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To complete the activity "Complete a Budget" in the Student Activity Packet, follow the instructions given in each section. Here's a step-by-step guide on how to tackle each part of the activity:

Intro:
Start by discussing the prompt: Would you prefer a job with a variable weekly income but the potential to earn a higher salary based on your performance OR would you prefer a consistent weekly paycheck but without as much earning potential? Explain your preference.

Learn It:
1. Read the article "Salary vs. Hourly Pay: What Are the Differences?" to understand the differences between salary and hourly pay.
2. Answer the question: What are the differences between salary and hourly pay?
3. Consider how being an hourly employee can affect your budget planning.

Math Connection - Budgeting as an Hourly Employee:
1. Read the article "8 Tips for Budgeting When You Earn an Hourly Paycheck."
2. Answer the question: What do you think is the most important tip from the article for setting a budget when you earn an hourly paycheck?
3. Use the provided data (hours worked per month) to calculate your average hours worked per month. Round down to the nearest whole hour.
4. Use your average hours per month to calculate your average monthly gross income.
5. Calculate how much LESS than your average monthly gross income you earned during June. This will help you understand how your income fluctuates.
6. Consider how this difference in income may affect your spending in June.
7. Use the given guidance to estimate your monthly take-home pay after taxes by using the Free Paycheck Calculator.

Explore It:
In this exploration activity, you will construct a budget with some randomness involved. Follow the directions in each section:

Part I: Life Decisions:
1. Use the Wheel of Occupations to select an occupation.
2. Estimate your income by entering your job title and state on Indeed.com Salaries. Convert the income to a monthly value based on whether it is hourly or annual.
3. Enter your annual salary in the Paycheck Calculator to find your total income tax, including FICA and state taxes. Record your taxes due and total take-home pay after taxes.
4. Use the Wheel of Housing Situations to select a housing situation.
5. Find the average cost of rent or mortgage in your area and record the housing payment.
6. Use the Wheel of Student Loan Debts to find your student loan amount and record the student loan debt monthly payment.
7. Calculate your total savings based on the 50/30/20 rule, which allocates 20% of your after-tax income to savings.
8. Determine if your saving goal is more than your student loan payment. If there is any excess, record it as the portion towards your emergency fund.
9. Determine the total monthly health insurance costs based on the given averages.
10. Estimate your grocery bill and eating out budget.
11. Calculate your total food budget, including groceries and eating out.
12. Choose a transportation option and record the total transportation costs.
13. Choose the utilities you need and add up their average costs to determine the total utilities cost.

Part II: Let's Make a Budget:
1. Make a copy of the FA-4.9 Monthly Budget Spreadsheet and enter your monthly income and expenses from Part I.
2. Identify the value in the Difference box in cell C4.
3. If you have a negative number in cell C4, you are spending more than you are earning. If you have a positive number in cell C4, you are earning more than your expenses.
4. To achieve a zero-based budget, make adjustments to your expenses:
- Start with the items you chose: Food, optional insurance, transportation, optional utilities. Can you reduce those to bring your budget out of the negative?
- If possible, consider taking on 1 or 2 roommates to reduce housing and utility costs.
- If needed, adjust your monthly emergency fund savings.
- If you can't afford housing even with roommates, consider moving back home and adjust your housing cost accordingly.
- Allocate any extra money to saving, debt reduction, emergency fund, or discretionary expenses.

Part III: Reflection:
Answer the questions regarding your budgeting experience, difficulties faced, compromises made, and insights gained.

Completing this activity will give you a hands-on experience in budgeting and provide valuable insights into managing your finances effectively.

To complete this task, you will need to create a copy of the FA-4.9 Monthly Budget Spreadsheet and enter your monthly income and expenses from Part I. Once you have done that, you can follow the steps below:

Step 1: Make a copy of the FA-4.9 Monthly Budget Spreadsheet and enter your monthly income and expenses from Part I.

- Open the FA-4.9 Monthly Budget Spreadsheet.
- Make a copy of the spreadsheet and rename it as desired.
- Fill in the income section with your monthly income from Part I.
- Fill in the expenses section with your monthly expenses from Part I.

Step 2: Find the value in the Difference box in cell C4.

- Locate cell C4, which represents the Difference box.
- The value in this box will show the difference between your total income and expenses.
- If it shows a positive number, it means you are earning more than your expenses.
- If it shows a negative number, it means you are spending more than you are earning.

Step 3: Zero your budget if there is a negative number in cell C4.

- Start by reviewing the items you chose in Part I: Food, optional insurance, transportation, optional utilities.
- See if you can reduce any of these expenses to bring your budget out of the negative.
- Consider alternative options or cheaper alternatives for these items.
- If you have an extra bedroom, you can take on 1 or 2 roommates to split the housing and utility costs.
- If you still can't balance your budget, you can adjust your monthly emergency fund savings.
- If you can't afford housing even with roommates, you have the option to move back home and pay $300 to cover expenses. Change your housing cost to $300 and your utilities to $0.
- Allocate any "extra" money to saving, debt reduction, emergency fund, or other desired expenses to balance the budget.

Step 4: Reflect on your budgeting experience.

- Answer the following questions about your budgeting experience:
19. Did you have difficulties creating a budget where the difference between salary and expenses was not negative? What kind of compromises did you have to make so that your budget worked out?
20. You were assigned certain items like salary, housing, and student loan balance. If you could choose these items instead of being assigned randomly, what kind of changes would have made your budget more favorable?
21. You may have noticed that there is a second tab labeled "Transactions" at the bottom of your budget spreadsheet. Consider how you can use this tab to help build your budget.
22. Reflect on the biggest overall lesson you learned from creating your own budget.

Remember to paste a link to your completed budget spreadsheet where your teacher can view it.