Budgeting: Making the most of your money FYI: 60% of millionaires use a budget to manage their money.

Slides:

Advertisements

Similar presentations

Unit 2 - Budgeting: Making

Advertisements

Unit 2 - Budgeting: Making the Most of Your Money Did you Know? In 2001, the average American teen spent $104 per week.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Making and Living Within a Budget NORTH DAKOTA PERSONAL.

Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.

6.01K HOUSEHOLD BUDGETING and the FOOD SPENDING PLAN

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Unit 2 - Budgeting: Making the Most of Your Money Objective.

Creating a budget is important to ensure your financial security, monitor your income and expenses, and a way to help you save money. In order for your.

 A budget is a written record of the money that flows in and out of your household or pocket every month.

Budgeting “Pay Yourself First”. Personal Budget Working Tool Take Control Directs flow of cash received towards financial goals Must be Flexible! Takes.

Presented by Jeanne Nguyen.  Setting Priorities  Making a Budget ◦ How to Start a Budget ◦ How to monitor  Qualified Funds (401(k), Roth, IRA, and.

MAKING ENDS MEET Personal Budget for Type your name or family name.

Subtitle Making and Living Within a Budget. How should you spend your money? How do you spend your money?

Personal Finance. Financial Security  Enjoying financial security throughout life is an achievable goal  Budgets and other financial planning tools.

2/18/14 BR: Give an example for each expense Fixed: Variable: Periodic: TODAY YOU WILL... CREATE A PLAN TO GUIDE YOUR SPENDING. ©2012 National Endowment.

Creating and Maintaining a Budget Consumer Ed.  You'd never set out on a cross-country road trip without consulting a map.  Likewise, you can't expect.

Which one calculates Net Worth?

3/16/15 BR – Read over the handout. What are some spending problems that you see? How much does luck play in the author’s money problems? (c) 2012 National.

Budgeting Adult Living. What is a budget? A budget is a plan for spending and saving your money A budget includes: – Income- the amount of $ you earn.

What is Budgeting? IncomeExpensesSavings.  What is Income? Where does it come from?  What are some sources of Income?  Things to consider…  Federal.

Building: Knowledge, Security, Confidence Budgeting.

Budgeting Creating a Plan for Your Spending. $50.00 What would you do if someone gave you $50? Would you spend it on something, would you save it? What.

Unit 6.3 Part 1 Budget Categories. What is a Budget? A plan for spending and saving money Most people think budgets are: –Rigid and inflexible –Painful.

Budgeting. What is a Budget? A plan for spending and saving money Most people think budgets are: –Rigid and inflexible –Painful – who wants to eat Top.

Planning a budget. Lifestyle – Pre-budgeting Lifestyle is a way of living that reflects that person’s attitudes and values Where will you live? Rent or.

Setting Financial Goals

Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.

Financial plans and budgeting AR FACS framework 7.6.

Do Now 1)What is a budget? 2) What is the purpose of a budget?

Warm-Up--What Do You Know About Budgets? Use a Word table to create a KWL Chart (or copy and paste one from an earlier activity). What do you know? What.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Unit 2 - Budgeting: Making the Most of Your Money.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Unit 2 - Budgeting: Making the Most of Your Money.

Only 40 percent of Americans use a budget to plan their spending… The rest routinely spend more than they can afford.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Big Kid Budget Economics.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Unit 2 - Budgeting: Making the Most of Your Money.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Unit 2 - Budgeting: Making the Most of Your Money.

Making the Most of Your Money

Budgets Introduction © Donal Enright 2008 in association with Teachnet.

BUDGETING, SCHMUDGETING…WHY DO I NEED A SPENDING PLAN? By Julie Chapman for.

BUDGETING Short and long term goals Figuring monthly income Categorizing spending.

Citizens and The Economy. How do we contribute to the economic common good?? Be productive!!! What does this mean???

Spending Plan TODAY YOU WILL... CREATE A PLAN TO GUIDE YOUR SPENDING National Endowment for Financial Education | Lesson 1-4 Spending.

Why create a budget?  A budget helps you understand where your money goes.  It helps you live within your means and meet your goals.  It helps you find.

Budgeting: How much money do you really have?. What is a budget? A spending plan –Simple—a college student, single family –Complex—a corporation.

