Cost of Living Analysis

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Cost of Living Analysis

Junior STEP 2013

Last Name:

First Name:

Jr. Eng. Teacher:


Components of this assignment:

  1. Research on Costs of Living

  2. Create a budget for living expenses for when you will be on your own

  3. Reflection (to be embedded as directed in your Junior STEP Reflection Essay)


Using the table and categories on the next page, develop a budget determining how much it will cost you to live for an entire year. You will need to do some math to complete the table.

To gather information, you will need to use a variety of resources (Internet, parents, friends who live away from home, college websites, etc.) to research the average cost of the items listed below. You are encouraged to discuss the cost of each of these costs with your parent or guardian, older siblings and friends, etc.
You need to gather a reasonably accurate estimated monthly cost for each of the items listed in the chart. For this part of the assignment, type the information directly onto a copy of this sheet. If one of the items does not apply to you, put a zero in the box. For some items (such as tuition), you may fill in only the annual amount, since they are typically not billed monthly. For some items, you may split the cost with roommates, so divide the total by the number of people who would be living in the apartment/house.
In addition to filling in the information below, you will write a well written one paragraph response to your research that will be embedded as a portion of your Junior STEP Reflection Essay.
Written Reflection (one paragraph):

In this paragraph, describe your reaction to the actual cost of living! Were you surprised by the cost of any of these items? Explain. What have you learned that might influence how you handle your income and expenses in the future? Overall, what was the most valuable information you learned from this activity that will help you in the future?

The reflection should be typed, written in paragraph form, follow rules for good writing, and should be embedded as directed in your Junior STEP Reflection Essay.
When you print: Print only the table on page 2 . Do not waste paper by printing this page.

Cost of Living Analysis

Junior STEP 2013

Last Name:

First Name:

Jr. Eng. Teacher:








Auto—service (oil changes, maintenance)

Auto—loan payment


Phone—land line

Television (cable/satellite/premium channels)


Clothing, shoes

Food and/or meal plan

Toiletries, cosmetics, other personal care

Household expenses (toilet paper, light bulbs, cleaning supplies, etc.)

Entertainment (eating out, movies, concerts, hobbies, travel, etc.)

Rent/dorm/mortgage payment

Renters insurance/home owners insurance




Utilities—garbage/recycling/yard waste



Medical care/ insurance


Dental care/insurance

Savings—unexpected emergencies, investments, etc.



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