NAME DATE
CLASS
Money
Missing
networks
Personal Finance Activity
Saving up for Purchases
100 points
Benavides
Activity Goal
or create
This Personal Finance Activity will help you see how long it might take on minimum wage to save up
for a large purchase. Understanding how to save and live on a budget will help you plan for large
purchases in your future.
Directions: Read the following paragraph about the hypothetical budget you could be living on if you
were making minimum wage. Fill in the totals in the monthly budget and then answer the questions
that follow
You are living on your own, sharing rent with a roommate, trying to save up for college, and working
for minimum wage ($7.25) at a fast food restaurant You work 40 hours per week and take a bus to and
from work five days a week. Along with saving for tuition, you are also trying to save enough to have 4
months' rent in your account, a new car so you don't have to take the bus, and a vacation to Cancún
with some of your friends.
Monthly Budget
Cost
Item
Monthly Total
Rent
$260
Utilities (cable, Internet,
water, and electricity
Cable and Internet: $30,
water: $20, electricity: $40
Groceries
$50 per week
Entertainment
$20 per week
Public transportation
$1.50 per bus ride
Clothing
$50
Cell phone
$45