Sponsored by Welcome COUNTRY Financial® proudly provides financial literacy education to your classroom. Financial literacy is important, no matter how.

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Presentation transcript:

Sponsored by Welcome COUNTRY Financial® proudly provides financial literacy education to your classroom. Financial literacy is important, no matter how old you are and no matter your goals. Understanding money allows you to make more informed choices and to be better able to pursue your dreams. Congratulations on taking this first step in becoming more financially savvy.

Budgeting A Financial Beginnings financial education program

What if you won the lottery? How would you spend the money?

What are we doing today?  We will:  Learn the primary components of a budget and how one can be created and maintained.  Learn about the different types of income and how taxes apply.  Learn about some useful budgeting concepts such as fixed and variable expenses.  Learn how short-term and long-term financial goals are set and utilized.  Learn tips to keeping your budget relevant.

What is a budget? Who uses budgets?

Basics of Budgets Expenses Net Income or Loss FixedVariable EarnedPortfolio Gifted or borrowed Surplus or Shortfall Income

Earned Portfolio Gifted/Loaned

Expenses Fixed RentCar insuranceLoan paymentsPhone bill Variable FoodClothingGasTaxesEntertainment

Taxes Real Estate Stocks Gas Cigarettes Travel General purchases Luxury items Food purchases Federal State City FICA IncomeSales AssetExcise

Factoring taxes into your budget  Decide if you are budgeting for Gross or Net income  Budget for taxes  Understand how your W4 effects the taxes withheld from your paycheck

Needs vs. Wants NeedWant

Maslow’s Hierarchy of Needs Acceptance Self-esteem Love, belonging Safety Physiological

Responsibility Environmental EconomicSocial

Where can I cut expenses?

Case: Cheryl What are some ways that Cheryl can cut down on her expenses so that she can afford to take the vacation with her family? Page 16 of the Resource Guide

How to start a budget  Pick a time period  Project your income and expenses  Calculate income – expenses  Income needs to exceed expenses IncomeExpenses Net Income/ Loss

Budget killers  Unexpected expenses  Unrealistic budget line items  Lack of adjustments when necessary  Not tracking to budget  Not factoring “what if” scenarios

Goals Long-term Retire Send kids to college Vacation home Intermediate -term Purchase house Get married Purchase car Short-term Take a summer vacation Purchase new iPhone

Tracking

Net Worth

Budgeting Activity Page 58 of Resource Guide Tony needs help developing a budget.

Takeaways Maintain a current budget Create goals Maintain a net income

Got it?  Do you:  Understand the primary components of a budget and how one can be created/maintained?  Understand the different types of income and how taxes apply?  Understand some useful budgeting concepts such as fixed and variable expenses?  Understand how short-term and long-term financial goals are set and utilized?  Know some tips for keeping your budget relevant?

Sponsored by Want to learn more? Visit countryfinancial.com/FinEd Congratulations, you are well on your way to being more financially savvy.