Personal finance unit (Don’t be a dope with your money)

Slides:



Advertisements
Similar presentations
Copyright, 1996 © Dale Carnegie & Associates, Inc. MONEY MATTERS Money Smart Course Indiana Department of Financial Institutions.
Advertisements

Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
16 Money Management and Financial Planning
Money Management Strategies
Money Management Strategy: Financial Statements and Budgeting
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
Money Management Strategy
Money Matters1. 2 Introductions Instructor and student introductions Module overview.
Building: Knowledge, Security, Confidence Budgeting.
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.
Setting Financial Goals
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
2 You Will Know The concept of budgeting The benefits of budgeting How to use a budgeting tool.
Money Matters. Money Matters 2 Welcome 1.Agenda 2.Ground Rules 3.Introductions.
Learning Objective # 3 Develop a personal balance sheet and cash flow statement.
BUDGETING FOR MAJOR EXPENSES Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 2 1.
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
Earning an Income Review. A purposeful course of action or purpose in life that generally provides income.
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.
Standard 1 VOCABULARY.  Career – a purposeful course of action or purpose in life that generally provides income  Earned Income –money received for.
Spending Plans Advanced Level G1 © Take Charge Today – August 2013 – Spending Plans – Slide 2 Funded by a grant from Take Charge America, Inc.
BUDGETING FOR MAJOR EXPENSES Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 2 1.
16 Money Management and Financial Planning
Money Matters.
Decision Making in Finance Paycheck Example
Financial Management Financial Planning
Chapter 2 Money Management Skills McGraw-Hill/Irwin
personal finance ms. gorski spring 2017
Budgeting after you have identified your financial goals
The Homebuyer’s Guide Chapter 2 Money For Housing.
Module 1: Introduction to Money Management
Statement of Financial Position
Personal finance unit (Don’t be a dope with your money)
Setting Financial Goals
Personal Finance Day18.
How will you spend your money?
Planning a Budget Chapter 28.
Chapter 2 Money Management Skills McGraw-Hill/Irwin
Managing YOUR Money! Personal Finance.
Chapter 2 Money Management Skills McGraw-Hill/Irwin
“Take Charge of Your Finances” Advanced Level
Discuss these questions with your table partner:
Spending Plans.
Chapter 3 Quiz TODAY.
Budgeting 101 Many Americans do not know how to manage their money to keep themselves out of debt, let alone to save money. Budgeting can help!
Chapter 2 Managing Spending
16 Money Management and Financial Planning
Financial Education for High School Students
FOOD SPENDING PLAN.
Statement of Financial Position
Money Management Strategy
Keeping a Budget and Saving Money
“Money Matters Matter”
What is a Budget and Why do I need one!
Money Management Strategy: Financial Statements And Budgeting
How to budget your money?
Statement of Financial Position
Spending Plans Advanced Level.
More Budget Practice Financial Literacy.
Decision Making in Finance Paycheck Example
Spending Plans Advanced Level.
Spending Plans Advanced Level.
Financial Statements, Tools, and Budgets
“Take Charge of Your Finances” Advanced Level
HOUSEHOLD BUDGETING and the FOOD SPENDING PLAN
Managing your Money Chapter 20 8/8/2019.
Setting Financial Goals
Aim: How do you create a budget?
Managing Money Chapter 13.
Presentation transcript:

Personal finance unit (Don’t be a dope with your money) Money Matters Personal finance unit (Don’t be a dope with your money)

Purpose Money Matters will help you: Get a handle on how you spend your money. Prepare and follow a personal spending plan or budget.

Objective By the end of this course, you will be able to: Track daily spending habits. Prepare a personal spending plan or budget to estimate monthly income and expenses. Identify ways to decrease spending and increase income. Identify budgeting tools that will help you manage your money.

How to Prepare a Budget Track daily spending. Determine income and expenses. Find ways to decrease spending. Find ways to increase income.

Budget Definition: A step-by-step plan for meeting expenses in given period of time. Also called a “personal spending plan.”

Benefits of Budgeting Reduces money-related anxiety. Gives you control of your financial situation. Helps you build assets to improve your quality of life.

What did I spend my money on today? Daily Spending Diary Example Day What did I spend my money on today? Sunday Monday Tuesday Wednesday Thursday Friday Saturday

Income Wages Public assistance Child support Alimony Interest Dividends Social security Other sources

Gross vs. Net Income Gross income = Total income without deductions Gross income minus SS, taxes, other deductions

Social Security Benefits Social Security covers: Retirement Disability Family Survivors Medicare benefits

Social Security Statement A record of: Your earnings. Social Security taxes you have paid during your working years. Estimate of monthly retirement, disability, and survivor benefits.

Fixed vs. Flexible Expenses Fixed expenses = Expenses with amounts that don’t change from month to month. Flexible expenses = Expenses with amounts that may change from month to month

Tax Credits Earned Income Tax Credit (EITC). Child tax credit. Credit for Child and Dependent Care Expenses. Education credits. Tax credits for retirement savings contributions.

Recordkeeping Tips Keep records in a safe place. Keep files organized. Keep tax records for at least 3 years. Send your bill payments before they are due.

Budgeting Tools Monthly payment schedule Monthly payment calendar Expense envelope system Budget box system Computer system

Monthly Payment Calendar

What To Pay First Rent or mortgage Utilities Food

Loan Payment Decisions Pay off loans with the highest interest rate first. Talk to your creditors. Get credit counseling. Enroll in a debt management plan. Consider bankruptcy only as a last resort.

Practice Exercise: Budget Considerations Instructions: Read the scenario. Answer the questions. Be prepared to explain your answers.