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Daily Information 4/9

Daily Information 4/9. Objectives: Prepare a meal plan and determine if you were able to stay within budget. Explain the importance of budgeting. Warm Up: Make sure work turned in last class has been updated in infinite campus!

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Daily Information 4/9

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  1. Daily Information 4/9 Objectives: • Prepare a meal plan and determine if you were able to stay within budget. • Explain the importance of budgeting. • Warm Up: • Make sure work turned in last class has been updated in infinite campus! • Record all expenditures in the month of April on the “New” student budget. • Agenda: • Warm Up • Grocery budget • Ch4 Study Guide • Bottom Line

  2. Daily Information 4/8 Objectives: Prepare a meal plan and determine if you were able to stay within budget. • Warm Up: • Check your grade in infinite campus to make sure work submitted yesterday has been updated. • Agenda: • Warm Up • Grocery budget • Resume • Bottom Line

  3. Daily Information 4/1 Objectives: • Implement the process of creating a spending plan. • Discover ways to save money when purchasing groceries. • Agenda: • Warm Up • Scenario P.P. • Scenario activities • Grocery budget activity • Paycheck project • Bottom Line • Warm Up: • How much money do you want to have by the time you are 30? • What will you use it for?

  4. Daily Information 4/4 Objectives: • Discover ways to save money when purchasing groceries. • Agenda: • Warm Up • Financial Literacy Fact Friday!! • Grocery budget activity • Warm Up: • Who is one of your “money role models” and why? April is Financial Literacy Month!! EveryFriday in Financial Literacy Month will be a Fact Friday!

  5. Daily Information 4/7 Objectives: • Discover ways to save money when purchasing groceries. • Agenda: • Warm Up • Grocery budget activity • BottomLine • Warm Up: • Check your grade in infinite campus. If you have concerns regarding your grade, please write them down in your warm-up book.

  6. Daily Information 4/7 Objectives: • Discover ways to save money when purchasing groceries. • Agenda: • Warm Up • The Carson Family • Grocery budget activity • Bottom Line • Warm Up: • Check your grade in infinite campus. If you have concerns regarding your grade, please write them down in your warm-up book.

  7. The Carson Family • Goals • Pay the rest of tuition, no more student loan ($200) • Enroll in life insurance ($75) • Pay off credit card ($___) • Changes • Dining out: $40 • Cell Phone: $50 • Cigarettes: $0 • Credit Card: (More than $30)

  8. The Carson Family • Calculate your total • Income = expenses • What you will do with the remaining balance? • How much towards the credit card • How much towards their savings

  9. Congratulations! You have been hired as a financial advisor for John and Tia Brown • Developed a Statement of Financial Position and Income and Expense Statement • Identified the following goals: • Develop a spending plan for the Brown family Increase the amount of their emergency savings fund Pay more on their monthly car loan payment to pay the loan off faster Spend less money on clothing every month Spend less money dining out at restaurants

  10. The Brown FamilyTracked Income and Expenses for January Kept all receipts for the month of January to create an Income and Expense Statement Review John and Tia’s January Income and Expense Statement for a realistic view of their income and expenses

  11. Personalize Your Spending Plan Step 1 - Track Current Income and Expense How will you develop a spending plan? Step 5 - Evaluate and Make Adjustments Step 4 - Implement and Control Step 2 - Personalize Your Spending Plan Step 3 - Allocate Money to Each Category

  12. The Brown FamilyPersonalize The Spending Plan • Requested a spending plan for the month of February • Requested the same document and categories as the Income and Expense Statement • Find the column on the Income and Expense Statement where the Spending plan will be created

  13. The Brown FamilyAllocate Money to Each Category • Indicated a * next to expenses that are either contractual or they are unwilling to decrease • Remember goals • Consider trade-offs • Must have a net gain or a zero balance

  14. The Brown FamilyAllocate Money to Each Category • Develop a spending plan for the family • Explain each change made

  15. Net Gain or Net Loss? • Add more money to savings or another expense • Increase income • Decrease expenses • Both

  16. The Brown FamilyEvaluate and Make Adjustments How could creating a spending plan help you now and in the future? • Increase their grocery budget by $20.00 • How has developing a spending plan helped the Brown family? • John and Tia realized that if they dine out at restaurants less often they will need to increase their monthly grocery expense

  17. The Brown Family • You may begin the scenario within your group • When you are finished, start working on the second scenario for the Carson family.

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