1. 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

2. 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?

3. 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

4. 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!