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3.19.2

“A Teenager’s Spending Plan”

Family Economics & Financial Education

Life Of…..

Monica Erickson

Get ready to Take Charge

of Your Finances

3.19.2

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

Monica Erickson

It is Saturday morning and Monica is digging through the pile of clothes on the floor of her bedroom. She knows

her work uniform is in there somewhere and needs it before going to work at Lucy’s Luscious Cakes and Pastries, a

privately owned neighborhood bakery and catering business. After her parent’s divorce, Monica and her mom

moved in with her grandparent’s. Although she has her own bedroom, Monica has had a hard time getting her

clothes, boxes of prized recipe books and other possessions organized. The only thing she can find quickly is her

music. Monica attended a concert last week and loves the band’s latest release. With little time to spare, Monica

finds her shirt, puts it on and goes to meet the city bus. Her culinary skills will be put to the test today at work.

She is responsible for completing a large order of cheesecakes and she doesn’t want to be late. Lucy, her boss, has

shared the secret recipe with Monica and is trusting her to complete the order to the customer’s satisfaction!

Monica attends Pebblebrook High School and although she enjoys her classes and socializing with friends, her

favorite activity is participating on the culinary team. She has been a member for three years and loves to compete

in local and state-wide competitions. Monica has set a goal to save half of her paycheck to attend the Institute of

Culinary Education and purchase culinary supplies. Someday, she wants to work in either a restaurant in New

York City or have her own show on the Food Network. Monica’s dad, Tyrone, is very supportive of her career

goals and loves to taste test her latest creations when Monica spends time with him. Monica received a set of

culinary knives for her birthday and keeps them at her dad’s house. Although the knives are not the exact kind she

desires, they work well and her cutting techniques have dramatically improved.

Sharise, Monica’s mom, is busy working at her computer when Monica leaves for work. Sharise is a buyer for a well

known clothing designer and manufacturer. Sharise entertains clients often and leaves home early several days a

week to pick them up in her vehicle on her way to fashion shows. Although working sixty-hour weeks can be

exhausting, she is hoping her hard work will earn her a promotion to senior buyer. Sharise tries to schedule her late

nights at work when Monica is busy after school either working, or preparing for upcoming competitions with her

culinary teammates, but this is not always possible. Fortunately, she knows her parents will be at home when

Monica arrives. Sharise wants to finalize the details for an upcoming contract before picking Monica up at work

this afternoon and going to the beach to meet her parents.

Meanwhile, Monica’s grandmother is preparing a picnic lunch for their day at the beach and her grandfather is

outside visiting with neighbors and packing the car. Even though Sharise and Monica live with them, they look

forward to days when everyone can spend leisure time together. They are fortunate to have a house large enough to

accommodate Sharise and Monica and have enjoyed getting to know their granddaughter better. Although the

divorce has been difficult for Sharise, living with her parents has allowed them to remain in the same community

and allows Monica to attend the same high school.

Directions: The following information is a Snapshot on Monica and her family. Read all information carefully

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

3.19.2

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

The goal is to create a spending plan that balances Monica's expenses with her income.

She cannot have more expenses than income.

Pebblebrook

Culinary Team

As a member of the Pebblebrook Culinary Team, Monica is responsible

for her membership dues and travel expenses for competitions. Each

month, these expenses total $60.00.

Transportation

To get to and from work, Monica rides the subway or city bus. Monthly

pass options are described on page 7.

Other

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

culinary tool upgrades, electronics, clothes and entertainment options.

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

as Monica can afford to purchase.

Monica’s Expenses

The expenses Monica is responsible for, or has the option to buy, are described below. When creating Monica’s

Spending Plan, be sure to consider her values, needs and wants before selecting items.

Lucy’s Luscious

Cakes and Pastries

Monica works after school and on the weekends as a baker. She earns

$10.00 per hour and works fifteen hours a week. Monica saves half

of her monthly income for culinary school.

Monica’s Income

Monica’s career goal is to become a professional chef and she spends as much time as possible working to improve

her culinary skills. In addition to participating on the Pebblebrook High School culinary team, she works at

Lucy’s Luscious Cakes and Pastries. Her excellent work habits and specialized culinary skills have recently earned

her a pay increase. Because Monica’s parents are divorced, her dad pays monthly child support. The child

support payment helps pay for Monica’s necessities while saving a portion of the monthly child support to help

her pay for her upcoming Institute of Culinary Education fees.

