Engaged Learning Jason Guzzardo

Title of Project: Personal Finance Budget

Subject(s): Economics
Grade Level(s): 12th
Abstract:
This project is designed for students that are in are in their fourth year of High School and/or have had Math that involves
finance. The Senior Economics/Budget Project is designed to assist students in considering their financial future. The
project consists of various “real world” situations/decisions one will be faced with once entering the workforce. The student
will create a budget that demonstrates what they feel is the best use of their income. Many of the activities require the
student to research information and some may even require them to go into various institutions to obtain applications.
Students are required to show tangible evidence of your research by composing their information on an online presentation
application (Prezi or E-Maze) or will be given the opportunity to work with a partner if they choose to display their
information on a webpage (Weebly for students). Students will also use a discussion board to post their findings as they
work through each part and receive feedback from their peers. Documentation may include online sources, newspaper
clippings, bill receipts, apartment applications, utility estimates, etc. The project consists of 5 parts in that the teacher will
provide resources and guidance to complete the requirements for each task and/or scenario. 2 of the 5 parts comprises of
student’s obtaining a simulated loan for their house and vehicle they must have approved by the loan officer (teacher).
Student’s income level for the project will be determined by their average at the time the project is assigned. This allows
students to draw parallels between education levels and income levels as well make their research truly unique.

Learner Description/Context:
These learners will comprise of approximately 120 students with various genders and ethnicities. Typically each class
comprises of 35% African-American, 30% Caucasian, 20% Hispanic, 15% Mixed or Other. The approximate 120 students
will also include students with Learning Disabilities or Other Health Impairment (ADD/ADHD), approximately 32 students
or 27%. The student will be working on this project in classroom using laptops, in the computer lab using desktops and at
home on their individual computers. Most learners will have a solid technological background that will help facilitate the
product.

Time Frame: The project is designed for students to have a minimum of 10 weeks. Approximately 1-2 weeks per part (6
parts) with time built in for electronic portfolio/webpage set up, additional research and revision.

Standards Assessed:

ISTE (national)
1 - Creativity and innovation
Students demonstrate creative thinking, construct knowledge, and develop innovative products and processes using
technology.
2 - Communication and collaboration
Students use digital media and environments to communicate and work collaboratively, including at a distance, to
support individual learning and contribute to the learning of others.
3 - Research and information fluency
Students apply digital tools to gather, evaluate, and use information.
4 - Critical thinking, problem solving, and decision making
Students use critical thinking skills to plan and conduct research, manage projects, solve problems, and make
informed decisions using appropriate digital tools and resources.
5 - Digital citizenship
Students understand human, cultural, and societal issues related to technology and practice legal and ethical
behavior.
6 - Technology operations and concepts
Students demonstrate a sound understanding of technology concepts, systems, and operations.

AKS (local)
31 - apply rational decision-making to personal spending and savings choices (GPS) (SSEC_G2007-31)
31a - explain that people respond to positive and negative incentives in predictable ways
31b - apply a rational decision making model in selecting one option over another
31c - create a savings or financial investment plan for a future goal
32- explain that banks and other financial institutions are businesses which channel funds from savers to investors (GPS)
(SSEC_G2007-32)
32a - compare services offered by different financial institutions
32b - explain reasons for the spread between interest charged and interest earned

Jo Williamson, Ph.D., Kennesaw State University

 Engaged Learning Jason Guzzardo
32c - evaluate the relationship between risk and return
32d - evaluate a variety of savings and investment options, including real estate, stocks, bonds, mutual funds, CD,
and savings accounts
33-explain how changes in monetary and fiscal policy can impact an individual’s spending and savings choices (GPS)
(SSEC_G2007-33)
33b - identify and define the various kinds of taxes levied by federal, state and local governments
34-evaluate the costs and benefits of using credit (GPS) (SSEC_G2007-34)
34b - compare interest rates on loans and credit cards from different institutions
35- describe how insurance and other risk-management strategies protect against financial loss (GPS) (SSEC_G2007-35)
35a - list various types of insurance such as automobile, health, life, disability and property
35b - explain the costs and benefits associated with different types of insurance; include deductibles, premiums,
shared liability, and asset protection
36- describe how the earnings of workers are determined in the marketplace (GPS) (SSEC_G2007-36)
36a - identify skills which are required to be successful in the workplace
36b - explain the significance of investment in education, training and skill development

