Budgeting for Life After High School
High school budgeting activity featuring a real-life scenario for college student Lisa. Students create a zero-based budget using her income, expenses, and support funds to learn personal finance, savings, and responsible spending.
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Budgeting lor Life After High School
CHAPTER 2, LESSON 6
NAME(S) DATE
15 Sep 2023Andrea Bujanda
DIRECTIONS
Use the budget forms i n this activity t o create a zero-based budget for each of these three scenarios.
Scenario One
Lisa is a third-year college student living alone in an apartment. She works 2 0 hours a week
ata local bank, making $10 per hour. Usa hasa savings account that shebuilt u p during high
school and by working full-time summer jobs. During the school year, she withdraws $350
per month to help cover her living expenses. Lisa s college tuition and books are covered
b y her scholarships. Her parents help b y providing an additional $500 a month and also
provide her health insurance. Lisa's fixed monthly expenses are:
1 Rent: $600
• Insurance (renter Sand identity theft): $25
• Car insurance: $110
• Utilities: $60
• Cell phone: $60
• Streaming services: $40
* Lisd s budget should include giving and saving. It could also include spending categories
like the following; food, gas, entertainment and personal.
1 Gross monthly income from part-time job:
800
2. Net monthly income from part-time job:
Deduct 20% of the income for payroll taxes (gross income x . 8 0 = net income)
640
□ F O U N D A T I O N S I N PERSONAL FINANCE PAGE 1 OF 3
CHAPTER 2, LESSON 6
NAME(S) DATE
15 Sep 2023Andrea Bujanda
DIRECTIONS
Use the budget forms i n this activity t o create a zero-based budget for each of these three scenarios.
Scenario One
Lisa is a third-year college student living alone in an apartment. She works 2 0 hours a week
ata local bank, making $10 per hour. Usa hasa savings account that shebuilt u p during high
school and by working full-time summer jobs. During the school year, she withdraws $350
per month to help cover her living expenses. Lisa s college tuition and books are covered
b y her scholarships. Her parents help b y providing an additional $500 a month and also
provide her health insurance. Lisa's fixed monthly expenses are:
1 Rent: $600
• Insurance (renter Sand identity theft): $25
• Car insurance: $110
• Utilities: $60
• Cell phone: $60
• Streaming services: $40
* Lisd s budget should include giving and saving. It could also include spending categories
like the following; food, gas, entertainment and personal.
1 Gross monthly income from part-time job:
800
2. Net monthly income from part-time job:
Deduct 20% of the income for payroll taxes (gross income x . 8 0 = net income)
640
□ F O U N D A T I O N S I N PERSONAL FINANCE PAGE 1 OF 3
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Subject
Finance