3.19.2

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

Housing

Because Monica and Sharise live with her grandparents, they pay half of her

grandparent’s housing expenses. They have allocated $1500 each month to be spent on

the monthly payment, utilities, and other housing expenses including television, internet

and telephone described on pages 5 and 6. They must pay for the monthly payment and

utilities, but the other expenses are optional. When making housing decisions for the

family, remember that $1500 is the maximum allotted amount for all housing expenses.

Transportation

The Erickson family owns one car for Sharise to drive to work. Sharise also pays $200

each month for a parking permit at work. Monica rides the city bus to school and

work and needs a monthly pass, which is an expense she pays. The total amount the

family has allocated for transportation is $900.

Insurance

Monica’s mom pays $700 each month for insurance. Their health, life and auto

insurance costs are all included.

Food

Sharise pays for almost all groceries purchased for the household. Because she works

long hours, her parents often do the grocery shopping with Monica’s assistance, so she

has agreed to pay for the food. Monica loves to cook at home, so her grocery list often

includes expensive items not typically purchased. Sharise joins co-workers for lunch at

near-by restaurants three times each week and will pick up take-out for her parents at

least once a week if Monica is working late. Each month, Sharise allows $800 for

groceries and eating out.

Saving

The Erickson’s are comfortable living with Sharise’s mom and dad, but are looking

forward to having a place of their own again. Sharise saves $600 each month for a down

payment for a condominium or apartment. She also saves $200 each month for

Monica’s future education expenses. Tyrone, Monica’s father, pays monthly child

support to her mom which is used to pay for Monica’s daily expenses. Monica and her

parents have decided $100 from each monthly child support payment will be deposited

into a savings account for her future education expenses, which makes Sharise’s total

savings $900 each month.

Monica’s

Expenses

Monica’s mom and dad work together to ensure she has the basic necessities such as

clothing, toiletries and other personal items. They understand that she works very hard

at her part-time job and try to help her financially whenever they can.

Erickson Family Expenses

Directions: The chart below describes the Erickson’s major expenditures; housing, transportation, insurance,

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

and vehicle will need to be selected for the family from the options on pages 5-7. The total amount allowed for all

housing and transportation expenses are described below and must not be exceeded when completing the

Erickson family spending plan on pages 13-14.

3.19.2

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 home for the Erickson family. Consider the size of the family, age

of all family members and the families lifestyle. The

Monthly Payment

includes the

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

Utilities

cost

includes heat, electricity, water, sewer and garbage. Remember that Sharise is paying for half of the housing

expenses. Refer to page 4 for the total amount allotted for housing expenses ($1500) and record the following

housing others for the Erickson family on page 13 of the spending plan.

House B

A newly constructed, 1145 sq. ft. apartment

featuring 3 bedrooms, 1.5 bathrooms, a large

kitchen, large private back yard, on-site fitness

center, business conference center and 2 assigned

parking spaces.

 Monthly Payment: $2350.00

 Utilities: $161.40

House A

This 1860 sq. ft., four bedroom, 1 bathroom

home needs a lot of work, but is a great

opportunity for a renter to become an owner. It

includes a living room and dining room with

fireplace, large kitchen, vaulted ceilings, mature

landscaping and off-street parking for 2 cars.

 Monthly Payment: $1900.00

 Utilities: $305.20

Housing

House D

This 1850 sq. ft. duplex features 4 bedrooms, 2.5

bathrooms, outdoor living area with built in grill,

industrial kitchen, media room and an attached

double garage. The main entry and pool is shared

with other tenants.

 Monthly Payment: $3200.00

 Utilities: $264.46

House C

A 1520 sq. ft. condominium with 3 bedrooms,

2.5 bathrooms, full kitchen, dining room, office,

family room and a large storage room. All units

have elevators, a shared recreation facility and

private double garages.

 Monthly Payment: $2600.00

 Utilities: $197.65

3.19.2

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

Housing Others

Directions: The following options are for the Erickson’s home. Monica’s mom will pay for

half

of the housing expenses listed below. Before making any decisions, take into

consideration how much free time the Erickson’s have and the needs of the family.

