Budgeting Ms. Perez

Bell ringer  What did you learn from the Jimmy Johns speakers?

Today -budgeting notes -Youtube video -Family budgeting challenge

Overdraft  When more money is taken out of your bank account then is in the account and the amount goes below zero.

T/F  Every budget should be the same

T/F  The purpose of a budget is to help achieve goals that you set

T/F  A budget can never change

T/F  A fixed income varies from month to month

T/F  When planning your budget you MUST include an emergency fund

T/F  When planning a budget you must save as much as possible

Budgeting  When creating a budget you must know  Income  Saving goals  Short term, long term, emergency funds  Fixed expenses  Expenses that DO NOT CHANGE from month to month  Variable expenses  Expenses that change from month to month

Fixed or variable  Rent

Fixed or variable  Dining out

Fixed or variable  Car payment

Fixed or variable  Savings

Fixed or variable  Car payment

Fixed or variable  Gas

Fixed or variable  Electricity

Fixed or variable  Car Insurance

Fixed or variable  Health insurance

What do you think the steps of creating a budget are?

At your table try to put the steps in order  1. List fixed expenses  2. Track where your money is going and determine income  3. Re-adjust money if needed  4. List variable expenses  5. Stick to your budget  6. List amount to go into savings  7. Subtract your savings, fixed, and variable expenses from your income

 2. Track where your money is going and determine income  6. List amount to go into savings  1. List fixed expenses  4. List variable expenses  7. Subtract your savings, fixed, and variable expenses from your income  3. Re-adjust money if needed  5. Stick to your budget

1. Track where your money is going and determine income

2. List amount to go into savings

3. List fixed expenses

4. List flexible expenses

5. Subtract your savings, fixed, and flexible expenses from your income

6. Re-adjust money if needed

7. Stick to your budget

8. Revisit monthly and update when needed

BUDGETING  Helps you fulfill GOALS that you set

TOTD  List an example of something you would save for  Short term  Long term  Something you would use emergency funds for  *BRING YOUR CALCULATOR TOMORROW*

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