Answer all questions in complete sentences unless otherwise specified Please number your responses in your notebook 1 Who babysat you when you were a child 2 Who is a dependent 3 List as many furnishings that you can think of that are in your house ID: 480206
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Slide1
Do
Now: Childcare, Dependent Care, and Furnishings
*Answer all questions in complete sentences unless otherwise specified. Please number your responses in your notebook.
1. Who babysat you when you were a child?
2. Who is a dependent?
3. List as many furnishings that you can think of that are in your house.Slide2
Childcare, Dependent Care and Furnishings
Objective:
To understand how much you should budget for childcare, healthcare, and
furnishings.Slide3
Childcare Activity 88
Do not assume that your parents or relatives will watch your children!
Chances are, you will have to pay for childcare.
Look at the chart on page 88 in the textbook.
Figure out how much it will cost for your family for child care.
Add up the total and put in under, “Total Child Care costs” and put it under [8] on Activity 92Slide4
Dependent Care Activity 88
If you determined that you are going to care for someone besides your children, you must budget for that.
If you aren’t going to have another dependent in your home, it won’t cost you anything.Slide5
Furnishings Budget for the Long-Term
Furnishings tend to last many years, so replacing them requires you to save for the long-term.
A plan for setting aside enough money to pay a large expense at some time in the future.Slide6
Long-Term Budgeting for Furnishings
You want to save enough money to pay cash when your major appliances wear out.
In order to determine when we will need to replace them, we need to know the average lifetime and average price.Slide7
Life Expectancy of Our Furnishings
Item
Present
Age
Expected
Life
Expectancy
Years to
Replacement
Expected
Cost
To be set
aside
annually
Monthly
Budget
Washing
Machine
8
11
3
$370
$123.33
$10.27
TV
3
11
8
$625
$78.12
$6.51
Vacuum
5
15
10
$180
$18
$1.50
Refrigerator
10
16
6
$580
$96.66
$8.05Slide8
Furnishings Activity 89
Assume you already have the majority of the furnishings you need.
You must set up a monthly budget to replace the items however.
How much annually do you think you have to spend?
Divide that by 12.
Place figure on the, “Furnishing” line [10] and put that figure under [10] on Activity 92.Slide9
Movie Time!
Bill Cosby, “Economics.”