You are to assume the role of a financial counselor that works with teenagers. You will be meeting with a client to discuss a personal spending plan that will help meet the client’s financial goals.
The client is a junior in high school and is planning on attending college after graduation. The client has a part-time job and works 15 hours each week. The job pays $10.00/hour. The client also receives a small allowance and often earns extra money babysitting. The client earns approximately $700.00 each month.
There are only two expenses that the client must pay: $50.00 each month on gasoline and $80.00 each month to contribute to the family’s automobile insurance premium. All other expenses are paid for by the client’s parents.
The client wants to begin saving money for future college expenses, but also wants to have spending money for entertainment, clothing and dining out with friends in the present. It is also important to the client to donate money to charity.
You are meeting with the client to discuss a personal spending plan that will help meet the client’s (judge’s) goals for saving, spending and sharing.
