Budgeting Entering the Workforce

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1 Budgeting Entering the Workforce LESSON PREPARATION AND TEACHER INFORMATION Lesson Summary: This lesson is intended for high school students during a forty minute time period. The lesson teaches students information about paychecks, budgeting for income and expenses, and the expense of Pennsylvania car insurance. Lesson Objectives: Know the details of your paycheck Budgeting for income and expenses Expense Pennsylvania car insurances Materials Needed: Entering the Workforce Worksheet (1 per student) Pencils for each student (teacher to provide) LESSON CONTENT Lesson Objective: Know the details of your paycheck 15 minutes Introduction for Metro Bank Metro Money Sense Instructors Hello, my name is, and I work at Metro Bank. I m pleased to visit your class today to discuss some points about the financial aspects of a paycheck and other considerations that may help you when you are employed.. Discussion Question Why is it important to know the details of your paycheck? o Know where your money is going o Making sure the information/numbers are accurate When you begin your employment, you will be required to complete an IRS document titled W-4 also known as an Employee s Withholding Allowance Certificate. This document communicates to your employer and the IRS your marital status, deductions and other pertinent information. Hand out Entering the Workforce Worksheet to each student. Review the paycheck terminology. Paycheck Terminology Gross income earnings before deductions Net income earnings after deductions Bi-weekly usually paid every 2 weeks; scheduled to receive 26 pays per year Bi-monthly usually paid on 1st and 15th of the month; scheduled to receive 24 pays per year Metro Bank: Metro Money Sense Budgeting: Entering the Workforce - High 1

2 Bi-weekly vs. bi-monthly Bi-weekly $950 per pay X 26 pays = $24,700 Bi-monthly $950 per pay X 24 pays = $22,800 Activity Divide students into 4 groups. In the box, Possible Payroll Deductions, complete the listing of possible payroll deduction items that could be deducted. Encourage the students to list as many as possible. Ask each group to give 1 payroll deduction out loud, with the instructor writing on the board. Go from group to group having each group give 1 idea. Continue until the groups are done with their lists. Fill in any major items they didn t mention. Possible deductions Social Security Medicare Federal withholding income tax State Tax Local Tax - County and/or City Tax Unemployment tax Health insurance medical, dental, eye care Medical savings account/flexible spending account Life insurance Retirement plans - 401K, IRA Garnishment being taken from employee s check due to money owed Employee stock purchase Meals, uniforms, union dues and other job related expenses Local services tax You can see that while you receive a gross paycheck amount, there are many deductions or amounts that could be subtracted from your gross pay ultimately effecting your take-home pay amount. Lesson Objective: Budgeting for after education 8 minutes Now that we have discussed pay, let s talk about Wants and Needs. WANTS are defined as something we d like to have and a NEED is something we need to survive or live. Do you think your needs and wants change as you get older? Absolutely! For example, there is an excellent chance that your need/wants in high school will be different than your needs/wants after you graduate from high school. Activity - 4 minutes Congratulations! You have completed high school/college and now have a job in your field of choice and started your career. On the worksheet, ask the students to complete the Wants and Needs chart by listing examples in each column. Have students share some examples of Needs vs. Wants. Metro Bank: Metro Money Sense Budgeting: Entering the Workforce - High 2

3 Possible answers - Needs Rent Renter s insurance Heat, electric etc. Cable Phone land line, cell Initial cost of furniture Car payment Car insurance Gas Food Lesson Objective: Budgeting for income and expenses 5 minutes Discussion Questions What is a budget? o A plan for spending and saving money. Why is budgeting important? o Know where you money is going What are the advantages of a budget? o Takes short term goals and turns them into long term goals o See if you are able to afford an item o Reality check What are the disadvantages of a budget? o Takes time to budget o Tells you that you can t afford the item o Reality check When you receive your paycheck, it s important to know what bills need to be paid first and then what variable expenses need to be allocated. After your living expenses have been paid, you might have a little left over to go out, shop, or save for a future item such as a vacation or a house. Remember it s important to save for emergencies. Lesson Objective: Expense Pennsylvania car insurance 10 minutes We ve talked about budgeting, knowing the details of your paycheck. So getting a paycheck means you have a job, right? How are you going to get to this job? Drive, subway, walk? I m sure a lot of you have seen the commercials on TV about insurance companies talking about having the right car insurance coverage. In Pennsylvania, if you have a car, insurance is mandatory. For example, at one time in Pennsylvania, all drivers had to have the minimum auto liability coverage as follows: $15,000 bodily injury per injured person $30,000 bodily injury per accident $5,000 property damage liability $5,000 personal injury protection Metro Bank: Metro Money Sense Budgeting: Entering the Workforce - High 3

4 You should always validate what is needed as this information is only an example and could be different when you get ready to insure your vehicle. There are other requirements, such as you need proof of the insurance in your car at all times, you and any other driver with a suspended license can t drive your car. Insurance can get very complicated but for more information, the internet is a great resource. The average auto insurance premium for Pennsylvania in August 2011 was $1, for a 12-month policy. The cost per month is approximately $ Activity Divide the class into halves and have the students work individually on listing as many answers as they can on the back of their worksheets to one of two questions: (1) What affects car insurance price? --or-- (2) What are different types of car insurance coverage? Ask various students to give their answers. Add any key points they missed. What affects car insurance price? o Type of coverage you buy o Type of car you drive typically the more expensive the car, the higher the insurance o Where you drive o How much you drive o Age, sex, marital status o Driving history o Credit history What are different types of car insurance coverage? o Medical payments insurance o Underinsured and uninsured motorist insurance o Collision insurance o Comprehensive auto insurance o Auto towing o Auto glass o Rental insurance o Emergency roadside assistance Another factor to help you decide what auto insurance provider is the best for you is the company s reputation. Wrap Up 2 minutes As you plan to move into a life outside of high school, it s important to budget for wants and those needs including items such as food, housing, insurance, and expenses needed to go to work. Plan ahead, do your homework and you ll be less likely to be caught in a financial challenge. Thank you for your participation and attention. Metro Bank: Metro Money Sense Budgeting: Entering the Workforce - High 4

5 Note for Educators: National Council of Teachers of Mathematics Principles and Standards for School Mathematics, 2012 Numbers and Operations Develop a deeper understanding of very large and very small numbers and of various representations of them [9-12] Judge the reasonableness of numerical computations and their results [9-12] Algebra Understand the meaning of equivalent forms of expressions, equations, inequalities, and relations [9-12] Draw reasonable conclusions about a situation being modeled [9-12] Metro Bank: Metro Money Sense Budgeting: Entering the Workforce - High 5

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