# How much money do you spend every week?

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1 Learning Objectives 1. Explain the concept of personal financial planning; 2. Understand the importance of personal financial planning in controlling personal finance; 3. Apply the basic principles and techniques in preparing personal budgets; and 4. Develop a proper attitude towards personal finance. Activity 1 How much money do you spend every week? Terry has just promoted to S.1. His parents give him \$1200 per month which is supposed to cover all his expenses including lunch and transportation, etc. The pocket money is given to Terry on the first day of each month. Daddy reminded Terry that he should use the money properly and avoid overspending. What is overspending? What do you think Terry should do to avoid overspending? Discuss with your neighbor and write your answer in the space below

3 Group Discussion Form a group of FOUR and discuss the following questions. Write your answers in the space provided. 1. How can a personal budget help us achieve our financial goals? 2. What would happen if you do not estimate and keep record of your income and expenses? - 3 -

4 Terry thinks that it is easy to work out his personal budget because he has only two major expenses: 1. Taking vans to school and return home. Each trip costs \$5. 2. Having lunch at the fast-food restaurants near the school. Most of them offer student menu at about \$40. The following is the personal budget prepared by Terry. Fill in the blanks with the given information. Total money I have per week Total money I spend per week Pocket Money \$300 Transportation( /day X10) Lunch( /day X5) Total Total If there is no other income or expense, how much can Terry save per week? In the first few weeks, Terry seemed to have controlled his spending on transportation and lunch quite well. However, when it came to the end of the third week, he was shocked to notice that he got only \$150 left. Do you know why? Write your answer in the space below

5 Terry tried hard to recall his memory. At last he found that he had made a few consumptions which were not projected in his plan. The following are the descriptions of his expenses. Consumption items Amount and description of the consumptions Buying a birthday present at \$150 to friend. Taking taxi to school twice, spending \$50 in total, for waking up late in the morning. Hanging out with friends at a weekend, \$250 was spent on transport, food and film ticket. Fixing computer at a cost of \$50. What mistake(s) has Terry made in preparing his financial budget? - 5 -

6 Three categories of expenses Expenses change according to how much a product or service is consumed. Examples: transportation expenses, clothing and food, etc. Expenses that are paid on a regular basis (i.e. monthly, quarterly or yearly) and do not change much over time. Examples: rent, l oan payments and tutorial fees, payments and tutorial fees, Variable Expenses Fixed Expenses Discretionary Expenses Expenses on the consumption of goods or services that are not essential to living. Examples: entertainment like going to concert or watching movie, vacation trips, and brand-named clothin g, etc. Notes: 1. Both fixed and variable expenses are spent on the goods and services which are essential to living. 2. Total expenses should include all the three types of expenses - 6 -

7 In Terry s case, can you tell which expense(s) is/ are fixed expense(s), variable expenses and discretionary expense(s)? Write your answer in the following table. Fixed expenses Variable expenses Discretionary expenses As Terry has over spent in the first few week in a month, leaving him only \$150 for the last week, which is not enough to cover the daily expenses he has planned. Can he cut the expenses on transportation and lunch? Why or why not? What would you suggest Terry to do in the last week under the following conditions? Condition 1 -- Taking minibus is the only way for Terry to get to school Condition 2 -- Terry may wake up earlier and walk/ cycle to school - 7 -

8 Wants Vs Needs Needs Consumptions on things that are essential to living are our needs. Expenses on needs are often unavoidable. You may reduce the expenses by consuming less if they are variable expenses, e.g. transportation. Wants As for consumptions on things which are not essential to living, they are our wants. Expenses on wants are often avoidable or being cut when money is not sufficient. Do you remember what expenses you have made so far in this week? Can you classify them as needs and wants properly and write down in the appropriate space below? When money available is not enough to afford all the things you intend to buy, what should you do? Discretionary expenses - 8 -

9 Activity 2 Make Your Dream Come True! Use the following table as a framework to prepare a monthly personal budget for yourself to analyze your own financial situation. Task 1 Complete the table below by projecting the cash inflows (money you will receive) and cash outflows (money you will spend) in the coming week. Cash inflows (money you receive in a week ) Cash outflows/ Expenditure (money used on consumption of good & services in a week) e.g. Pocket money Total cash inflow Total cash outflow 1. After balancing all the cash inflows and outflows, do you see a surplus or deficit? X If you achieve a surplus, how are you going to use the money? (Free answer, teacher should advise students to keep the surplus as additional savings rather than using it up on unmet wants.) If you achieve a deficit, what should you do to change deficit into surplus? (Students should be able identify the discretionary expenses in the budget and reduce or eliminate these expenses from the budget in order to change deficit into surplus.) 2. Did you set aside some money as savings in your budget? (Free answer) 3. Why is it important to reserve some money as savings in our personal budget? meet unexpected but necessary needs or any emergency use