INTERNET

 56K dial-up access: $28.55

 Wireless access: $50.00

 DSL access: $55.00

PHONE LINE IN HOUSE

 Basic package: $20.00

Includes only a phone line with no special services

and no long distance.

 Advanced package: $35.99

Includes a phone line with caller ID, call waiting,

and voice mail with no long distance.

 Long Distance package: $25.00

Unlimited long distance usage with the

basic or advanced package.

DIGITAL CABLE

 Basic Package: $57.95

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

TBS, TWC, WGN, etc.) channels.

 Expanded Package: $66.95

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: $93.95

Includes basic and expanded channels with all four movie packages.

SATELLITE DISH

 Top 100 Package: $43.99

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

music channels, news, public interest, and sports.

3.19.2

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

Transportation

Directions: Choose one vehicle for Sharise and record the costs on page 14. Take into

consideration how Sharise uses her vehicle and fuel costs for her to commute to work. The

Monthly Payment

includes the car payment and maintenance costs. Remember, Sharise

allocates $900 each month for transportation costs and pays $200 each month for a parking

permit at work. Monica is responsible for her bus pass. Choose one of the options

described below and record on her spending plan on page 16.

$45,880

2008 Hummer H2

 Monthly Payment: $915.72

 Fuel Costs: $284.12

$37,950

2005 BMW

 Monthly Payment: $525.10

 Fuel Costs: $121.45

$48,150

2002 Mercedes Benz

 Monthly Payment: $ 1060.85

 Fuel Costs: $101.68

$19,085

2005 Volvo V4O

 Monthly Payment: $390.04

 Fuel Costs: $123.23

$28,000

2006 Nissan Titan

 Monthly Payment: $496.30

 Fuel Costs: $181.82

$38,116

2006 Jaguar S-Type Sedan

 Monthly Payment: $588.05

 Fuel Costs: $110.50

PUBLIC TRANSPORTATION PASSES

Daily Pass $7.00

 Unlimited access to city

subways and busses for one

day.

Weekly Pass $24.00

 Unlimited access to city

subways and busses for one

week.

Monthly Pass $76.00

 Unlimited access to city

subways and busses for one

month.

3.19.2

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

Others

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

choose any items described below. Each cost listed in red is a monthly expense that must be

recorded on page 16 of Monica’s spending plan.

CELLULAR PHONE

 Basic plan: $39.99

Includes 500 day minutes, free long distance, caller ID, and voicemail.

 Upgraded plan: $49.99

Includes 500 day minutes, unlimited mobile to mobile minutes, 300 night and weekend minutes, free

long distance, caller ID, and voicemail.

 Upgraded plus plan: $69.99

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

free long distance, caller ID, voicemail and MP3 capabilities.

 Unlimited Text Messaging: $10.00

Upgrade for any cellular phone plan that includes unlimited text messaging.

ELECTRONICS

 iPod Shuffle: $69.90

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

 Sony Video WALKMAN: $224.95

6 GB with a ten hour rechargeable battery with video playback capabilities.

 Canon PowerShot A520 Digital Camera: $119.95

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

CULINARY UPGRADES

PROFESSIONAL

COOKING

 5th edition cookbook with

nearly 100 new recipes:

$39.95

OXO PROFESSIONAL

KNIFE SET

 14 piece knife set featuring the

perfect balance of professional-

quality cutting and soft,

comfortable grips: $99.99

COOKING CLASS

 8 hour special techniques cooking class at a local culinary school. $45.00

3.19.2

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

Others

Directions: The following “other” items are available for Monica 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 Monica’s spending

plan on page 16.

SHOPPING OPTION 1

 Once every 3 months: $30.00

Join your friends for one day of

shopping every 3 months.

 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.

 iTunes: $0.99

Download the greatest hits for 99¢ each.

 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.

 Musical Production: $35.00

1 discounted ticket to a Broadway musical

production.

 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 Monica would like to have in the space provided.

CLOTHES SHOPPING

SHOPPING OPTION 2

 Once every 2 months: $60.00

Join your friends for one day of

shopping every 2 months.

SHOPPING OPTION 3

 Once every month: $90.00

Join your friends for one day of

shopping every month.

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

3.19.2

Snapshot Reflection

Directions: Pages 10-17 include reflection questions and spending plan worksheets. Read each question carefully

and respond with a short answer or insert the correct dollar amount. Each line is worth 1 point if not otherwise

indicated in parenthesis.

