Cost of Living Analysis by Ax2YAZF


									Cost of Living Analysis
Junior STEP 2012

Components of this assignment:
   1. Research on Costs of Living
   2. Create a budget for living expenses for when you will be on your own
   3. Reflection
       Minimum of 250 words; maximum of 300 words
       Typed
       Double-spaced
       1” margins
       MLA heading not necessary

Using the table and categories on the next page, develop a budget determining how much it will cost you to
live for an entire year. You will need to do some math to complete the table.

To gather information, you will need to use a variety of resources (Internet, parents, friends who live away
from home, college websites, etc.) to research the average cost of the items listed below. You are encouraged
to discuss the cost of each of these costs with your parent or guardian, older siblings and friends, etc.

You need to gather a reasonably accurate estimated monthly cost for each of the items listed in the chart. For
this part of the assignment, type the information directly onto a copy of this sheet. If one of the items does
not apply to you, put a zero in the box. For some items (such as tuition), you may fill in only the annual
amount, since they are typically not billed monthly. For some items, you may split the cost with roommates,
so divide the total by the number of people who would be living in the apartment/house.

In addition to filling in the information below, write a reflection explaining how much it will cost you to live on
your own per month and how much that equates to per year. Explain how this information will help you to
prepare to move out on your own. What will be your sources of income? Will your monthly income be
enough to cover all of your expenses? How do you know that? If not, how will you generate extra income?
Were you surprised by the cost of any of these items? What have you learned that might influence how you
handle your income and expenses in the future? Overall, what was the most valuable information you learned
from this activity?

The reflection should be typed, written in paragraph form, follow rules for good writing, and should be stapled
to the back of the table.

When you print: Print only the table on page 2 and your reflection. Do not waste paper by printing this page.
                                                                          Last Name:
Cost of Living Analysis                                                   First Name:
Junior STEP 2012                                                          Jr. Eng. Teacher:

Expense                                                                      Month            Year
Auto—service (oil changes, maintenance)
Auto—loan payment
Phone—land line
Television (cable/satellite/premium channels)
Clothing, shoes
Food and/or meal plan
Toiletries, cosmetics, other personal care
Household expenses (toilet paper, light bulbs, cleaning supplies, etc.)
Entertainment (eating out, movies, concerts, hobbies, travel, etc.)
Rent/dorm/mortgage payment
Renters insurance/home owners insurance
Utilities—garbage/recycling/yard waste
Medical care/ insurance
Dental care/insurance
Savings—unexpected emergencies, investments, etc.

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