Household Profile: Cathy Jones and her family

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Household Profile Cathy Jones and her family

• Single parent with four children in public
  school.
• 9-year old daughter - tutoring to help with a
  math class.
• Cathy earns 26,400 per year (net after taxes).
• No child support.
• 600 in her checking account 1,500 in savings.
  
• Relatively low debt and good credit rating.
• Paying off a student loan.
• Homeowner for about 2 years home is 20 years
  old.
• Homeownership has always been her dream.
• No formal skills in making major repairs.

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Household Profile Cathy Jones and her family
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Your gutters need cleaning. 1. You borrow a
ladder from a neighbor and clean them yourself.
Costs 0. 2. You pay the handy man in your
neighborhood to clean them. Costs 50.
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The car needs new tires you have already put
this off for months. The local tire store has a
sale. A new set of tires will cost you 350.
How will you pay for the tires?
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Cardboard boxes you have on the basement floor
have mold growing on them from moisture wicking
up through the concrete floor. 1. You go to a
building supply yard and buy a plastic shelving
kit that you put together and put all the stuff
in new boxes on the new shelves. Costs 40 for
the shelving. 2. You do nothing and the mold
makes your child sick. Costs 125 for
Emergency room visit.
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Payday
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You received a performance bonus this week and
your net pay is 200.00 more this month. What
will you do with this extra income?
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You blow a fuse almost every time you try to use
both your electric fry pan and any other small
electrical appliance in your kitchen. 1. Using
an extension cord, you plug the extra
appliance into a receptacle in the next room
which is on a different circuit. 2. You have
an electrician correct the problem by
installing another circuit in the kitchen.
Costs 300.
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Paint is peeling from the wood trim on your
house. If this is not addressed, the trim will
rot. 1. You hire a painter to prep and paint
the house. Costs 1,500. 2. You ask a
painter friend to teach you how to do the
scraping, sanding, priming and finish painting
of these areas. Costs 125 for materials and
3 weekends to complete the job.
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After working on understanding your spending
habits, you realize that when you take the kids
with you grocery shopping you spend on average
25 more than when you go alone. A babysitter
costs 8/hour and it takes you about an hour and
a half to shop and get back home. What do you
do?
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• You go to the basement to do the wash and you
• smell gas fumes, but you cant figure out where
• they are coming from.
• You go around the house opening windows to let
  in fresh air, and then call a plumber to come
  find and fix the leak. Costs 120.
• You take your kids to a neighbors house, call
  thegas company and wait at the neighbors until
  the gas company comes. Costs 120.
• 3. You search the basement for the gas shut-off
  valve.

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Payday
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You discover that you have mice! There is at
least one in the basement, and probably
more. 1. You get a cat from the animal shelter.
Costs 50 2. You call an exterminator. Costs
200 and you have to leave the house for 2 days
to avoid health problems. 3. You inspect the
basement and under the front and back porches
carefully to discover how they get in. Close
off these areas and lay out traps. Costs 10.
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At the end of the
round

• Team summaries, discussion
• Report highlights to large group
• Who are good resources for you in making these
  kinds of decisions?
• Review homework for next time.