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Published byTracy Ferguson Modified over 8 years ago
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Personal Finance Part 1
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www.ted.com/talks/joachim_de_posada_says _don_t_eat_the_marshmallow_yet.html www.ted.com/talks/joachim_de_posada_says _don_t_eat_the_marshmallow_yet.html Instant Gratification: unwillingness to give up something now in return for something later Delayed Gratification: willingness to give up something now in return for something later
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Use budgets to itemize and manage income, expenses, and savings Important to spend less than you earn With a partner: When was a time you wanted to buy something but didn’t have enough money to pay for it?
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With a partner: What are ways you could save money for something you wanted to buy? With a partner: What are examples of something you or your family need to buy versus something you’d like to have? (Needs and Wants)
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What are some reasons you might want to have a written plan for how you are going to spend your money?
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How you spend your money and how much do you spend in a given period of time Helps you plan the savings you’ll need for certain expenses Helps you make decisions about your money both today and over time
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How much money you have coming in during a period of time (income) How much money you have going out (expenses) How you can adjust spending habits to save and get the most value for your money
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1. Fixed- expenses occur regularly and don’t change from month to month (rent, car payments) 2. Flexible- regular basis- you have some control over how much you spend (food and gasoline) 3. Discretionary- money you choose to spend (going to movies, having pizza with friends, money you save)
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What are some things you would list on your budget? What do you spend money on now? What are some things you never have enough money for? How could a budget help? What are some ways you could save money when you go shopping?
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Covers basic expenses that occur on a routine basis Has money available for unexpected expenses Includes savings for the future
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Keep your budget in mind when you shop! Save money to make large purchases Compare prices for similar items at different stores
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