Balancing the Budget: Fitting It All In!. “What does it mean to be financially responsible?” What was the last big purchase you made? What decisions and.

© Family Economics & Financial Education – May 2005 – Spending Plan Unit – Developing a Spending Plan Funded by a grant from Take Charge America, Inc.

Chapter  A plan for saving and spending.  Allows you to meet your personal goals with a system of wise spending.

B UDGETING 101. W HAT ARE YOUR FINANCIAL GOALS ? What kinds of items would you like to purchase? Do you plan to pay for a college education? Do you want.

Budgeting Techniques Key Terms --Budget --Fixed Expenses --Allowance --Budget Variance.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Making and Living Within a Budget.

Mr. Stasa – Willoughby-Eastlake City Schools ©

Spending Plan TODAY YOU WILL... CREATE A PLAN TO GUIDE YOUR SPENDING. 1 ©2014 National Endowment for Financial Education | Lesson 1-4: Spending Plan.

Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.

Budgeting “Pay Yourself First”.

Managing Your Money Using a Budget By Eleonore Marino.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Unit 2 - Budgeting: Making the Most of Your Money.

Budgeting: How much money do you really have?. What is a budget? A spending plan –Simple—a college student, single family –Complex—a corporation.

Unit 2 - Budgeting: Making the Most of Your Money Did you Know? In 2014, the average American teen spent $104 per week. Did you Know? In 2014, the average.

Section 3.3.  Step 1: Set Your Financial Goals  Step 2: Estimate Your Income.

Unit 2 – Savings, Spending and Budgeting. CTE P.F #16) Explain how savings contribute to finance, and financial well being, building wealth, and working.

Unit 6.3 Part 1 Budgeting. Purpose Learn how to manage money by preparing a personal spending plan Identify ways to decrease spending and increase income.

Why It’s Important Budgeting techniques help you keep track of where your money goes so that you can make it go further.

Chapter 3 Making a Budget. As you become more independent a is important for happiness and success As you become more independent a is important for happiness.

Money Management Why budget?. Introduction Radio Call-In Show.

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Unit 2 - Budgeting: Making the Most of Your Money.

Making a Budget 7 th & 9 th Grade FACS. How much money do you spend each week?

What is a Budget? Welcome to class! Put phones away, take out your notes and answer this question: –WHAT IS A BUDGET? In answering this question, did you.

Spending and Savings Most people cannot obtain all of their wants. Instead, they have to make choices. Making a personal budget helps people understand.

How do you spend your money?

Presentation transcript:

Budgeting: Making the most of your money FYI: 60% of millionaires use a budget to manage their money

?

100Snacks 70Food 35Insurance 30Car 30Sports 30Clothes 30Music 20Entertainment 25Savings $ TOTAL

750Home 100Electric 30Gas 45Telephone 50Car 50Insurance 150Food Entertainment Savings TOTAL Sample Household Budget

Reasons for a Spending Plan:  …Helps you determine where you are spending your money currently.  …Helps you decide where to spend your money in the future.  …You have an organized way to save for things that cost more.  …Puts you in control of your financial future, beginning NOW.

People Without a Budget…  …Are less likely to know what they have.  …Have no plan, often coming up short before their next paycheck or allowance.  …Are almost certain to have no plan to save for more expensive spending goals.

Questions:  Does it makes sense to create and live within a budget when you don’t have a lot of money?  What if you find that you are consistently spending more in one area than you had planned to?  What if you find that you can’t live within your budget?

FIXED, VARIABLE, OR PERIODIC? ExpenseFixedVariablePeriodic Loan PaymentX Electric Bill X Twice-yearly Insurance Payment X ???

A V E etting aside money for “big ticket items” voids borrowing, which costs you a lot! It’s a ery wise thing to do, because very time you pay yourself first, you are developing a saving habit that leaves you with more money to spend later on for things that are really important to you! PAY YOUR$ELF FIRST! S

Personal Plan for One Week

How to Build a Budget 1.D ecide on a time frame for tracking expenses (week, two weeks, month). 2.L ist all money you have coming in (income). 3.M ake categories for all expenses. 4.S ubtract total expenses from income. 5.S tudy your budget and your financial plan to make sure it fits with your plans and goals.

Build a Budget Answer Key

BUDGETING: Making the Most of Your Money Questions???