This is your life!  (See slip of paper.  Keep in mind that income shown is before taxes)  This is NOT a long term assignment.  You have today until Friday to collect all of this info and be ready to work on it with your classmates.  You already have grocery info.  On Friday, you will have time in class to compile your data. 

Here is your story:  You just moved here from Flint Michigan.  In fact, your car died just as you pulled into the driveway of wherever it is you will be living.  The oil pan fell off on the highway and you finished the trip as the engine seized up, bellowing smoke as the car hitched and bucked to a stop. Luckily, you found an ad in the paper for free removal of junk cars.     a photo of your old car

It was probably the stress of towing all of your belongings in a U-Haul over such a long distance that did your car in.  Anyhow, that is not the point of this exercise. 

Now that you have relocated yourself to New Paltz, you have some decisions to make.  For instance,

           *you need to tell us your kids names and genders

*what job do you have?  Is yours a two earner family? (you can not change the given income for this project).  Use the www.indeed.com/salary web for job ideas

*you need transportation—car is worthless; that is it being taken away above

*at least one family member will need to go to the emergency room this year.

photo  should be here

You are going to need to create a household budget to handle the realities of your life.  BE REALISTIC!!  All costs must be computed monthly, even though not all bills are due monthly.

Here is a list of stuff you must budget for:

Food (you made a menu for seven days, three meals per day, for all family members.  Then you made a grocery list, and got prices for the things you need to prepare those meals)  Do a Consensus family menu.

Also:

Clothing                      Phone                         toiletries                    

Cable                          education                   shelter                         heat

Electric                       water/sewer               gas                              health care

Entertainment            vacation                      insurances                 savings             Taxes(income, property)                               garbage

Laundry                      etcetera (what did I forget?  Ask your parents)

 

Fit the expenses above into these categories:

Food    shelter    clothing    transportation    entertainment    savings

1. Be sure you have accounted for all of your income
2. Calculate % of total income spent for the general categories listed above

(Total spent/total monthly income; then times 100= %monthly income)

3. To rent, you need the first month’s rent plus one month security.  Utilities are not always included.
4. To buy, you need 10% down; your interest rate is 6% over 30 years (use your mortgage calculator).

 a photo of your dream house? another photo missing

Once you have decided upon a place to buy (if you buy), see me and I’ll help you with property taxes.

You MUST rent or buy in the New Paltz school district.  Local newspapers are excellent for completing this assignment.  I usually do not want you to cut up papers, but I need evidence that the place you want to rent/buy is available or was available within the past month.  Evidence means a classified advertisement or realtor’s advertisement from a web site.