Learner Objectives: This project is designed for all learners preparing to leave High School or attend college. The “real
world” scenarios they will experience will enable students to increase or obtain Financial Literacy as they complete the
objectives. All learners will benefit as they research their individual information online or interact with local establishments
as they gather their evidence and make their decisions.

Each learner will produce a webpage (electronic portfolio) with their personal finance budget. Students may choose to work
individually or use one web page and work with one partner to produce each of their individual budgets. Students will be
evaluated by meeting the requirements of the 5 parts of the budget and webpage creativity/enhancement.

The “hook” or Introduction:

Student’s 1st Unit test grade will establish their “income” for this project. The project is designed for students to be
introduced into how to manage their finances and create a reasonable budget. Students will “purchase” real cars and houses
found online along with various insurances and budget items they must research. The school LTSE will work with students on
specified days to assist with the building of their website on Weebly. A Home Loan Officer will be present on a specified day
to have their house “purchase” approved. A local car lot online will work with students on a specified day to work with
students on their car “purchase” and approve their loan. A Primerica Financial Advisor will work with students on a
specified day to review individual budget’s with student’s before final publishing. Students will also be given a scenario and
must come up with a solution without putting them into debt! All of the information will be placed on a webpage/electronic
portfolio they can customize for all to see who bought what, who managed their money the best, and who saved the most
money at the end of the month!

Process:
A. After students complete their Unit 1 Test, students will be given a Maximum Median Salary the occupation of their
choosing on Salary.com cannot exceed. A student’s “household” will include themselves and their pet (optional).
90-100 : $55,000 Max
80-89 : $45,000 Max
74-79 : $40,000 Max
70-73 : $35, 000 Max
0-69 : $30,000 Max
a. Students will navigate to the class web-page through e-class and find the Personal Finance Budget Folder
to download the rubric, documents needed for each part and access additional resources.
B. Create a web page/electronic portfolio using www.Weebly.com (1 week)
a. View the Tutorial to begin setting up your website. Students will follow the webpage outline to meet the
basic requirements. The rest is for them to Customize!
https://www.youtube.com/watch?v=I7PjTgpgqn8&feature=iv&src_vid=aBdOgTj7x7o&annotation_id=annotation_
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C. Complete Part 1 (1 week) Choose an occupation
a. Type up why you chose this occupation and what the Entry Level Income (Median, www.salary.com ) will
be for this occupation and where this occupation will be located (city).
b. Include what you will have to do to be able to achieve this job (how long you must go to school).
c. Include clear description of what it is that you will be doing and you choose the occupation.
www.salary.com or www.careercruising.com will be helpful websites to do this.

