Personal Management Charting Your Course Through Time & Money.

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Presentation transcript:

Personal Management Charting Your Course Through Time & Money

Budgeting

Making a Budget (Requirement #2) ► Elements of a Budget Income Allowance Wages Gifts Other Expenses Savings – Pay Yourself First! Donations / Charity Food/Snacks/Meals Out Clothing Toys, Music, Entertainment, Hobbies, etc. Span of Time (weekly, monthly, & annual) Balanced Budget What happens when expenses exceed income? What happens when income exceed income?

Sample Budget

Keeping to a Budget (Requirement #2) ► Homework – Track your income and expenses for 13 weeks Opening Balance Track Transactions Deposits & Withdrawals Dates Maintain Running Balance ► Compare Actual vs. Budgeted Amounts

Income & Expense Tracking

Requirement 3 How Money Makes us Feel a.The emotions you feel when you receive money b.Your understanding of how the amount of money you have with you affects your spending habits c.Your thoughts when you buy something new f.Your understanding of what happens when you put money into a savings account g.Charitable giving. Explain its purpose

Requirement 1 Planning for a Major Expense ► Determining Need Who will use it & how? Requirements and “like to haves” ► Researching Choices Internet & Consumer Magazines Friends & Family Sales people ► Purchasing Strategies Wait for a sale Shop around and compare prices Negotiate price ► Write a plan for the purchase of a major item (homework)

Class Syllabus (next time) ► Class #3 – 3/16/09 Requirement 4 – Saving & Investing Saving vs. Investing Risk & Return Requirement 5 – Publicly Traded Stocks Dividend & Yield Price / Earnings Ratio Daily High / Low / Close & Volume Net Change & Percent Change 52 week High & Low Select five stocks and find the current price, 1-day change, 52 week high and low (homework) Requirement 6 - Investment Options Stocks, Mutual Funds, Life Insurance, CDs, Savings Acct. & US Savings Bonds Advantages & Disadvantages