll Withholdings

State Withholding Tax:

Federal Withholding Tax:

FICA:

PAYROLL WITHHOLDINGS TOTAL:

• PAYROLL WITHHOLDINGS

Review Taylor’s paycheck on page 11 to determine his

payroll withholdings and write each on lines U-W.

Total the payroll withholdings and write on line X.

19. Other than Taylor’s birthday money, how did you determine how much money Taylor should save?

(1 point)

• SAVINGS

-Carefully review the snapshot on pages 2-4 and short

-term and long-term goals set on page 12 to determine

how much money Taylor will save each month.

Write this amount on line Y.

SAVINGS TOTAL:

20. Other than paying for college expenses, why should students save money? (1 point)

Taylor’s Spending Plan

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

Directions: After reviewing the transportation options on page 7, choose one vehicle for Taylor.

Taylor will be responsible for paying his fuel costs and his parents will pay his monthly payment

and the monthly payment and fuel costs for their vehicle. Answer questions 21-22 in the spaces

provided. Choose all additional “other” items that Taylor will have. Refer to pages 8 and 9 for all

options and record the expenses on lines CC-II. Total all other expenses and record on line JJ.

22. If Taylor lived in a metropolitan area, what other transportation options than purchasing a car would

he have? (1 point)

21. What is the letter of the vehicle that you chose for Taylor? Why did you choose this vehicle? (1 point)

Expenses—Others

• OTHERS

After reviewing all items on pages 8

and 9, choose which items Taylor

would like. Record the name of the

item on the line before the category

title and the costs on lines CC-II.

Add up all lines and record the total

on line JJ.

_______________________ Cellular Phone:

___________________Motocross Upgrades:

__________________________Electronics:

____________________________Clothing:

____________________________Hobbies:

________________________Entertainment:

_____________________Create Your Own:

OTHERS TOTAL:

CC.

DD.

EE.

FF.

GG.

HH.

II.

JJ.

Expenses—Transportation

Taylor’s Vehicle Fuel:

TAYLOR’S TRANSPORTATION TOTAL:

AA.

BB.

• TRANSPORTATION

Refer to page 7 and decide which car

Taylor will drive. Record the fuel

expenses on line AA and BB.

Taylor’s Spending Plan

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

EXPENSES

• TAYLOR’S TOTAL EXPENSES

Review Taylor’s Snapshot on pages 2-4, his paycheck

on page 11, his savings which were determined on page

13, his transportation (fuel) costs on page 15, and the

other items recorded on page 16 to determine his total

expenses. Record each item on the spaces provided to

the right.

Difference

 GROSS INCOME - TOTAL EXPENSES

To determine if Taylor has enough income to pay for his

expenses, subtract his Expenses Total from his Gross

Income Total.

If the difference is a negative number, go back and adjust

Taylor’s expenses. The amount on line WW needs to equal

zero in order to have a balanced spending plan.

INCOME

 GROSS INCOME

Review Taylor’s snapshot on pages 2-4 and his

paycheck on page 11 to determine his gross income

and record on lines KK-NN. Calculate the sum of all

income to determine his gross income total and record

on line OO.

Directions: Transfer the total cost of all items listed on Taylor’s spending plan on pages 15-16 to

complete the Spending Plan Summary below. Once all income and expenses are recorded,

calculate the difference to determine if Taylor’s spending plan is balanced.

Wage:

Tips:

Allowance:

Gifts:

GROSS INCOME TOTAL:

KK.

LL.

MM.

NN.

OO.

Payroll Withholdings:

Savings:

Transportation:

Others:

EXPENSES TOTAL:

PP.

QQ.

RR.

SS.

TT.

Gross Income Total:

Expenses Total :

Difference:

UU.

VV.

WW.

Taylor’s Spending Plan Summary

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Family Economics & Financial Education

3.19.1

26. Will Taylor be able to achieve his short term and long term goals? Why or Why Not? (5 points)

24. Describe the benefits of creating a spending plan. (5 points)

23. Was it difficult to get the difference to equal zero? Why or why not? (5 points)

Directions: After making all necessary changes to Taylor’s spending plan and calculating the

difference of income and expenses to equal $0.00, answer questions 23-27 in the spaces provided.

25. Can Taylor afford all items that he wants? (5 points)

How did you decide which items were more important than others? (5 points)

27. What was the most difficult part of creating a spending plan for Taylor? (5 points)

Spending Plan Reflection

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