NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Big Kid Budget Economics.

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Presentation transcript:

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Big Kid Budget Economics

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Overview of Lesson 2 Examine spending habits by tracking them Advantages of a spending plan Sources of income Types of expenses Savings- Pay yourself first (P.Y.F) Developing a budget –Budgeting methods/recordkeeping –Budgets change throughout your life cycle

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money 2-A-1 For an interactive version of this slide, open the Excel File for this unit and go to Excel Worksheet 2-A-1 NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money ?

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money For an interactive version of this slide, open the Excel File for this unit and go to Excel Worksheet 2-A-2 NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money 2-A-2

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Reasons for a Spending Plan  …Helps you determine where you are spending your money currently.  …Helps you decide where to spend your money in the future.  …You have an organized way to save for things that cost more.  …Puts you in control of your financial future, beginning NOW. 2-B-1 Three Slides

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money People Without a Budget…  …Are less likely to know what they have.  …Have no plan, often coming up short before their next paycheck or allowance.  …Are almost certain to have no plan to save for more expensive spending goals. 2-B-2 Three Slides

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Questions  Does it makes sense to create and live within a budget when you don’t have a lot of money?  What if you find that you are consistently spending more in one area than you had planned to?  What if you find that you can’t live within your budget? 2-B-3 Three Slides

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Sound Familiar? 8

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Values Affect Spending SG Exercise 2B, p. 41 Assignment 2-1, p. 41 Personal values Personal Values

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Income: Gross vs Net Gross Income - what you earn before any deductions for taxes, insurance, etc. - minus deductions for taxes, insurance, SS, etc. = Net Income - income remaining after all deductions are subtracted Analyze a Pay Stub, SM2-3

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money 2-C For an interactive version of this slide, open the Excel File for this unit and go to the Excel Worksheet with this same number FIXED, VARIABLE, OR PERIODIC? ExpenseFixedVariablePeriodic Loan PaymentX Electric Bill X Twice-yearly Insurance Payment X ???

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money UI Extension Budgeting Resources /

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money S A V E etting aside money for “big ticket items” voids borrowing, which costs you a lot! It’s a ery wise thing to do, because very time you pay yourself first, you are developing a saving habit that leaves you with more money to spend later on for things that are really important to you! PAY YOUR$ELF FIRST (PYF)! 2-D-1. (2-D-2 and 2-D-3 on Excel file Unit 2 Visuals.xls)

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money 2-E For an interactive version of this slide, open the Excel file for this unit and go the Excel worksheet #2-E NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Personal Plan for One Week

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money How to Build a Budget 1.D ecide on a time frame for tracking expenses (week, two weeks, month). 2.L ist all money you have coming in (income). 3.M ake categories for all expenses. 4.S ubtract total expenses from income. 5.S tudy your budget and your financial plan to make sure it fits with your plans and goals. 2-F 54321

Build a Budget Answer Key 2-G

NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Summary of Lesson 2 Tracking expenses helps you examine spending habits Advantages of a spending plan Spending plans/budgets –Income –Expenses –Savings- (P.Y.F) Developing a budget