By Jessie and James

Period 5

Paying real-life bills (utilities and flexible purchases)

To recreate the real life responsibility of paying for personal finances in order to teach students how to pay for bills in accordance to their monthly pay.

Why do personal finance?

Personal Finance taught me how to pay my bills! Thanks Mrs. Mason.

In personal finance, you primarily need to pay for utilities and flexible purchases.

What do you need to pay for?

Utilities are fixed monthly living expenses

These include:

Rent PaymentRenters InsuranceElectricityGas WaterTelephoneCableCar Payment *Car Insurance *Gasoline *FoodHouse Supplies Charity

What are utilities?

Personal finance; you need to pay your

telephone bills to be as cool as Steven. (:

Car payment, car insurance, and gasoline are all optional. However, if you choose not to pay for these, you must have a plan for transportation (including: biking, metroing, busing, etc.)

Utilities *

You can always bus to work.

Each utility has a certain designated “company” that payment must be sent to. Refer to the chart below:

Who do I pay to?

Rent (or mortgage payment)Any Real Estate Virtual Enterprise or the VirtuBank

Renters InsuranceThe VirtuBank of California (Virtubank of California)

Electricity (utility)Millennium Electric-NHS or VirtuElectric Company

Gas (utility)Southern California VirtuGas Company (VirtuGas Company)

Water (utility) California VirtuWaterTelephone (utility) VirtuTelephone Company

Cable TV (utility)The VirtuBank of California (VirtuBank of California)

Car Insurance VirtuCar Insurance of California

Savings AccountTransfer from Checking to Savings

Gasoline VirtuGasolineFood VirtuBank or a VirtuCompany selling foodHousehold Supplies VirtuBank or a VirtuCompany

You pay based on a percentage of how much money you make.

How much do you pay?

Rent or mortgage payment 22% (may range from 12%-22%)Renters Insurance 1.2% (may range from 0.3%-1.2%)Utilities* 6.7% (may range from 6.4%-7.1%)Car Insurance* Will vary as to type of car, year, etc.Savings 10% (increase as able)

*Car Purchase (personal monthly payment) 5.5% (may range from 5.5%-8.1%)

*Investments (personal monthly payment)5.5% (may range from 5.5%-10%)

Food* 13% (may range from 13%-20%)Gas for car* 3.2% (may range from 3.2%-4.5%)Household Supplies* 5.1% (may vary from 5.1%-7.6%)

You get a worksheet with the percentages. You don’t need to memorize this. (:

Flexible purchases are purchases you make from other companies. You must make a minimum of 10 (even though the website says minimum of 6.)

What are flexible purchases?

You need to pay online through the bank as well as fill out a check in person. If applicable, you should fill out the form on the company’s website.

How do I pay

How to pay to the bank

Add everything under CA as utility payees.Make sure it only says “CA”

Find your Payee from the drop down list

Then type in the amountyou’re paying

Choose the frequency you want to pay

Then save!

Repeat exact same steps, but instead of typing in “CA” in the search bar to add payee, type in the name of the company you wish to purchase from.

However, how do you choose a company to buy from?

Flexible Purchases

Go to www.virtualenterprise.org

Click here and start shopping!

In order to purchase something, you need to pay online + fill out a check in person.

But how do you fill out a check?

What now?

Filling out a Check

What are you buying?

Which company are you buying from?

The amount you’re paying in text

The amount you’re paying $$$$$$$$

You must fill out a check for everything your purchase. Every utility you pay for must have a check filled out – the same applies to flexible purchases.

Checks

Your personal finance packet must contain:

-Printout of transactions

- Filled out checks

-Filled out worksheets

-Also, you must fill out a W-4 form upon employment.

What else?

How do you print out transactions?

Click here, and then file-> print!

A W-4 form is a form that must be filled out upon employment. Its purpose is to figure out your correct federal income tax, based on Single or Married filing status and based on any dependents/allowance exemptions.

W-4 form?