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© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 6 LESSON 6.3 Your Budget Worksheet Objectives: By the end of class, students will.

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Presentation on theme: "© Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 6 LESSON 6.3 Your Budget Worksheet Objectives: By the end of class, students will."— Presentation transcript:

1 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 1 Chapter 6 LESSON 6.3 Your Budget Worksheet Objectives: By the end of class, students will be able to:  Plan a budget from your records  Identify common problems with budgeting

2 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 2 Chapter 6 How to Create or Begin utilizing Your own Budget Worksheet  Step 1: Create a worksheet ( or find one online that fits your needs). This worksheet will allow you to do the following steps:  Step 2: Estimate your income  Step 3: Estimate your expenses and savings  Step 4: Record your actual income and expenses  Step 5: Calculate the differences

3 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Sample Budget Worksheet Slide 3 Chapter 6

4 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Sample Budget Worksheet Slide 4 Chapter 6

5 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Slide 5 Chapter 6 Budget Pitfalls  Few consumers have realistic budgets.  Here are some reasons for this.  Some people get too specific and the level of detail becomes too much trouble. Keep your budget simple.

6 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Budget Pitfalls  Some people don’t predict the correct amount of their flexible expenses. Good record keeping can help you investigate your flexible expenses. If you know what you paid and when you paid it, you can be more accurate. Slide 6 Chapter 6

7 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Budget Pitfalls  Some people lump too many expenses under miscellaneous. If a large portion of your expenses is not in a category, it will be hard for you to plan your spending. Slide 7 Chapter 6

8 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Budget Pitfalls Slide 8 Chapter 6 Some people give up on budgets because they think budgets takes too much time and effort to create and maintain them. If you set aside an hour each week, you can easily maintain your budget. Keeping a budget takes commitment, but it will help you achieve your life span goals.

9 © Thomson/South-Western ECONOMIC EDUCATION FOR CONSUMERS Student Practice/ Application  1. Read pages 204-209 in your Economics Textbook.  2. Complete Try These Questions 1-5 on Page 209 of your Economics textbook  3. Complete Think Critically Questions 6-12 on Page 209of your Economics textbook  4. Fill out known information on your Budget Sheet. SAVE THIS BUDGET SHEET! Slide 9 Chapter 6


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