It's Your Life!

Before the process begins, each student must choose a profession they are interested in pursuing.  If they are assigned to a parent/provider role, this profession will be the source of their income.

Each student should create a "family scenario".  For example,  a mom and dad,1 boy (6mos.) and 2 girls (3 and 5).  Or a single mom with 2 boys (13 and 15).  The possibilities are endless so be creative.  Make sure you include the details on the children.  These details will affect the decisions that the family will have to make.

The teacher should randomly draw a family scenario and assign students to each role in the family.  Continue until all students have been assigned to a family.

Now you are ready to begin!

Feel free to use the suggested web resources, or find your own.  Keep a record of all web resources you gather information from.

1. Use web resources to research the average incomes of all working family members.  www.monster.com 
2. Begin researching successful budgeting strategies.  Financial planning websites such as www.crown.org usually have good information on budgeting tips and offer information about what percentage of your income you can expect to spend on taxes, housing, health care, etc.
3. Use the Monthly Income and Expenses sheet to record the following decisions that the family makes. 
4. Time to locate housing!  According to your family's need, use web resources to "buy" or "rent" a house, www.realtor.com, or locate an apartment to lease, www.apartmentguide.com.  You will need to consider the cost, the size, the location, etc.  You will need to record your monthly housing payment and the cost to live in it.  Research and record water, electric, phone, and other associated costs on the Monthly Income and Expenses Sheet
5. Transportation:  You will need dependable transportation to get all working family members to their jobs on time, kids to school, and the family to any destination.  You will need to consider the type of transportation that fits your family's need and budget.  Don't forget about public transportation.  Use web resources to locate car dealerships, bus routes, or used car sales in your area.  Choose your type of transportation, and record the costs involved on the .  www.carmax.com  www.autotrader.com 
6. You will need to feed your family.  Research the average monthly grocery bill for your size family.  You might do this by averaging your own (real) family's grocery receipts, or ask someone with a family similar to yours what they spend  per month on food.  Don't forget to include eating out!
7. If you have children, you will nee to decide how to care for them.  Will one parent stay home? Will you hire a baby sitter or day care? Are the children school age?  Will they attend public, privat or home school?  Will you need to find after school care?  Research child care choices and school choices in your area.  If there is a cost related to your choice, record it on the Monthly Income and Expenses Sheet. 
8. Family members usually have different needs and wants.  Each family member should make at least three suggestions to purchase something to the family.  Research the cost and necessity of these items and present your case to your family.  The children may want a pet or a playsation.  The mother may want a dishwasher.  What would you like?
9. Calculate the amount of your income you can expect to spend on savings, taxes, healthcare, miscellaneous, using the  "Percentage Guides" at

          http://www.crown.org/Library/ViewArticle.aspx?ArticleId=263 

Once you have done your research, and your family has made it's decisions, it is time to organize "your life" into a presentation for the class.  Your presentation should include:

1. An introduction of each member of your family and their role.
2. The profession and average income of all working members of the household.
3. A presentation of ALL the choices you made as a family:  housing, transportation, child care, needs and wants, etc.
4. A report of your Monthly Income and Expenses Sheet
5. A circle graph showing the percentage of your income you spent in different areas.
6. Did you stay within your budget?  What did you learn from this experience?