MSCS 04-15-2025 Budget Project in Canvas

Open Ended

Solve the Wordplexers. Remember to write the number, then the phrase.

• Compute gross earnings, payroll deductions (such as taxes and retirement), and net pay.

• Create a simple budget and articulate the priorities using economic terms such as expenses, income, and savings.

• Evaluate how taxes, government transfer payments, and employee benefits impact disposable income.

• Calculate the cost of living based on various career choices in selected geographic locations.​

• Develop a personal budget based on expected earnings from a chosen career and lifestyle, incorporating short- and long-term financial SMART goals.​

Unit Objectives

Budget Job & Apartment

🧑‍💼🏠 Job & Apartment Budget Instructions

Your Job

• Choose a full-time job

• Calculate your gross and net monthly pay

• Select your apartment, duplex, or home

• Estimate your monthly rent based on your choice

• Your job must be full-time and located in Memphis

• You must provide: job title, employer, hourly wage, and weekly hours.

• If renting with a roommate, divide the rent by 2

• If living at home, rent = Net Pay × 0.18

• Show your math and upload screenshots of your job and apartment listings
  Reminder: Rent should not exceed 30% of your net income.

Multiple Select

Which are examples of monthly expenses you may have when you live on your own?​ ​ ​ ​ ​ ​ ​ ​

• Rent/Mortgage

• Utilities
• Phone Bill
• Groceries
• Internet Bill

Match

Match the following

• Estimate

• Net pay

• Expense

• Overspend

An educated guess

Income After Taxes

Something you will need to pay for

Spending more money than what you have

• An educated guess

• Income After Taxes

• Something you will need to pay for

• Spending more money than what you have

Open Ended

Rent Reality Scenario:
Jasmine earns $2,000 a month after taxes. She finds an apartment for $875/month.

Question:
Does Jasmine’s rent follow the 30% budget rule? Show your math.

(30% of $2,000 = ?)

Open Ended

Scenario:
Alex and Jordan rent a two-bedroom apartment for $1,400/month. Utilities are $220/month.

Question:
How much does each person owe for rent and utilities?

Open Ended

Scenario:
Tyler lives 12 miles from work. He drives 5 days/week for 4 weeks. Driving costs $0.65 per mile.
A MATA monthly pass costs $80.

Question:
Which is cheaper: driving or taking the bus?

Open Ended

Scenario:
Kira’s net monthly income is $1,600. She needs to find her max grocery budget.

Question:
What’s 15% of her income? Is $275 a good grocery budget?

Now go to Canvas to complete the next steps in your Budget Project

Open Ended

Scenario:
You can choose between two phone plans:

Plan A: $35/month

Plan B: $50/month
Your net income is $1,200.

Question:
What percent of your income would each plan take?

Open Ended

Scenario:
You saved $150 this month, but now your car needs a $200 repair.

Question:
What are your realistic options?

Budget Utilities & Phone Plan

🔌📱 Utilities & Phone Plan Instructions

In this quiz, you will calculate the cost of monthly utilities and your phone plan.
Instructions:

• Check your housing listing to see which utilities are included.

• If not included, estimate: electricity, water, gas, and internet/Wi-Fi

• If you have a roommate, divide the total by 2

• Everyone pays $35/month for phone service (device is provided by the family)
  Be sure to:

• Show all math

• Include total utility cost.

• Note whether you are sharing the cost
  You may upload a screenshot of your apartment’s utility info if needed..

🛒💰 04-17-25 Groceries & Final Budget Instructions

🔌📱 Utilities & Phone Plan Instructions

This quiz helps you determine your monthly food allowance and complete your full budget.
Groceries:

• You may spend up to 15% of your net income on groceries

• Use this formula: Net Income × 0.15 = Max Grocery Budget

• Choose a realistic grocery spending amount under that limit
  Final Budget:

• Add up all your expenses: rent, utilities, transportation, phone, and groceries

• Subtract your total expenses from your net income
  Be sure to show your work.
  Make adjustments if your expenses are higher than your net income.

04-18-25 Reflection & Emergency Scenario

🧠🚨 Final Reflection & Emergency Scenario

You’ve built a complete budget—great work! Now it’s time to reflect and respond to a challenge.
Reflection Questions (Answer in complete sentences):

1. What was the hardest part of budgeting, and why?

2. What surprised you the most?

3. If you could change one choice (job, apartment, etc.), what would it be and why?
   Emergency Scenario (Pick One):

• A. $200 car repair

• B. Hours drop from 40 to 30/week

• C. $150 unexpected medical bill
  Explain how you would adjust your budget to handle the emergency. Would you cut something? Change transportation? Spend less on food?