# “Once I’ve Got it, How Do I Keep It?”

## Presentation on theme: "“Once I’ve Got it, How Do I Keep It?”"— Presentation transcript:

“Once I’ve Got it, How Do I Keep It?”
Budgeting “Once I’ve Got it, How Do I Keep It?”

In This Lesson : Distinguish between fixed and variable expenses as well as planned and unplanned expenses Record and analyze expenses Evaluate how well a budget is kept based on expenses and income for a given period of time

Budgeting Fixed Expenses Variable Expenses
Spending that remains the same month to month. Rent Car payment Variable Expenses Spending that changes month to month. Cell phone Bill Gasoline for your car

Spending that you expect and for which you plan.
Budgeting Planned Expenses Spending that you expect and for which you plan. Gifts for mother’s birthday Deposit to college savings account or investments Unplanned Expenses Spending for an unexpected emergency, an urgent need or an impulse purchase. Flat tire on your bike Broken cell phone

Date Item (F) Food (C) Clothing (E) Entertainment (O) Other (PL) or (UN) (FX) or (VR) 5/1 Soda \$1.50 5/3 Game rental \$3.99 5/4 Gas \$22.30 Shoes \$69.99 5/5 Movies \$22.00 5/7 Itunes \$10.00 Totals UN VR UN VR PL VR PL VR UN VR PL VR \$1.50 \$69.99 \$35.99 \$22.30 Ask the students where did you go this week. Did your parents buy you anything? Did you get a soda that week? Did you eat out? Did you go to the movies? Fun Activity: If a student says they buy one soda a day show them how much that costs them per year. \$129.78 Grand Total: How much did Matt spend on the following: Food = Clothing = Entertainment = Other = \$1.50 \$69.99 \$35.99 \$22.30 5

Activity Now you are going to have a chance to write your own budget. Open your bag of M&M’s and divide them by color. Each color will represent a different income or expense. Based on what colors you have, you will be able to write a budget. Have the kids write in their note book. 6

What They All Mean Yellow Gift \$6 Blue Allowance \$7 Red Food \$5
Income: Green Job \$8 Yellow Gift \$6 Blue Allowance \$7 Expenses: Red Food \$5 Orange Gas \$6 Brown Clothes \$9 If you have 3 red mnm’s make sure you write down Food \$5 three times do not sub-total your colors. I.E. Food \$5 NOT Food \$15 Explain the importance of writing every transaction down. If you are developing a budget you want to make sure to write everything down so you do not forget anything. 7

Here’s What I Got Income Expenses Job \$8 Food \$5 Gas \$6 Gift \$6
Allow \$7 Total: \$71 Expenses Food \$5 Gas \$6 Clothes \$9 Total: \$63

What Does This Mean? What is one thing you learned from this game?
What are some similarities between this game and real life? What are some differences between this game and real life? If this game were your life, what would you do differently? What would you do the same?

Do the First Case Study together as a group. Less \$174.33 10

More \$187.33

More \$70.67

More \$101.67

Less \$68.33