Minds On

Vacation savings

Here are some terms related to this lesson:

An estimate of income and expenditures for a set period of time.

Money received, especially on a regular basis, for work or through investments.

Expenses that are the same each month (rent, car payment and insurance etc.).

Expenditures that change each month and can be reduced or eliminated if necessary (travel, entertainment, eating out, extras etc.).

The amount left over after subtracting total liabilities from total assets.

The amount agreed upon to accept a job, a promotion or a transfer.

The amount received once all necessary deductions have been made.

Task

Reflecting on these terms, explore the following scenario with a partner, or independently, and discuss how these terms may be questions that you could ask for this family. Record your ideas in an audio recording, on paper, or on a digital platform.

Complete the Planning and Savings chart in your notebook or using the following fillable and printable document.

Planning and Savings

Press the ‘Activity’ button to access the Planning and Savings.

Activity (Open PDF in a new tab)

A family of four has been wanting to go back home to visit their family for a few years now. They keep trying to put money aside to save for this trip but have not had much success. They both work full time and have two young children.

Action

Down payment on a home

A down payment is a sum of money that a buyer pays in the early stages of purchasing an expensive good or service, such as a house. The down payment represents a portion of the total purchase price, and the amount required varies.

Complete the Home Down Payment Worksheet in your notebook or using the following fillable and printable documents.

Home Down Payment Worksheet

Press the Activity button to access the Home Down Payment Worksheet.

Activity (Open PDF in a new tab)

Consolidation

Adjust a budget

An employee made a budget for their monthly expenses. They then tracked how much they actually spent for the month. The employee has two part time jobs. They work at a laundromat and after taxes and deductions on their paycheques each month, they bring home $650.00 net a month. As a cashier at the supermarket, after taxes and deductions on their paycheques, they bring home $800.00 a month.

Planned fixed monthly expenses:

  • $230.00 rent (they share an apartment with two friends).
  • $175.00 car payments
  • $220.00 car insurance
  • $65.00 cell phone

Planned variable monthly expenses:

  • $100.00 saving for aesthetic school
  • $200.00 food
  • $60.00 gas
  • $50.00 clothes
  • $70.00 entertainment
  • $30.00 personal items

Below is what they spent for the month. They also picked up an extra shift at work and made an extra $60.00.

What they spent on their fixed monthly expenses:

  • $250.00 rent (rent went up this month)
  • $175.00 car payment
  • $220.00 car insurance
  • $65.00 cell phone

What they spent on their variable monthly expenses:

  • $300.00 food (they had friends over one night for a dinner party)
  • $60.00 gas + $40.00 for an oil change
  • $8.00 new pair of shoes
  • $100.00 entertainment
  • $50.00 personal items
  • $38.00 for their sister’s birthday gift
  • $25.00 parking fees

Unexpected expenses:

  • $220.00 car repairs (they needed two new tires replaced)
  • $115.00 speeding ticket

Respond to the following questions in an audio recording, on paper, in a journal, or on the computer.

Complete the Budget Adjustment Activity in your notebook or using the following fillable and printable document.

Budget Adjustment Activity

Press the Activity button to access the Budget Adjustment Activity.

Activity (Open PDF in a new tab)

Reflection

As you read the following descriptions, select the one that best describes your current understanding of the learning in this activity. Press the corresponding button once you have made your choice.

I feel...

Now, expand on your ideas by recording your thoughts using a voice recorder, speech-to-text, or writing tool.

When you review your notes on this learning activity later, reflect on whether you would select a different description based on your further review of the material in this learning activity.

Connect with a TVO Mathify tutor

Think of TVO Mathify as your own personalized math coach, here to support your learning at home. Press ‘TVO Mathify’ to connect with an Ontario Certified Teacher math tutor of your choice. You will need a TVO Mathify login to access this resource.

TVO Mathify (Opens in new window)