Criminal Justice Classes Learn About Financial Responsibility
Juliana Russell and EB Mahdi from TruEnergy Federal Credit Union taught finance lessons to Edison Academy Criminal Justice classes on November 8th & 9th. Budgeting is an important life skill that everyone should learn, and it is especially important for teenagers to know what they will be facing financially when they grow up.
The activity that the students conducted where a great way to learn about budgeting. By budgeting for a household of different sizes, the students were able to see how the cost-of-living changes depending on your family situation. They also learned about the different types of expenses that they need to factor into their budget, such as housing, food, transportation, and childcare.
Here are some tips for budgeting for a household of one person, one person with one child, or two people with one child:
- Your biggest expense will likely be housing.
- Transportation costs will depend on how you get around. If you have a car, make sure to budget for gas, insurance, and maintenance.
- Other expenses to consider include utilities, phone bill, internet bill, and entertainment.
One person with one child:
- Your housing costs will likely be higher than if you were living alone. You may need to move to a larger apartment or house.
- Food costs will also be higher, as you will need to feed two people.
- Childcare costs can be very expensive, especially if you need full-time care. If you can, try to find affordable childcare options, such as in-home care or a part-time preschool program.
- Other expenses to consider include clothing for your child, diapers, formula or food, and toys.
Two people with one child:
- Your housing costs will likely be similar to if you had one child and one adult living in the same household.
- Food costs will be slightly higher, as you will need to feed three people.
- Childcare costs will be the same as if you had one child and one adult living in the same household.
- Other expenses to consider will be the same as if you had one child and one adult living in the same household.
No matter what your household size is, it is important to create a budget and track your spending. This will help you to make sure that you are not spending more money than you earn.