Name: __________________________________________ Class: __________ December 2017

Test your budgeting skills as you Play the Game of Life! Below you will make choices
about what type of life you will have as you grow up, those decisions will lead you to
have to make budgeting choices! Starting out, make some choices about your
education and job!

Choice 1: Go to college _____ Jump into the workplace _______

Job Options After College: Circle 1 or Job Options after High School: Circle 1

Accountant ($50,032) Emergency Dispatcher ($37,094)

Architect ($52,730) Mechanic ($37,613)

Pharmacy Technician ($33,085) Bus Driver ($30,950)

Teacher ($38,000) Correctional Officer ($43,010)

Surgeon ($370,024) (+5 years school) Cashier ($29,643)

Veterinarian ($100,560) (+3 years school) Cook ($24,370)

Web Developer ($72,150) Retail Sales ($25,250)

Engineer ($96,440) Plumber ($56,030)

Psychologist ($80,640) Electrician ($56,650)

Registered Nurse ($67,490) Carpenter ($48,340)

Pilot ($102,520) Hair Stylist ($29,600)

Artist ($45,080)

Administrative Assistant ($39,775)

If you chose college, Congratulations you just earned your self $20,00 in debt! This
money will have to be paid off over time, most monthly payments are $100 and should
be accounted for in your budget!

***** Additional years of school will cost $5,000 each!*****

Use the information about your salary to calculate the following!

Budget Building
Part 1: Income and Taxes

Job Title Gross Salary (before taxes)

Title Calculation Amount

Federal Income Tax

Deductions State Income Tax

Local Tax (3.2%)

FICA (7.6%)

Yearly Net Income Monthly Net Income

Net Income (After taxes)

Federal Income Tax Breakdown

For State Tax Brackets see next page!

State Income Tax Breakdown

For help with the tax brackets, determine where you fall based on your income, you
will pay the number first listed plus the percentage times the remaining money you
make after the highest salary of the bracket before you.

For example if you make $43,000 and are calculating Federal Income Tax

You will pay $5,226.25 Plus 43,000-37,950 = 5,050 * .25 or 1,262.50

This is a total of $6,488.75 in federal taxes for the year!

Part 2: Cost of Necessities Use the next 2 pages to fill in the following!

Item Expense Frequency Notes

Rent

Groceries

Water
Electricity &
Gas
Toiletries

Loan Payments
Budget Project: Classifieds for Housing
 Budget Project: Utilities
Gas & Electric Toiletries

Water

large house = 3/4” small house = 5/8”

Food

Part 3: Optional Expenses and Other Considerations

Check which of the following optional expenses you will choose to include in your budget. When
estimating cost, be sure to include the frequency of the cost (monthly, yearly, every week, etc.).

Internet Eating Out

Cost: slow $40, medium $60, fast $80 Budget: ?
Renters Insurance Hair
Cost: $80 + $20 per bedroom Budget: ?
Car Clothing
Lease Cost: fine car- $250, fancy car $520 Budget: ?
o Gas Cost: $50-$80 Gym
o Car Insurance Cost: $1200/year Cost: $40- $$$
Bus Pass Classes
Cost: $68 Budget: ?
Cell Phone Gifts
Cost: $60 + $30 per extra person Budget: ?
Cable/Netflix Spending Money
Cost: Cable-$30-$60 , Netflix- $12/month Budget: ?
Cleaning Supplies Entertainment (movies, games, etc.)
Cost: $20 Budget: ?
Pet Other
Cost: ? Budget: ?

Total cost for optional home/travel: Total Cost for self-care/leisure:

What will you do with your remaining money?

Think about costs such as; savings, supporting your family, donations, etc.
Part 4: Final Budget Calculations

Job Title Gross Salary Net Income

Amount
Item Amount Annually Optional?
Monthly

Annually Monthly
Total Expenses
Necessary Expenses
Optional Expenses
Amount Remaining
Part 5: Reflection on Budgeting Process

Answer the following questions now that you have completed your budgeting game of life!

Did you choose the correct career path at the beginning of the game? Why or why not?

Where you surprised by any of the costs that you encountered through out this project, Explain?

How did your budgeting turn out, were you able to afford the things that you wanted?

Has anything about this project changed your mind on what your future plans will be when you
graduate high school?