Senior Budget Project
Each month you receive $1675 as your social security benefit. From this amount charges will be subtracted for home maintenance (including property taxes, insurance, general upkeep), medical costs (including premiums, cost of medications, doctors visits, etc), car insurance, utilities, and a credit card (cc) payment. The amounts being subtracted were developed after researching the average costs for senior citizens. The remaining amount will them be divided by 4 (for 4 weeks in a month) and this will be the amount you will have for groceries, gas, and living expenses for 1 week. You will need to submit a menu for one week (7 days) that is nutritional but does not exceed your budget. You will need to give the cost of all items listed on your menu. (individual prices for each item and then the total of all items) You will also need to give the amount spent on gasoline and any other expenses for the week. You cannot stay at home all week, you must leave the house twice and attend at least one activity. Grading will be based on feasibility of menu and planned activities for the week, ability to stay within constraints of budget, and neatness/flow of paperwork. In addition the developing the budget you must submit a short paper (1/2 a page to 1 page in length) reflecting on the experience.
Social Security Benefit $1675
-$150 home maintenance
-$600 medical costs
-$200 car insurance/payment/repairs
-$200 utilities
-$140.66 cc payment (average senior has $7033 in cc debt)
Remaining Balance $384.34 / 4 weeks = $96.09 for all expenses for the week
Expert Solution Preview
Introduction: As a medical professor, it is important to educate our students not only on medical knowledge but also on practical life skills. The senior budget project is designed to teach financial management, planning, and decision-making skills to medical college students that they can apply in their future careers.
Answer: The senior budget project is a unique assignment that challenges students to create a feasible menu for a week that is both nutritional and affordable. They also need to plan their activities for the week, ensuring they stay within their budget, and provide a short reflection paper on the experience. This project also helps students develop important life skills that are essential in the field of medicine, such as budgeting, planning, and decision-making. By working on this project, students will have a better understanding of the challenges facing senior citizens and the importance of financial planning in ensuring a good quality of life. Overall, the senior budget project is an excellent opportunity for college students to prepare for real-world situations and develop skills that will be beneficial throughout their lives.