11 Activity 3 Check the total monthly income and expenditure of your family and prepare a monthly financial budget for your family. You may use the table in [Appendix A] to complete the task. 1. What make(s) a good budget? 2. Realistic and achievable 3. Contributions to savings and investment should be included. 4. Expected expenses should never exceed the finance resources (i.e. money) Consider want only when there is surplus 2. After balancing all incomes and expenses, do you see any deficit or surplus? 5. Realistic and achievable 6. Contributions to savings and investment should be included. 3. Suggest some ways to improve the financial situation of your family? I. II. III. IV. V. 4. Form into groups of 4. Each member should spend 5 minutes to report the following: (1) name 5 items of need; (2) name 5 items of want; and (3) suggest which items could be reduced in order to reduce the total expense and increase the total savings or contribution to investments

12 Financial planning at different stages at a life-cycle At different stages in our life-cycle, we have different needs and goals to achieve and there are also many different financial tools to help us fulfill those needs and goals. Good financial planning is to plan how you are going to allocate your financial resources with the appropriate financial tools so that your needs and goals at different life stages can be achieved. Therefore, it is important to every one of us. What do you think people in the following life stages need? How are they going to achieve their targets? Life Stages Needs & Objectives Financial plans to achieve the goals Senior Secondary Students Life Stages Needs & Objectives Financial plans to meet the goals University graduates just started working in a trading company

13 Case Study Form into groups of 4-5. Read the following cases and answer the questions. Case 1 Kent is a S.6 student, who has just finished the HKDSE in May. His friends are planning to take a 4-day trip to Singapore and asked if he wanted to join them. His parents agreed to sponsor the flight ticket for him. But for all other expenses, he has to pay by himself. 1. State and explain the kind of expense(s) incurred in this case. Expenses: flight ticket, accommodation in Singapore, and expenses on food, transportation, buying souvenirs and admission fees for visiting different places. All expenses on vacation trips are discretionary expenses which are not necessary to living. 2. What do you think Kent should do to attain his goal to Singapore with friends? He should prepare a realistic budget for the trip, estimating he total money needed to cover all categories of expenses in the trip, and then check whether he has sufficient money to afford the trip. If not, he has to find ways to obtain the money such as taking part time job or borrowing money from parents, etc. 3. How can personal financial planning help Kent achieve his goal? Personal financial planning can help Kent assess his own financial situation and construct a feasible plan to attain sufficient money to achieve his target

14 Case 2 James is a Year 1 student in a university in HK, owing 3 credit cards. He often makes payments with the cards but he never knows how much he has spent in a month until he receives the bank statements. Though he has a part-time job in a retail shop, he could never repay the total outstanding balance of the cards before the due date. Very often, he would only pay the minimum required payment or using overdraft form one card to settle the debt of another card. 1. What is wrong with James financial management? He does not control his expenses under the incomes available. The use of credit card allows him to spend more than he has. As he doesn t clear the debts before the due dates, it is easy for him to get into huge debt for the high interest charged by card issuers.. 2. How can personal financial planning help James resolve his problem? Personal financial planning can help James understand his own financial situation and plans how he is going to allocate financial resources. At the moment, he should firstly settle his outstanding balance on credit cards to stop the high interests being charged by card issuers. He should also prepare monthly personal budget to help him control his spending. A certain proportion of income should be reserved for repaying debts or savings for emergency use. proportion of income should be reserved for repaying debts or savings for emergency use

15 Appendix A Monthly Budget for s Family Salaries Interest and investment incomes Incomes Total incomes Expenses Household Mortgage payment Management fee & rates Appliances, furniture & maintenance Total household expenses Utilities Transportation Car Public transportation expense Total travel / transportation expenses Food Groceries Eating Out Total food expenses Clothing & personal care Children education Recreation & entertainment Insurance payment Salaries tax Sundry expenses Total Expenses Surplus / Deficit ** The above items are for reference only. You may add or replace the items that suit your family s condition

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