1. Describe the school activities and responsibilities Monica must manage at home to allow time for her

part-time job. (1 point)

2. What item(s) does Monica want to purchase with her savings? (1 point)

3. What are Monica and her family’s values which impact the decisions made when creating their

spending plans? (1 point)

4. Describe the major expenditures the Erickson family provides for Monica. (1 point)

5. How is Monica building her human capital? (1 point)

102 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

3.19.2

Lucy’s Luscious Cakes and Pastries

61 North Shore Street

Metropolitan, USA 12345

1234

Lucy’s Luscious Cakes & Pastries

Authorized Signature

Date

March 5, 2007

National Bank

5832 Main Street

Any City, USA 98765-4321

Dollars

$483.00

Monica Erickson

Pay To The

Order Of:

Four-hundred, eighty three and no/100

Memo

0123456789 : 0987654321 : 1234

February Paycheck

Lucy’s Luscious Cakes and Pastries Pay Period 2/1/2007-2/29/2007

Employee

Erickson, Monica

SSN

999-88-7777

Check #

1234

Check Amount

$483.00

Employee Address

76 Shedhorn Drive

Metropolitan, USA 12345

Hourly Rate

Number of Hours

Gross Pay Year-to-date

Gross Pay

Deductions Current Year-to-date

$10.00/hour

60 hours

$600.00 $1200.00

Federal Withholding

State Withholding

FICA

$53.40

$18.00

$45.60

$106.80

$36.00

$91.20

Totals $117.00 $234.00

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

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

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

Monica’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

3.19.2

Directions: After reading Monica’s Snapshot on pages 2-4 and reviewing the items Monica 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 Monica. (reached in a time period more than one year) (5 points)

8. Write one short-term financial goal for Monica. (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

3.19.2

Directions: Refer to pages 5 and 6 to determine the housing options for the Erickson family.

Record all expenses on the lines below and answer questions 11-13 in the spaces provided.

Expenses—Housing

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

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

• HOUSING

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

Erickson family and record the Monthly Payment on line A

and the Utilities on line B. Because Sharise is only paying

for half of the housing expenses, divide the subtotal by two

and record the Erickson family Housing Total expense on

line D.

Monthly Payment:

Utilities :

HOUSING SUBTOTAL:

(A + B = C)

HOUSING TOTAL:

(C / 2 = D)

13. How did you determine which Housing Others the Erickson family needed? (1 point)

• TOTAL HOUSING COST

Add the Housing Total and Housing Others Total

from above to determine the Erickson Total Housing

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

to the allocated amount described on page 4.

Housing Total:

Housing Others Total :

TOTAL HOUSING COST:

(K + L = M)

• HOUSING OTHERS

After reading the other housing expenses on page

6, determine which the Erickson family will have.

List which options were chosen on the line

before each expenditure. Record the monthly

expense of each desired item on lines E-H and

calculate the subtotal on line I. Because Sharise

is only paying for half of the housing expenses,

divide the subtotal by two and record the

Housing Others Total expense on line J.

__________________ Internet:

_________ Landline Telephone:

______________ Digital Cable:

______________ Satellite Dish:

HOUSING OTHERS SUBTOTAL:

(E + F + G + H = I)

HOUSING OTHERS TOTAL:

(I / 2 = J)

Erickson’s 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

3.19.2

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

Erickson family. Answer questions 14-16 in the spaces provided.

Erickson Family Major Expenditures Summary

• MAJOR EXPENDITURES

Refer to the Erickson 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 R thru V with the total on

line W.

Expenses—Transportation

16. What is the letter of the Erickson family vehicle that you chose? Why did you choose this vehicle?

(2 points)

15. What two things about the Erickson family described in the Snapshot on pages 2-4 do you need

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

14. How much money has the Erickson family allocated for their total transportation expense? (1 point)

Monthly Payment :

Fuel:

Parking Permit:

ERICKSON FAMILY TRANSPORTATION TOTAL:

(N + O + P = Q)

• TRANSPORTATION

Refer to page 7 and decide what car Sharise will drive. Record

on lines N-O, with Sharise’s Parking Permit total, shown on

page 4, on line P. Add lines N-P and ensure the total cost on

line Q is less than or equal to the allocated amount on page 4.

