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Procedure

Congratulations! You went to bed and woke up 19 years old. You graduated high school and are currently attending KU. Naturally, you are confused since you don’t recall the last five years. Follow the procedure to research your new way of life. Procedure.

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Procedure

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  1. Congratulations! You went to bed and woke up 19 years old. You graduated high school and are currently attending KU. Naturally, you are confused since you don’t recall the last five years. Follow the procedure to research your new way of life.

  2. Procedure Progress through the following slides to find information on income and expenses relating to: • Income • Taxes • Rent • Fixed, Variable, and Entertainment Expenses • Banking & Checking Accounts • Credit Cards

  3. Income • Click on the following link to find part-time jobs that may be available in your area. http://www2.ljworld.com/jobs/ 2. Click on the salary wizard link to figure out how much money you will make at your part-time job. (note: it will probably give you an annual salary. Figure out how much this would be per hour and multiply by how many hours you plan to work each week.) http://www.salary.com/salary/index.asp 3. On your monthly budget sheet, record how much your income will be each month.

  4. Income Taxes • Good work on finding a job and making some money! Did you calculate your earnings correctly? Don’t forget the government will take out a certain amount of money in the form of income taxes. Find out more about it here. Adjust your income amount on your budget tracking sheet if needed. • http://www.irs.gov/individuals/article/0,,id=96196,00.html

  5. Renting • Learn about what a lease is: • http://www.practicalmoneyskills.com/personalfinance/lifeevents/renting/ • Find an apartment to rent in Lawrence based on your needs and wants. Record your monthly rent on your budget tracker. http://lawrence.craigslist.org/

  6. Expenses • Fixed Expenses: Google search to learn about what a fixed expense is. On your monthly budget, record every fixed expense you will have and the amount. (Are you including college tuition, books, etc?) • Variable Expenses: Google search to learn about variable expenses. On your monthly budget, record every variable expense you will have and the amount. • How much money will you allot monthly for entertainment expenses? Record this on your monthly budget tracker.

  7. Checking Accounts • How do I balance it? http://www.studentfinancedomain.com/student_banking/how_to_balance_your_checkbook.aspx • Fill out your balancing worksheet

  8. Credit Cards • Learn the facts: http://www.themint.org/teens/credit-card-facts.html • Will you work in a credit card expense into your budget?

  9. Your Monthly Budget • Take a look at your monthly budget. Are you making enough to live each month? • What might you alter on your budget after learning about all the variables?

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