Succeeding in the World of WorkUnit 6:
Life SkillsWebQuestsWebQuest Internet Project
Planning Your Budget Planning a budget is a crucial part of managing your money, which also includes setting financial goals, making wise buying decisions, and protecting your assets and health through insurance. You may wonder what all the parts of money management are and how to learn about them. Completing this task give you needed information. The Task Unfortunately, the number of people who lack financial success because they did not prepare for it is not small. As you begin your career, you need to consider your financial goals and how to implement them. Your task here is to prepare a report that should include the following: - suggestions for shopping wisely;
- setting general and specific financial goals;
- the factors to consider in choosing a bank;
- how to reconcile a checking account;
- factors to consider in purchasing insurance;
- explain the purpose of Medicare.
The Process To complete your task successfully, you can find helpful information at these Web sites: www.phillyburbs.com/pb-dyn/news/282-03092005-460679.html
[33 Basic smart shopping tips] www.chicagofed.org/consumer_information/budgeting_and_saving.cfm www.agnr.umd.edu/MCE/Publications/PDFs%5CFS709.pdf www.investorguide.com/igu-article-512-banking-considerations-while-choosing-a-bank.html
[factors in choosing a bank] www.fnbrf.com/pdfs/checkbook_balancing_tool.pdf
[reconciling checkbook] www.tiaa-cref.org/support/insurance/overview/what_to_consider.html
[choosing insurance company] www.ssa.gov/pubs/10043.html#part2
[What is Medicare?]
- Make a list of the seven wise shopping that would be most helpful to you.
- List ten financial goals that a person might set;
- Identify the three most important factors for you in choosing a bank.
- Explain why your checkbook may not balance after reconciliation.
- Identify the importance of having insurance.
- Describe the parts of Medicare.
Guidance Some ideas that can make your project successful follow: - Identify some items that low price is important and others for which price would not be the determining factor.
- Compare your financial goals with those of other students.
- Identify different fees that a bank could charge.
- Explain the importance of balancing a checkbook regularly.
- Identify the factors that would be most important to you in choosing an insurance company.
- What are the definitions of "low income" for Medicare purposes?
Conclusions Here are some suggestions for finishing your project: - Use PowerPoint or other graphic techniques to highlight major parts of your report.
- Create a brochure to discussing how to make wise purchasing decisions.
- Choose three products for which price is a major consideration and make a scrapbook with prices from different stores.
- With your classmates, brainstorm to identify items that should be included in a budget, and list four that must be included and four that might be dropped.
- Use a spreadsheet software program to prepare a budget.
Questions - What are five tips to follow when shopping?
- What are the three timeframes to use in budgeting?
- What are some fees that banks charge?
- What are two things to do if your checking account doesn't balance?
- How can you check the financial strength of an insurance company?
- How is Medicare financed?
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