The money (XP$) you earn in this class will need to cover your expenses. This page will review your monthly expenses and help you develop a plan for meeting those needs.

Step 1 in learning to budget - that's a plan for spending - is to understand what things cost and how much you need to earn.

For a reminder of how budgeting works, Re -watch the Brainpop Video on Budgets.

https://www.brainpop.com/socialstudies/economics/budgets/

This is a list of everything you need to pay for in your budget. The "month" is going to last 15 days (1 cycle) for our experiment.

Monthly expenses will be deducted automatically from your online banking account (see Tools for Saving) on a weekly basis.

Six(6) of the items on this list are required in your budget. The Rotating Chair expense is an "Upgrade" and adds +$10 to your daily expense. You do not have to purchase this upgrade, but it is an option.

Comparing Costs:

*Basic Chair cost - XP$70 /wk   *Rotating Chair cost - XP$90 /wk   *Flex cost - XP$110

You might incur other expenses as part of the cycle. These expenses are paid by individuals based on their experience. Your total expenses include everything:

1. Monthly expenses

2. Additional Expense (Fines or Fees for Insurance)

3. Loan Fees if you borrow money.

4. Classroom Taxes

This student's bank statement (see Tools for Saving) will give you a sense of what paying expenses looks like. This student opened the account on 6/10.

1. Salary was deposited +$375 on 6/10

2. The student paid Income Tax -$56.25 on 6/10

3. The student paid weekly classroom expenses -$70.00 on 6/10

4. The student also paid an extra $20 for the chair upgrade; -$20.00 on 6/10

5. Interest was paid on the students savings +$0.50 for the week 6/15

6. The student paid more weekly expenses and was paid another +$375 on 7/10

You will need to complete this form on the 2nd Day of Cycle.

This form can be found in Google Classroom as a Day 2 Assignment.

This form will be posted as  -XP$; 

You don't earn XP$ from this assignment; this is a BILL.

You acknowledge responsibility for your share of the classroom expenses by answering.

Everything you use costs money. (-XP$)

Even the chairs we sit on.

You don't have to signup for the Rotating Chair, but if you are feeling wealthy...?

Flexible seating (the freedom plan) allows for a basic chair, a Rotating Chair, or even the option of sitting on the floor but it does get expensive. You can choose this option if you are feeling wealthy...?

Once you have finished selecting all your options, you will need to click the Submit Form button. This will let the bank know how much to deduct from your account.