What does this mean to you?. FCS 7 TH GRADE Money Management.

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Presentation transcript:

What does this mean to you?

FCS 7 TH GRADE Money Management

Income Income: The amount of money you have coming in (ADDITION) Money you receive from:  Babysitting  Mowing Lawns  Allowance

Expenses Expenses: The goods and services you spend money on (SUBTRACTION) 2 Categories of Expenses:  Fixed: Expenses that must be paid and don’t vary in amount (NEED)  Transportation  Lunch Money  Flexible: Expense that vary from time to time (WANT)  Concert Tickets  New Shoes

Budgets Budget: A plan for spending and saving the money you have available. Steps to creating a budget: 1. Decide what are you most important expenses and write them in order. 2. Record your expected income-keep weekly records. 3. Write down what you plan to spend on your expenses. 4. Review your budget periodically.

Accounts Checking Accounts: Consumers place money into an account and use checks or debit cards as cash to withdraw or take out the money in the account.

Accounts Savings Accounts: Increase the amount you deposit by paying you interest.  Used to save for a major goal  College  Car  Vacations

Checks Checks: Used the same as cash, fill out completely and in ink. You can only write checks up to the balance you have in your account. Check Register: Small booklet used to help keep a record of your account.  You should check your monthly banking statement and make sure it matches the balance you have written down for your account.  WHY?

Debit Cards Debit Card: Used the exact way as filling out a check and using it.  There is no interest on debit cards like on a credit card. The money comes straight from your account.

Depositing Money Deposit: Putting money into an account. Fill out a deposit slip for the amount you want to put into your account.

ATM ATM: Automatic Teller Machine  You can use your debit card at the ATM to do several things:  Withdraw money  Deposit money  Check your account balance

Credit Credit: An arrangement that lets you buy things now and pay for them later. 2 Major Types:  Loans: Borrow money from a bank and pay back on a payment plan  Sales credit/Charge accounts: Receive purchase now and pay a store or credit card company later for what you owe.

Interest Interest: The money a financial institution pays at regular intervals for the use of your money. Example:  I have a credit card with a limit of $1,000 with a 5% interest. How much will I have to pay monthly?  $1,000x5%=$50 OR $1,000x0.05=$50