Standard 8
Spending Plan for Car
Objective: Students will demonstrate an understanding of how to budget their income and expenses.
Evidence:
A. Create a monthly budget.
- The budget must be realistic (e.g. You have to include all your needs and some wants.)
- Show understanding that a spending plan requires a source of money.
- Show understanding that needs and wants must be considered and included in a spending plan.
- Show understanding saving for the future is necessary.
- Show a plan to save $ and use the 36% rule if borrowing $ for the car.
B. Show understanding that a car costs more than the initial purchase price.
Reflection:
If you actually had to stick with this budget in real life, what are potential roadblocks or challenges you might face with follow through?
If I had to actually use this budget in the real world, I would have some troubles with saving gas money-as I would most likely drive more than on the plan. Some of the bills may be more of less every month. I would probably have student loans to pay off, but it is my goal to have less than $10,000 in student loans to pay off when i'm done with college. I might change my major and have a completely different job than this plan is based on. I most likely wouldn't get this job immediately after college, meaning that I wouldn't have this money and plan right away. This pay is also just a starting average, meaning that I could either get way more or less depending on the business that would hire me, location, and much more.
