The Game of Money A young person’s guide to money management. Day 4.

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Presentation transcript:

The Game of Money A young person’s guide to money management. Day 4

TO YOUR HEALTH Staying healthy is best, but if you do get sick – or injured – health care can be very expensive. Health insurance can help but usually does not pay for everything.

Using the Health Care Costs chart, document the amount of health care cost you would have for your situation. #85 - On your Finance Sheet – Add the amounts of Health Care Costs for your family and write the total on your financial packet for #85. Health Care Costs Your monthly health insurance cost $ Additional health-related expenses, monthly $65.00 Do you smoke? It’ll cost you.Add $ per month

UTILITY COSTS – THEY’RE ELECTRIFYNG Turn off that light! Close the refrigerator! Don’t waste so much water! All this time, you thought your parents were bugging you about saving energy and water because they’re picky. They’re just trying to save money! Now that you’re paying the electricity, gas and water bills, see why they are so concerned.

Utility Costs One-bedroom apartment$80.00 Two-bedroom apartment$ Two-bedroom house$ Three-bedroom house$ Four-bedroom house$ Huge, deluxe house$ #86 - On your Finance Sheet – Look at the utility chart above and determine how much you would spend on utilities depending on the type of home you have. Write this in #86.

Time for Taxes People hate to pay taxes, but taxes pay for roads, police, fire protection, and thousands of programs that benefit citizens. You’re about to pay taxes, too. The table shown next is not the real tax table, and it ignores hundreds of details that add or subtract from a real-life tax bill. It takes many people 25 or more hours to get their tax records collected, organized, and figured. We’re going to simplify your taxes and do a flat tax of 15% or 25%. Even though this isn’t exactly how it’s done in the real world, it’ll give you a good idea of the bite that taxes take out of your monthly income

# On your Finance Sheet – Follow the directions given and record your answers on your financial packet. Directions for figuring your taxes: 1.Write your monthly salary from the financial packet (#29) for # If you (and your spouse - if you are married) make $1.00-$2, per month, multiply your salary by 15% or.15 and place the answer in #88. This is your tax for the month. If you (and your spouse - if you are married) make $2, or more per month, multiply your salary by 25% or.25 and place the answer in #88. This is your tax for the month.

HOOK UP FOR TV & INTERNET ACCESS Most American households have television and Internet access. Choose a programming option from the chart below and circle which option or options you want. # On your Finance Sheet – Highlight which TV and Internet programs you want to buy in #89, add the amounts together, and write the total cost you will spend on TV and Internet in #90.

Hang Up! Internet, TV, and phone expenses differ widely, depending on location and plans. There are a variety of plans available. Let’s take a look at different plans to determine which one you might be interested in.

Login and go to the teacher’s web page. Click on Comcast, Qwest, and AT&T. # On your Finance Sheet – Complete the table by listing 3- features of each item and the lowest cost for that item. # On your Finance Sheet – Highlight the phone expenses you would have. When figuring your phone expenses, remember, if you get a cell, so does your wife/husband. Save your sheet to the folder designated by the teacher.