Your Life Situation Card and A Budget

Good Morning! Happy Friday!!  Happy Spring Break (almost)!!  I hope you have a fun, relaxing week ahead of you!!  Don't forget to come back to school recharged and ready to finish the school year on the strongest note possible.

The past 2 days of class we have been working with a life situation card and developing a budget for that individual/family.  This has included you determining your Net Monthly Income, setting budget guidelines, and looking for housing!  A few questions:

1. What did you notice about your Gross Annual Income and the Net Monthly Income.  Were you surprised and/or disappointed at the amount of taxes taken from your paycheck each month?  What was your Net Monthly Income and do you think it would be realistic to live on that type of budget with your current lifestyle?  Explain!
2. What was your impression of the Budget Guidelines worksheet.  Which of the categories listed seem most important to you to budget for and which categories seem least important?  Do you think the breakdown of how much you can spend in each category works well for your envisioned lifestyle?
3. Lastly, in looking for housing, what did you find your adjusted monthly mortgage payment to be if you bought a home vs. the amount it would cost you each month to rent?  Does this make you reconsider the possibility of purchasing a home vs. renting one?  What are the pros and cons of renting?  What are the pros and cons of owning a home?  In filling out the home buying sheet, what would appear to be the biggest barrier in your purchasing of a home?

Thanks and we will get started shortly!