So this week is going to by CRAAAAZZZZEEEE! It began today with having 50 minute classes and a Science Benchmark!
The time I did have with each class was spent working our our budget. To recap, we had each chosen a career, we then took out our income tax to find our net income, then we divided that by 12 to find our monthly net income, and finally, we took out 10% to put into savings.
It was time to start delving into expenses. I introduced the day by discussing fixed and variable expenses. Then I explained that with our expenses comes TAXES, yes, more taxes. We defined property and sales taxes in our journal noting how each tax is used and where it comes from.
We noted that people are supposed to determine a maximum housing (including utilities) budget that does not exceed 35% of the monthly income. Students used their monthly net income, multiplied it by 35%, and determined their housing allowance. My military career students were about to keep their housing budget at "0"!
For the sake of time, I had students use the housing page given in the teacher guide to locate the house (plus utilities) that fit in their budget. We added these to our budget sheet, but ran out of time before we were able to determine our ending balance. So, that is where we begin tomorrow!