Making Ends Meet 
|
Making Ends Meet |
Keeping The BIG Question in Mind:
Can you afford the car of your dreams if you choose a career in the mineral industry?
Your Minequest Team Plan
Assume you are living independently and have been hired into the position you researched. What monthly living costs would you incur? Would your wages support the standard of living you desire? These are important questions for you to think about as you go about the business of really choosing a career.
Task 2: Follow the steps outlined and complete the budget worksheet to find out if you can afford the life of your dreams by working in the mining industry. For this task, click this link to print the Budget Worksheet or your teacher will provide you with one.
1) Determine the monthly bills (expenses) you would have by making selections from the Automatic Expenses that would apply to your intended lifestyle. Enter your choices under Column 1. Also in that column estimate realistically what you think your expenses would be from the Miscellaneous Expenses section. Remember to consider your intended status: single, married, married with a child or children.
2) Determine your monthly income based on the wage (hourly or monthly) that matches the mining job you researched for this lesson. Under Column 2 complete the math using that wage information. You will discover you have some money left OR that you need more money to meet expenses.
Budget Worksheet
Automatic Expenses (per month)
Housing: Rent - $600 OR House Payment - $1300 (includes property taxes; house insurance)
Utilities (includes gas, power, water, sewer): Rental - $165 OR House - $225
TV (basic cable OR satellite): $45
Regular phone (local & long distance): $60
Cell phone: $60
Internet subscription: $40
Garbage: $10
Health Insurance: single - $400 OR Family: $550
Car Payment: $350
Car Insurance: $70
Retirement account: calculate 5% (.05) of your monthly income
Miscellaneous Expenses (per month)
Food Gasoline Clothes Recreation/ entertainment
Cleaning products (household) Body products (soap, shampoo, deodorant, etc.)
Credit card(s)
Column 1 Column 2
Housing _______ 40 hrs. per week multiplied by
Utilities _______ ________ per hour X 4 = ________
TV (cable and/or satellite) _______ OR monthly wage = ________
Phone (regular and/or cell) _______ Subtract 15% (fed. taxes) = ________
Garbage _______ Take home pay = ___________
Health Insurance: _______ Total from Column 1 = ___________
Car payment: _______ Money left over = __________
Car insurance: _______
Retirement: ________ OR
Gasoline: _______ Amount needed = __________
Food: _______
Clothes: _______
Recreation/ entertainment: _______
Cleaning products: _______
Body products: _______
Credit Card(s) ________
Total Expenses (add the column) ___________
3) Meet with your partner to discuss your findings.
MOVING ON ...
Take your budget worksheet and the discoveries from sharing with your partner to the PRODUCT section.
| |
MINEQUEST HOME Minequest Student Gateway
learning journeys sponsored by the Wyoming Mining Association
|