This is the Canadian version of the Personal Budget WebQuest. For the U.S. version, click HERE.

Welcome to the Personal Budget WebQuest!

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OBJECTIVE

The objective of this WebQuest is for you to set up a budget that would allow you to live the type of life you would like. This will include finding a house, finding a car, developing a budget, and finding a career that would match your income needs. This WebQuest does involve doing some calculations, but it's main purpose is to allow you to have fun dreaming of the future while realizing what these dreams may cost. During this WebQuest you will need to print out and fill out a 2 page worksheet. In addition, teacher's notes are available for this WebQuest.

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TASKS

You will need to have a partner to complete this WebQuest. Essentially, each of you will be required to set up a monthly budget. You will be required to write your budget on a provided worksheet, and get your information off the internet, noting the sites that you used. The preparing of the budget will include finding a house, finding a car, and setting up a budget. The next step will be for you to find out what type of careers will provide you with the necessary income, and how much education is needed for these careers.

After completing the preliminary budget, you will exchange your budget with your partner. At this point your partner will review the project, looking for calculation errors and commenting on how realistic the budget is.

To complete the project, you will need to make revisions to your original budget, explaining your reasons for doing so.

If you need additional resources to complete the project, links are provided below. Also, you may e-mail the author with questions or comments.

Each part of the project is detailed below.

FINDING A HOUSE

This is the first step of your WebQuest. Almost everyone has an idea of where they would like to live, and what type of house they would like to own. It's your job to use the links below to find your dream house. After you do so, make sure to note where the house is located, and what the selling price is. Also make sure to note the URL that you used.

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FINDING A CAR

Most people also have ideas on what type of car they would like to own. Use the links below to find your dream car. Make sure to note the price of the car. Also make sure to note the URL that you used.

SETTING UP YOUR BUDGET

The next step is to set up your budget. This will entail the following steps:

Figure out your monthly mortgage payment using the Yahoo! Real Estate Loan Payment Calculator and your monthly car payment using the Yahoo! Car Loan Payment Calculator. Make sure to look up current interest rates on car loans in your state. (You don't need to do this for mortgages.) In both cases assume that you only have a 5% down payment.
Some budget experts recommend that a house payment should be no more than 28% of your gross monthly income, and that a car payment should be no more than 12% of your gross monthly income. Figure out what income you would need for the house you would like to buy, and also the car you would like to own. Use the larger number to figure out your budget.
Working offline, fill out the worksheet to see how much money you should budget for the remainder of your household expenses. Make sure to double check your calculations.

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FINDING CAREERS

Now it's time to find a career. Using this link to the Canadian Government's Job Futures 2000, find a career that you are interested in and that will give you the needed income to afford the lifestyle you want. Include the amount of education needed for your career.

REVIEWING THE BUDGET

Time for a reality check. At this point, change worksheets with your partner. Once you have your partner's worksheet, you need to do two things:

double check the calculations, and
check with adult (probably a parent or guardian) to see how realistic the budget is.

Now, write a recommendation to your partner explaining how realistic their budget is, and making suggestions on any necessary changes.

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COMPLETING THE PROJECT

To complete the project, make any changes to your budget THAT YOU CONSIDER NECESSARY (not necessarily the changes your partner recommended). Write a summary of the changes you made, and why you made them.

The completed project should contain the following:

2 copies of the worksheet, the initial copy and the revised copy,
the recommendations that you made to your partner, and
the summary of the changes you made.

The project will be graded on how accurate your calculations are, how realistic the budget is, how well thought out your review of your partner's budget is, and the revisions made, with explanation.

A+ (100), A (95), A- (92) - This is an excellent project that has all the necessary components, and stands out above the rest.

B+ (88), B (85), B- (82) - This is a solid, above average project that has all the necessary components.

C+ (78), C (75), C- (72) - This is a project whose explanations are satisfactory, and has all the necessary components.

D (65) - This is a project that is missing necessary components, or has a below average explanations.

F (50) - This is a completed project which has just been "thrown together."

F (0) - This is a project that was not completed or not turned in.

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