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Intellectual Virtues Academy: Public High School

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Student Projects » "On Your Own" Student Budget Project

"On Your Own" Student Budget Project

Description
In this project, students get to plan and create a budget for their lives after college in order to learn about financial independence and responsibility. 
 
Requirements
1. Pick a job / career
2. Research the job for its requirements / salary 
3. Create a budget with essential expenses / bills 
4. Find an apartment and furnish the apartment
5. Create a visual representation of your data 
6. Reflect on the process 
 
Student Reflection

What did you learn while preparing this budget?
- I learned that i need to manage my money efficiently and not waste it while preparing this budget

- I learned there’s a lot of things to pay for while preparing this budget…


What did you learn that you didn’t expect?
- “I did not expect that i had to pay for insurance and other medical stuff”

- “I learned that buying things for the house and the house was expensive while preparing this budget.”

- I did not expect that a lot of this stuff was expensive

 

What did you learn about yourself personally?

- “I learned that I can live off of really cheap things while preparing this budget…”

- I learned that I need to work hard and save money while preparing this budget…

 

What did you learn about your goals? Your expectations?
- I learned that I don't need anything special just enough until a solid job comes by.

- I learned that I liked expensive things while preparing this budget.

- I learned that I need to focus and get my work done, so I can get a job and be able to pay for an apartment that's expensive.


What did you do that you didn’t expect to have to do?
- factor in taxes was something I didn’t think I’d have to do / have to pay for when I support myself financially…

- Car insurance

- I didn’t think i had to buy everything for the house and have to pay for when I support myself financially…


How do you need to amend your goals / expectations to deal with the revelations you experienced during this project?
- Based on my project, I have some new goals: To save money enough for some occasional special things. Always have emergency money in case something unexpected comes up.

- Based on my project, I have some new goals: 1. Focus on my education 2. Listen to the teachers 3. Succeed.

 

What was easy about the project?
-  Finding the furniture and apartment was easy about this project...


What was hard about the project?

- dealing with the Pie chart and factoring the taxes was hard with this project...
- Finding and managing my apartment/home was the most difficult.

- dealing with the Pie chart and factoring the taxes was hard with this project...


What problems did you encounter?
- I had trouble with doing the slides and getting information.


What did you learn about saving & investing?
- I learned that I have to be careful on what I spend my money on.

- I learned there’s a lot of sacrifices that need to happen about saving and investing...


How will you approach your future differently, knowing what you know now?

- The way I will be approaching my future is having a positive mindset in learning so I can have a positive future and succeed.

- I just need to work on investing and spending money wisely, and not spend all my cash on things that just look cool. I need to learn to save money to pay for bills and expenses that are more essential to my lifestyle. But if I can't afford a home, there are always alternatives that I can turn to, but I’d rather just live with my parents. In general, I just need to save money.