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Life In…United States 3.18.3.G1 © Family Economics & Financial Education - Revised May 2009 - Life in...United States Simulation - Bancroft-Notebook Cover and Profile Page 1 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 3.18.4.G2 Costs of raising children If you have children, go to the Cost of Raising Children Page 1.Select the appropriate table based upon single or two- parent families and income 2.Find the row for the oldest child 3.Add together the costs of: Clothing + Healthcare (could be reduced if insured) + Childcare + Education + Miscellaneous = Total cost
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Life In…United States 3.18.3.G1 © Family Economics & Financial Education - Revised May 2009 - Life in...United States Simulation - Bancroft-Notebook Cover and Profile Page 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 3.18.4.G2 Cost of Raising Children Total cost is based on families with 2 children If there are not two children: –Single parent family 1 child = total cost x 1.35 3 or more children = total cost x.72 –Two-parent family 1 child – total cost x 1.24 3 or more children = total cost x.77 Record total on the Guided Spending Plan #9 ? Will child care costs vary depending on where an individual lives? Why or why not?
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Life In…United States 3.18.3.G1 © Family Economics & Financial Education - Revised May 2009 - Life in...United States Simulation - Bancroft-Notebook Cover and Profile Page 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 3.18.4.G2 Personal Profile Expenses Review personal profile and record all expenses –Hobbies, activities, medical expenses, pets, charity donations, extra bills, habits, etc. Expenses identified are valued or necessary and can not be eliminated Incorporate any expenses not already included in the Average Expenditures section of the Guided Spending Plan question 11
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Life In…United States 3.18.3.G1 © Family Economics & Financial Education - Revised May 2009 - Life in...United States Simulation - Bancroft-Notebook Cover and Profile Page 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona 3.18.4.G2 Average Expenditures Guided Spending Plan Question # 11 Review the average expenditures for: –Entertainment –Personal Care –Health Care –Apparel & Services –Contributions –Education and Reading Based upon your scenarios income level select expenses These are flexible expenses based upon averages –Therefore, you may choose to allocate more or less money to each category Record expenses and total them Remember to allocate enough money to cover all members of the family!
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