Evaluate the costs and benefits of budgeting

Slides:

Advertisements

Similar presentations

Managing Your Money Personal Finance. Disposable Income.

Advertisements

Financial Management Project Your name here. I work at: ______________________ I am a _____________________ at ________________________ and make $ _________.

What different types of taxes are deducted from employee’s paychecks? LESSON DO NOW.

Monday January 30 th Personal Finance 1. Journal: 5 reasons you need to budget Journal Which reason is most important to you and why? How can you start.

Budgeting & Saving hUxttPh7_XQ.

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.

A Month In A Life. About Me: PROFESSION: Facts about job:

Planning a Budget Chapter 28.

Making the Most of Your Money

Topics Headline 5 Tips to break spending leaks om/od/savingmoney/qt/sp endingleaks.htm Main ArticleBig Picture Multimedia.

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

Part 1 Intro: Working and Earning Goal: Describe the factors that influence an individual’s income. Brainstorm…… individual skills and abilities, work.

Understanding Your Paystub. Deductions Anything subtracted from the pay you earned Types – Federal taxes – State taxes – Local taxes (county) – Social.

Lifestyle Costs Money management is the process of planning how to get the most from your money.

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.

Lesson 13: Net Pay Consumer Math: p When employees receive their paychecks, they should know that the check does not include their full earnings,

Gross Income the total amount of money one earns Ex. $6.15 an hour Multiplied by 40 hrs. per week_______________ Multiplied by 52 weeks per year________________.

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

Decisions work: career, job, wage or salary, skills, and entrepreneurship. Gross pay is before taxes and deductions and net pay is after. Education: college,

Earning an Income Review. A purposeful course of action or purpose in life that generally provides income.

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

Budget Notes Gross Income: the total amount of money one earns Ex. $7.25 an hour Multiplied by 40 hrs. per week______________ Multiplied by 52 weeks per.

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

Planning a Budget CHAPTER 28 MRS. SORRELL. Money Management Money is a limited resource Money is a limited resource Most people want more goods and services.

Figuring Your Paycheck Life Choices _____. Introduction Main reason most of us work is to _____ Paychecks are used to pay for _____ Important to know.

Standard 1 VOCABULARY.  Career – a purposeful course of action or purpose in life that generally provides income  Earned Income –money received for.

Income Taxes for Individuals Calculated as a percent of your taxable income Taxable Income = Gross Pay - Pre-Tax Deductions (examples: retirement plan.

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

How Good Are You At Saving?!? Complete the savings inventory to understand more about your saving habits Are they good? Or do you need to work on them.

My Budget Project Personal Finance Period:_____ Your Name 7/7/

FACTORY SHOALS MIDDLE SCHOOL MR. L. SMITH. Agenda Message Agenda Message: Personal Money Management Vocabulary Quiz #1 is Friday, May 6 th. Bring your.

BUDGETING FOR MAJOR EXPENSES Adapted in partnership with ©2015 Educurious Partners--All rights reserved UNIT 3 LESSON 2 1.

BUDGETING 101 STUDENT CAREER DEVELOPMENT BUSINESS ADMINISTRATION 036 (740)

Decision Making in Finance Paycheck Example

WELCOME C&E STUDENTS Grab today’s handouts.

What is one thing you can do if your budget ends with a negative?

Lesson 5A: Making a Budget– It Is All About Spending!

Personal Financial Literacy Practice

Junior Achievement Here are the minor notes from the past two weeks (and this final week) All of this information can also be found in your JA workbooks.

JOE WORKED 40 HOURS THIS WEEK. HE EARNS $15.75 PER HOUR

Planning a Budget Chapter 28.

Social Security Tax Withholdings: Adjusted Gross Pay. x 6

Social Security Tax Withholdings: Adjusted Gross Pay. x 6

Managing YOUR Money! Personal Finance.

3 Household Budgeting.

Preparing for College and Careers

Quiz on Balancing a Checkbook and writing a check

My Budget Project Personal Finance Period:_____

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

Almost everything is better when you plan

Warm-up: Payroll Exemptions

All of this information can also be found in your JA workbooks.

Computing Deductions on Your Paycheck

Pay Yourself First (PYF) – page 31

Human Capital (Voc) Refers to the amount of education and skills a person has (what makes you employable) Do you have the human capital to get the job.

Mr. Park ERHS Mr. Saliani, Principal

Spending Plans Brown Family Lesson.

Learning Objective Agenda: 1. Dates to remember

More Budget Practice Financial Literacy.

Personal Financial Literacy Journal

Decision Making in Finance Paycheck Example

Spending Plans Advanced Level.

Junior Achievement Here are the minor notes from the past two weeks (and this final week) All of this information can also be found in your JA workbooks.

Budgeting Take Charge.

Planning for the Future:

My Budget Project Financial Literacy Period:_____

Budget What does it include?.

Presentation transcript:

Evaluate the costs and benefits of budgeting

I. What is a Budget? A. How to spend income v. expenditures (expenses) 1. Income: Amount of money that a person or business makes a. Gross Income: Total amount of money made before deductions b. Net Income: The amount of money left over after expenditures 2. Expenditures (expenses): Total amount a person or business spends

B. Types of Expenditures 1. Deductions: expenditures before paycheck is received a. Pre-Tax Deductions (1.) Retirement Payments (2.) Life insurance (3.) Social Security (4.) Medicare

2. Taxes Federal Income Tax – paid to the US Gov’t State Income Tax – paid to the State Gov’t

Average Income Taxes Around the World

C. Types of Bills 1. Mortgage - owning home / Rent – not owning a home What is a foreclosure? 2. Car Payment a. Gas Payments 3. Insurance: company “backing” you up a. Car Insurance: required b. Home/Renters Insurance : recommended

5. Saving: setting $ aside for a later time 6. General Expenses: 4. Phone Bill 5. Saving: setting $ aside for a later time 6. General Expenses: a. Groceries b. Household Items c. Entertainment