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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.

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Presentation on theme: "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."— Presentation transcript:

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

2 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

3 Budgeting Fixed 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

4 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

5 Where Does Your Money Go? DateItem(F) Food (C) Clothing (E) Entertai nment (O) Other (PL) or (UN) (FX) or (VR) 5/1Soda$1.50 5/3Game rental $3.99 5/4Gas $22.30 5/4Shoes $69.99 5/5Movies $22.00 5/7Itunes $10.00 Totals $1.50$69.99$35.99$22.30 UN VR PL VR UN VR PL VR UN VR PL VR Grand Total: How much did Matt spend on the following: Food = Clothing = Entertainment = Other = $129.78 $1.50 $69.99 $35.99 $22.30

6 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. Activity

7 What They All Mean Income: GreenJob $8 YellowGift $6 BlueAllowance $7 Expenses: RedFood $5 OrangeGas $6 BrownClothes $9

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

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

10 Being An Adult Isn’t Easy $174.33 Less

11 Being An Adult Isn’t Easy More $187.33

12 Being An Adult Isn’t Easy $70.67 More

13 Being An Adult Isn’t Easy $101.67 More

14 Being An Adult Isn’t Easy $68.33 Less

15 Being An Adult Isn’t Easy $2.50 Less

16 What You’ve Learned 1.Distinguish between fixed and variable expenses as well as planned and unplanned expenses 2.Record and analyze expenses 3.Evaluate how well a budget is kept based on expenses and income for a given period of time


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