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Managing Your Money. Day 3. MONTHLY EXPENSES. Every family has expenses that have to be paid for each and every month. There has to be money for buying food, transportation costs, medical needs, clothing, telephone, utilities, and even some unexpected costs.

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Monthly expenses
MONTHLY EXPENSES

Every family has expenses that have to be paid for each and every month. There has to be money for buying food, transportation costs, medical needs, clothing, telephone, utilities, and even some unexpected costs.

Setting money aside for each of these things is a wise way to plan. Planning for unexpected costs such as a medical emergency or vehicle breakdown is always a good idea. If a family puts some money in savings for these types of unexpected costs, they will have money ready when something comes up.


Clothing costs
CLOTHING COSTS

  • Clothes are a basic need, and the types of clothes you need often depend on the job you have.

  • #55 - On your Finance Paper - Look back to #26 on your Finance Packet and write the letter of the box that you chose for your career.


  • If you wrote A or B on the line for #55, use the information from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples.

  • #56-57 - On your Finance Paper – Use the chart (#56) on the finance packet to figure the clothing costs then place your Total Clothing Cost in #57.

EXAMPLES: Write your answers on your finance packet.


Get up go
GET UP & GO from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples.

  • You’ve got a home. You’ve got a job. Now you’ve got to get from home to work – and back again – every day. You also need transportation to everywhere else: grocery store, mall, movies, and so on. You’ve got two choices: own your own vehicles or use public transportation. You can save a lot of money by taking the bus or train, but only if it’s a realistic choice for you.

  • #58 - On your Finance Paper – Mark whether you will buy a car or use public transportation.


Let s go cruising
LET’S GO CRUISING from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples.

Chances are you’ll want wheels of your own. Life offers several choices of vehicles in two categories, new and used. Listed costs are monthly loan payments based on a five-year-loan. Maybe in real life, you’ll pay cash or lease a vehicle, but not in this exercise.


#59-60 - On your Finance Paper – from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples. From the Vehicle Cost Chart determine which type of vehicle you want and whether you will buy it new or used. Write this information on your finance packet #59. Write your vehicle cost in #60.


Don t forget the fuel
DON’T FORGET THE FUEL from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples.

  • Gas prices are another transportation expense. Prices change, and some people drive more than others, but for this exercise, let’s say you’ll spend $150.00 a month for gas. If your wife/husband has a car, you two will ride together some of the time, so budget $75.00.

  • #61-62 - On your Finance Paper – Write $150.00 for fuel for yourself and if you have a wife/husband, write $75.00 for her/him in the Fuel Expense Box then figure the Total Fuel Expense and write this answer in #62.


Be sure to insure
BE SURE TO INSURE from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples.

People buy insurance to protect themselves in case of an accident, theft or illness. Insurance doesn’t prevent these misfortunes from happening but it does help cover the cost when they do occur. For the protection, you pay the insurance company a set amount each month. Accidents happen!

The cost of auto insurance depends on how much the policy covers, the type of vehicle you drive and where you live. If you have a wreck or get a traffic ticket, your insurance rates usually go up. For this exercise, let’s go with the national average.


#63-64 - On your Finance Paper – from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples. Write $65.00 for your insurance and if you have a wife/husband, write $65.00 for her/him then figure the Total Insurance Expense and write this in #64. If you’re single, you’ll only have an insurance expense for yourself.


Getting the best buy
GETTING THE BEST BUY from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples.

  • Using the advertisements for the grocery stores found on Mrs. Kendall’s Web page, you will create a balanced meal for four people and then find the ingredients in the weekly advertisements found on the store web pages.

  • Use the Food Guide Pyramid and make sure you have something from each of the food groups for your meal. You want the meal to be as inexpensive as possible, so find the best deals on the web sites and determine how many of each item you will need to buy.


  • #65-84 - On your Finance Paper – from the chart on the left to figure out how much clothing costs would be for your family. If you wrote C, D, E, F, G, or H in the space, use the information from the chart on the right to figure out clothing costs for your family. The tables below are examples. Fill in the chart for #65-83 with the information from the grocery store websites and determine your Total Food Expense and write this in #84.


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