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Mastering Your Budget: A Guide to Financial Planning

Learn the basics of budgeting to effectively manage your finances. Understand different expense types, establish goals, and plan for your future. This comprehensive guide includes sample budgets and essential tips for successful budgeting.

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Mastering Your Budget: A Guide to Financial Planning

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  1. Budgeting:How much money do you really have? From foukeffa.org Written by Cara Sue Langley Ag Student Texas A&M GA Ag Ed Curriculum Office To accompany the Georgia Agriculture Education Curriculum Lesson 01411-4.1 July 2001

  2. What is a budget? • A spending plan • Simple—a college student, single family • Complex—a corporation

  3. Advantages • Establishes goals for money • Live on money earned • Eliminate wasteful spending habits • Achieve long-term goals

  4. Planning a budget • Estimate income • Estimate expenses

  5. Types of expenses: • Fixed • Variable

  6. Fixed expenses • Set amount due- • Taxes • Rent • Insurance • Utilities • Education

  7. Variable expenses • Vary in cost- • Food • Clothing • Gifts • Entertainment • Medical and dental

  8. Sample Budget Regular monthly payments Rent/home payment $350 Car payment $200 Appliance payment $65 Health plan payment $55 Life Insurance $110 Miscellaneous $50 Total $830

  9. Sample Budget • Household operating expenses: • Telephone $80 • Gas/Electricity $140 • Water $25 • Repairs, Upkeep $100 • Total $345

  10. Sample Budget • Food Expenses: At home $150 Away from home $50 TOTAL $200

  11. Sample Budget • Personal Expenses: • Clothing, Shoes $75 • Cleaning, Laundry $25 • Doctor/Dentist $75 • Education $50 • Auto Gas $150 • Spending Money $100 • TOTAL $475

  12. Sample Budget • Total Living Expenses $1,850 • Net Monthly $2,100 • Extra Money $250

  13. Hints • Stick it out!!! • Keep it simple!!! • Be realistic!!! • Be flexible!!! • Keep organized!!!

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