Jo Williamson, Ph.D., Kennesaw State University

 Engaged Learning Jason Guzzardo
D. Complete Part 2 (2 weeks) Taxes (NET Income)
a. Complete your State and Federal Taxes. Calculations and brackets can be found in the Personal Finance
Budget Folder on the class web page labeled “How to Calculate your NET Income”.
i. Calculate State Income Taxes taken out every month
ii. Calculate Federal Income Taxes taken out every month
iii. Calculate FICA (Social Security and Medicare
b. Students will Fill out a W-4 and provide an electronic copy in their electronic portfolio.
E. Complete Part 3 (2 weeks) Purchase a used vehicle & Purchase a home!
a. Research online for a used vehicle to get you back and forth to work. www.autotrader.com and
www.cars.com are the best websites for this.
i. The monthly car payment should be around 15% of your NET monthly income.
b. Submit vehicle to the GUEST Car expert or Teacher for with interest rate from a specific lender so it can be
approve it. Be sure to include this on your web page.
i. Use a screen capture program like the SNIPPING TOOL pre-installed on the school computer.
ii. www.bankrate.com has car loan interest rates and calculators to assist you in completing this.
iii. Vehicle loans should be no more than 6 years.
iv. Students should include an amortization table (min 1 year).
v. Pictures of the vehicle should be included.
c. Students must provide proof of insurance quote to “drive” your car off the lot! Include on your webpage
under this tab what your deductible is as well as your premium.
d. Research online for a home. www.zillow.com, www.homes.com, and www.realtor.com are good places to
start.
i. The house must be found in Georgia.
ii. The monthly mortgage cost should be around 25% of your net monthly income.
iii. The house should be no more than 40 miles from their work for commuting purpose.
iv. Students are not allowed to choose a house that is significantly below their price range. The
reason for this is that most people actually purchase above their price range. For Example, if a
student’s Net Month Income is $2,500 their monthly mortgage should be around $625. This is
about an $120, 000 home (30 year fixed loan with 4.5 % interest).
v. If student’s choose to get an FHA (Government) Loan they must put 3% down payment or if
student’s do a standard loan they must put 5-10% down payment. Don’t forget to have students
subtract this from the price (principle) of the house before they calculate their loan!
vi. Student’s will need to describe where/how they got the money for their house down payment
(saved previously? Gift from parent, aunt, uncle?)
e. Once a house is chosen students must submit it to the teacher or GUEST Home Loan officer for loan
approval.
i. Use a screen capture program like the SNIPPING TOOL pre-installed on the school computer.
ii. Student’s should include the interest rate found from a specific lender
(http://www.bankrate.com/funnel/mortgages/mortgage-
results.aspx?prods=216&ic_id=home_mortgage_MortgageRatesAverages_Mortgage_30YrFixed
MtgRefi&zip=30043 ). Just show me current published information on rates.
f. Use the interest to calculate your payments (http://www.bankrate.com/calculators/mortgages/mortgage-
calculator.aspx?ic_id=home_mortgage_mortgages_globalnav )
i. Home Loans should not exceed 30 years
ii. Students should include an amortization table for at least the first 2 years.
iii. Pictures of the house should be included.
g. Include a write up (1-3 paragraphs) of what you looked at when choosing your house. (Size, cost, location,
school district….)
h. Students will calculate the Property Tax (millage rate) using the “How to calculate property tax” form
located on the class webpage.
F. Complete Part 4 (1 week) “Family” Budget
a. Complete the family budget sheet based on your income and see if you can afford your lifestyle.
b. Students will calculate their “family” (individual and pet or pet rock) budget using Excel Spreadsheets.
i. Students should be using the Excel spreadsheet template provided marked in “Personal Finance
Budget” Folder on the class web page. Formulas are already included.
c. Student’s families consist of themselves and possibly a pet/ pet rock. Students must include a description of
their household and a picture of those involved.
d. Student’s will research to find home insurance , car insurance, utilities, health insurance, and life insurance
will cost, fuel millage, and other cost.
Jo Williamson, Ph.D., Kennesaw State University
 Engaged Learning Jason Guzzardo
Student’s must calculate their fuel use for one month using the “How to Calculate Fuel Cost” document
e.
found in the Personal Finance Folder on the class webpage.
f. Students can collaborate with their families to get an average for groceries, clothing and meals
i. Student can also access http://www.whitefenceindex.com to get national averages and research the
location their house location.
g. Student will include the completed spread sheet under the Part V (Family Budget) Tab on their electronic
portfolio.
G. Complete Part 5 (1 week) Budget Scenarios
a. Students must purchase new/used refrigerator and dryer because the old ones are unfixable.
i. Students should find pictures and prices and write a paragraph explaining how they are going to
pay for this.
ii. Students may access www.craigslist.org and available retail store sites for research.
b. Students must plan a 3 to 5 day vacation without going into debt.
i. A description of vacation plans, pictures, and how the student will afford this vacation while
saying within their budget.
ii. Students may access www.orbitz.com , www.travelocity.com , and www.kayak.com for sites
research.
H. Complete Part 6 (1 week) Conclusion
a. Students must include a reflective write up (3-4 paragraphs) about each major section of the budget.
i. Student must address the following questions at a minium:
1. Why you used the numbers you used?
2. What you expected about the items before you started the project.
ii. Why you purchased the items you did?
iii. Did you have money left over? If so, what will you do with it? Buy something? Save? Invest?
iv. What did you learn?
v. What would you have done different (budget and purchase wise)?
vi. How can you apply this to your future life expenses and having a good balanced budget?

