Sept 30

Today we are going to talk about budgeting.  We will focus on personal budgets and move onto business budgets later in the course.

Terms from today.
Fixed income/expense
Variable income/expense
Simple interest
Compound interest
Credit Rating
Interest Rate
Principle vs interest payments

Your assignment:

1.   You are now 19 years old.  You are going to move out on your own.  You are to create a REALISTIC monthly budget for yourself at 19.  You need to pick a job (realistic), how much you will make and how much you will spend.  To find out how much rent is, go onto Craigslist or some other site to find something appropriate.  You may have a roommate if you wish.  Make sure you think of all things you will spend $ on: food, clothes, going out, presents, entertainment, medicine, insurance etc.   Use this LINK and then cut and past in into your Word document when you finish as question 1.  

2. Do you make enough money to live comfortably?  Why or why not?

3. How much would you be able to save a month?

4. Was this what you expected or was it surprising when you saw the numbers?  Why or why not?

Your First TEST will be on THURSDAY!!!