SPENDING ON A BUDGET Coach Markus. KEEPING RECORDS  Expense diary  Check register  Software program (Quicken, Excel, etc.)  Receipt files  Scanner/photos.

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Presentation transcript:

SPENDING ON A BUDGET Coach Markus

KEEPING RECORDS  Expense diary  Check register  Software program (Quicken, Excel, etc.)  Receipt files  Scanner/photos

WHY KEEP RECEIPTS?  Returns  Exchanges  Warranties  Gifts to others  Taxes

STORING RECEIPTS  File cabinet  Envelopes  Shoe box  Electronically

BUDGETING DIARY ACTIVITY For the next two weeks, you will keep record of your purchases. Whatever you buy, must have an accompanying receipt. (Ask for it and keep it!) Due Date: Thursday, 31 October

EXPENSE CATEGORIES  Automobile  Clothing  Computer  Gifts  Entertainment  Food  Rent/Mortgage  Personal Care

EXPENSE CATEGORIES  Recreation  Savings  School  Transportation

SETTING UP A BUDGET 1. Estimate your income (fixed, usually) 2. Estimate your expenses to include: 1. Fixed expenses 2. Flexible expenses 3. Extras

SETTING UP A BUDGET 3. Coping with change - Plan for changing conditions that increase or decrease your expenses 4. Keep Savings in mind - Set money aside to help meet goals 5. Balance your budget - Each month, compare your expenses to your income - Rework your budget if need be

BALANCING INCOME AND EXPENSES What to look for, what to do? 1. Income/Expense comparison 2. Is this positive or negative? 3. What adjustments need to be made? 4. Figure out how you can decrease expenses or increase income. 5. Make changes as needed.

TIPS FOR MAINTAINING A BUDGET  Become a good consumer  Exercise self-control  Develop a good record-keeping system  Evaluate your budget regularly

KELLY’S BUDGET ACTIVITY  Read through the case information  Fill in the “Budget column” as directed  Read through the “Actual” expenses sheet and fill in budget sheet accordingly  Answer the questions and turn-in at the end of class for credit.