Product:
The end product will be a complete financial picture of what students should know in order to budget for themselves. As well
as what all is involved in how their money is used and what effects the decisions they make have on their finances. The
complete picture will composed in an online presentation application or a webpage they can publish (student Weebly). The
idea that you must have money left over and the end of the budget plan for one month drives student’s motivation to make the
best financial decisions. Students publishing their webpage will take pride in customizing their page and how they utilized
their research to make their financial decisions.

Technology Use: The technologies used will be computers at school and at student’s homes. The internet will be a key tool
along with student’s web-page /electronic portfolio they will create as their product for publishing their findings and
decisions. The technology used supports the indicators of engaged learning by requiring higher order thinking, student-
centered research and product, real world application, collaboration with outside experts, access to technology during the
school day using school devices or personal devices and refining their product through the financial decision making with
research as evidence in their electronic portfolio.

References and Supporting Material:

Materials:
1. School desktops and/or laptops
2. Student’s personal devices
3. Product Rubric
4. Objective Tempates
5. Electronic Portfolio/Web Page Sample

Web Resources/References:
1. Teacher/Class Web Page
2. Electronic Portfolio/Web Page- www.weebly.com
3. Weebly Tutorial-
https://www.youtube.com/watch?v=I7PjTgpgqn8&feature=iv&src_vid=aBdOgTj7x7o&annotation_id=annotation_
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4. Income and Occupation- www.salary.com
5. Vehicle Research- www.autotrader.com and www.cars.com
Jo Williamson, Ph.D., Kennesaw State University
 Engaged Learning Jason Guzzardo
6. Home Research- www.zillow.com and www.realtor.com
7. Vehicle and Home Loan Research (Calculations and Interest Rates)- www.bankrate.com
8. Budget Research (insurance and utilities)- www.whitefenceindex.com
9. Budget Scenario Research- www.craigslist.com, www.orbitz.com, www.travelocity.com, and www.kayak.com .

What modifications have you made since you submitted your “idea” for feedback?
1. I have included outside collaboration from experts to increase the LoTi level 5.

Which indicators of Engaged Learning will be high in this lesson and Why?
1. Standards Based
2. Challenging
3. Authentic/Meaningful
4. Student-Centered
5. Culturally Responsive
6. Explorer
7. Producer
8. Facilitator
9. Guide
10. Collaborative
11. Performance-Based Assessment
12. On-going Assessment
13. Technology Use (Very High)

Which indicators would you like to strengthen?

1. Ongoing Assessments

What LoTI level do you think this lesson would be and Why?
1. LoTi level 6 because I have now included outside experts for collaboration and students must refine their product
to meet their budget and the web page will be published.

What help would you like to receive from us?

1. Will a video tutorial of how to create a web-page using Weebly be sufficient to all the students to learn how to
build their electronic portfolio or should conduct a mini-lesson or do a combination of both based on student
needs.

Jo Williamson, Ph.D., Kennesaw State University