Here you will find the “How Much Can I Afford for a Car?” worksheet for a really great high school budget project! This is very effective and can cause students to really think and begin to take their education seriously. It takes about two weeks with block scheduling. This is the fourth in a series of 8 posts about the budget project.
If you go to my Teachers Pay Teachers Page, you can access all the budget project files in one place. Click here: http://www.teacherspayteachers.com/Product/Awesome-Budget-Project-Thorough-and-Effective-1585970.
Teacher Directions for “How Much Can I Afford?” Worksheet
Day 3: Hand out this worksheet and go over with the students how to calculate how much they can afford on their rent and their car loan payment. Then go into the computer lab and have them fill out the excel budget form with their net pay. Then once that is filled out, have them start researching where they want to live.
I came up with this worksheet when students kept asking, “how much can I afford on rent?” “How much can my car cost?” Basically, we teach students that they should plan on no more than 30% of their budget to go toward housing and 20% of their budget to go toward debt. This includes a car loan and student loan payments. The worksheet takes students through the process of calculating how much they can afford when they take into account their student loans. At first students don’t think they can purchase a car for less than $25,000, but then I tell them to look for a used car. Students do not access Craigslist at school but there are a lot of websites with cars for sale that are used. They’ll have to take into account the miles per gallon for the budget for gas as well.
Some students won’t want to purchase a car. This is fine, as long as they live in a major metropolis. They still need to budget for public transportation.
Click here to access the “How much can I afford?” worksheet:
If you’d like access to this worksheet as an editable Word document, and all the other materials for this budget project, click here: http://www.teacherspayteachers.com/Product/Awesome-Budget-Project-Thorough-and-Effective-1585970.
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