Total Housing Cost:

Erickson Family Total Transportation Cost:

Insurance:

Food:

Saving:

MAJOR EXPENDITURES TOTAL:

(R + S + T + U + V = W)

Erickson’s 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

3.19.2

17. What services do you receive from paying taxes? (1 point)

Directions: Identify Monica’s payroll withholdings and amount to save to write on the lines

below. Answer questions 17-19 by writing a short answer in the spaces provided.

Expenses—Payroll Withholdings

State Withholding Tax:

Federal Withholding Tax:

FICA:

PAYROLL WITHHOLDINGS TOTAL:

(X + Y + Z = AA)

• PAYROLL WITHHOLDINGS

-Review Monica’s paycheck on page 11 to determine

her payroll withholdings and write each on lines X-Z.

Total the payroll withholdings and write on line AA.

AA.

18. Did you decide to save more money than described in the snapshot? Why or why not?

(2 points)

• 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 Monica will save each month. Write

this amount on line BB.

SAVINGS TOTAL:

BB.

Expenses—Savings

19. Other than paying for college expenses, what could Monica save money for? (1 point)

Monica’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

3.19.2

Directions: After reviewing the transportation options on page 7, choose one public

transportation option for Monica. Answer questions 20-21 in the spaces provided. Choose all

additional “other” items Monica will have. Refer to pages 8 and 9 for all options and record the

expenses on lines DD-II. Total all other expenses and record on line JJ.

21. Was Monica able to afford all items she wanted? Why or why not? (1 point)

Expenses—Others

20. Which public transportation option did you chose for Monica and why? (1 point)

Expenses—Transportation

MONICA’S TRANSPORTATION TOTAL:

CC.

• TRANSPORTATION

Refer to page 7 and decide which

public transportation option is best for

Monica. Record on line CC.

Monica’s Spending Plan

• OTHERS

After reviewing all items on pages 8

and 9, choose which items Monica

would like. Record the name of the

item on the line before the category

title and the costs on lines DD-JJ.

Add all lines and record the total on

line KK.

Pebblebrook Culinary Team:

_______________________ Cellular Phone:

___________________Culinary Upgrades:

__________________________Electronics:

_____________________Clothes Shopping:

________________________Entertainment:

_____________________Create Your Own:

OTHERS TOTAL:

(DD + EE + FF + GG + HH + II + JJ = KK)

DD.

EE.

FF.

GG.

HH.

II.

JJ.

KK.

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

3.19.2

Directions: Transfer the total cost of all items listed on Monica’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 Monica’s spending plan is balanced.

INCOME

• GROSS INCOME

Review Monica’s Snapshot on pages 2-4 and her

paycheck on page 11 to determine her gross income and

record on line LL.

GROSS INCOME TOTAL:

LL.

• GROSS INCOME - TOTAL EXPENSES

To determine if Monica has enough income to pay for her

expenses, subtract her Expenses Total from her Gross

Income Total.

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

Monica’s expenses. The amount on line TT needs to equal

zero to have a balanced spending plan.

Gross Income Total:

Expenses Total :

DIFFERENCE:

(RR - SS = TT)

RR.

SS.

TT.

Difference

Monica’s Spending Plan Summary

EXPENSES

• MONICA’S TOTAL EXPENSES

Review Monica’s Snapshot on pages 2-4, her paycheck

on page 11, her savings which were determined on page

13, her transportation costs on page 15, and the other

items recorded on page 16 to determine her total

expenses. Record each item on lines MM-PP to the

right and total on line QQ.

Payroll Withholdings:

Savings:

Transportation:

Others:

EXPENSES TOTAL:

(MM + NN + OO + PP = QQ)

MM.

NN.

OO.

PP.

QQ.

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

3.19.2

25. Will Monica be able to achieve her short term and long term goals? Why or why not? (5 points)

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

22. Was it difficult to equal zero? Why or why not? (5 points)

Directions: Answer questions 22-26 in the spaces provided to reflect on the Life of Monica

spending plan simulation.

26. What was the most difficult part of creating a spending plan for Monica? (5 point)

24. What two things about the Erickson family described in the Snapshot on pages 2-4 need to be

considered when determining which house was best for them? (5 points)

Snapshot Reflection

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