NEFE High School Financial Planning Program Unit Two Budgeting: Making the Most of Your Money. Unit 4 - Budgeting: Making the Most of Your Money

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1 Unit 4 - Budgeting: Making the Most of Your Money

2 ? 2-A-1

3 Chart Recommendations Housing 30% Food 20% Clothing 10% Transportation 10% Savings 10% Misc. 20% 2-A-2

4 2-B Some Money Facts The average person spends money three-six times a day. A movie with popcorn and a soft drink can easily cost $20. Just one soft drink a day for 99 cents adds up to $ in a year. What s the biggest expense item for teenagers? FOOD!

5 2-B 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.

6 2-B BUDGET A plan for managing money during a given period of time. Budget = Roadmap By effectively managing money and living on a budget, huge strides can be made to becoming financially independent. With an effective plan on how to use money, anyone can be rich!

7 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

8 2-B 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?

9 INCOME Income is money earned from: Tips Wages or salaries Withdrawal of money from savings Interest from savings or investments Monetary gifts Scholarships 2-B-3

10 EXPENSES Money spent (going out) FIXED EXPENSES Have a set dollar amount every time Difficult to change VARIABLE EXPENSES (FLEXIBLE) Different amount paid each time (specific date) You may have control of them PERIODIC EXPENSES 2-B-3

11 FIXED, VARIABLE, OR PERIODIC? Expense Fixed Variable Periodic Loan Payment Electric Bill X X Twice-yearly Insurance Payment?????? X 2-C

12 NET INCOME OR NET LOSS When finished with the budget, two outcomes are possible: Net Income--More income than expenses Ideal situation Extra money can go into savings, investment or spent Net Loss--More expenses than income An individual needs to increase income or decrease spending 2-B-3

13 You want more IN COME than OUT GO

14 S A V E PAY YOUR$ELF FIRST! 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! 2-D-1. (2-D-2 and 2-D-3 on Excel file Unit 2 Visuals.xls)

15 Personal Spending/Savings Plan One Week Personal Plan for One Week Income (after taxes) Part-Time Job Allowance Total Income Savings and Spending Savings (PYF) Food Clothing Entertainment Gifts and Contributions Transportation Miscellaneous Total Savings & Spending $ $ $ $ E Income Savings and Spending Balance $ $ $20.00

16 Spending Plan Process Six steps in the spending plan process 1. Set Financial Goals 2. Organize 3. Decide 4. Implement 5. Control 6. Evaluate

17 Types of Control Systems Envelope System Individuals place actual budgeted cash in a labeled envelope for a certain expense Each time $ is taken out of an envelope, write down amount and place receipt inside Move money around to meet expenses Once cash is gone, its gone and there is no more money in that category

18 Types of Control Systems Spreadsheet Track income and expenses on a spreadsheet by entering amount Keep daily to know how much is being spent Budget Spreadsheet Spending Plan Template Online Spreadsheet

19 Types of Control Systems Check Register System Tracks all expenditures in a checkbook register Divided into spending plan categories Personal Finance Software Intuit Quicken Premier Microsoft Money Moneydance

20 How to Build a Budget 1. Decide on a time frame for tracking expenses (week, two weeks, month). 2. List all money you have coming in (income). 3. Make categories for all expenses. 4. Subtract total expenses from income. 5. Study your budget and your financial plan to make sure it fits with your plans and goals. 2-F

21 Jessica's Jessica's Monthly Budget Monthly Budget Estimated Estimated Income: Income: Paycheck Paycheck (after taxes) (after taxes) $560 * $560 * Interest Earned Interest Earned 15 * 15 * Total Estimated Total Estimated Income: Income: $575 $575 Fixed Expenses: Fixed Expenses: Savings (P.Y.F.) Savings (P.Y.F.) Car Payment Car Payment 200 * 200 * Insurance Insurance 50 * 50 * 2-G Estimated Estimated Variable Expenses: Variable Expenses: Cell Phone Cell Phone 40 Gas Clothing Gas 45 Clothing 50 Video Game/Music Video Game/Music 20 Electronics Electronics 20 Food Food 25 Recreation Recreation Total Estimated Total Estimated Expenses: Expenses: $575 $575

22 Money is like closet space. You use up as much as you have. It isn t the amount of money you make that is important, it is the amount of money you keep!

23 BUDGET ASSIGNMENT 100 points + $100 On Time Bonus Four weeks Follow instructions on handout Projected budget (income and expenses) Daily Log One to two pages summary Actual Income and Expenses (budget) Pie Chart Projected budget for next month

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