Milan Center for Innovative Studies

Personal Finance

The purpose of this project is for students to get a realistic idea of what their future is going to be like. The students first had to completely budget their college situation down to the cost of tuition, their living situations, and food. The students had to look up what college they were going to and the cost of attending there, living there, meal plans, and the charge of taking a car. They also had to add in laundry, gas and all other life expenses that they will have to pay for. The next part of the project was budgeting for "single years". During this time they had to look up how much they will be making the first five years of their career, they had to research and select apartments and cars. The students also had to calculate taxes and their student loans, and all the expenses of their wants and needs on one income. The third and final phase of this project was called the Married Years. During this section of the project students chose a partner to pretend to be married to. In partners the students had to plan their wedding and honeymoon and the costs of it. They also had to combine their incomes and budget their lives together. Each couple had to plan for the cost of kids, a house, two cars, bills, food, taxes and other necessary expenses. The students also had to save money for their kids college funds and family trips or any discretionary spending. This project gave students a better look at all the expenses they are going to be responsible for paying, and how far their income will actually stretch. Most students thought this project was the most helpful for their future leaving high school as adults.