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Unit 3-Budgeting

Unit 3-Budgeting. Chapter 7, 8, & 9. Day 8-I am a Financial Genius Journal. 1. Which is defined as a financial plan that allocates income towards expenses, savings, and debt? Portfolio Insurance Budget Savings account

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Unit 3-Budgeting

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  1. Unit 3-Budgeting Chapter 7, 8, & 9

  2. Day 8-I am a Financial Genius Journal 1. Which is defined as a financial plan that allocates income towards expenses, savings, and debt? • Portfolio • Insurance • Budget • Savings account 2. Wendy has $30 taken out of each paycheck that is directly deposited into her savings account. What advantage does she gain by doing this? • She will be able to work more hours. • She will be able to deal with unexpected emergencies. • Her social security benefits at retirement will decrease. • Her mandatory retirement age will decrease.

  3. 3. Which is usually the largest expense in a family budget? • Car • Health care • Housing • Food 4. Which personal budget item would most likely be classified as fixed expenses? • Monthly car payment • Class ring • Utility bill • Plumbing repair

  4. Day 8-continued • Hand back & go over test • Journal:Oprah’s Debt Diet-When budgeting, how much do you think you should allocate to each area? (These are just recommendations) Expenses: Housing, Debt, Transportation, Savings, Other Living Expenses Allocations: 10%, 15%, 15%, 25%, 35%

  5. Videos Tell me about an experience that you or someone else had with money that had a negative effect on a relationship. Video 1: Mom That Shopped Her Family Broke • Video 2:Lending Money to Family & Friends (3.5 mins) How many of you guys have any experience with budgeting. What strategy do you use?

  6. Dave Ramsey • Chapter 7 :  Budgeting 101- Video: Part 1 and 2

  7. Activity • How to Create a Budget for Teens Worksheet

  8. Day 9-Financial Genius Journal 1. Which term is defined as payment for insurance coverage? A. Asset B. Deductible C. Premium D. Rollover 2. Which best describes income received through wages, salaries, bonuses, tips, or commissions? A. dividends B. earned C. interest D. capital gains/losses 3. Which best defines gross pay? A. Wages before deductions are taken out B. Wages before commissions on sales C. Wages before overtime D. How many hours you work

  9. Review Game/Journal • Review Game: Taboo Battle of the Sexes (Review Unit 7 vocabulary words for 5 minutes-6 Words) • Journal:“Budgeting Basics-What is Budgeting?” • K-Knew (list something that you already knew) • W-Want to know (list something that you want to know more about) • L-Learned (List one thing that you learned) *Someone read the last sentence of the first paragraph under “Getting the Most Out of Your Money”…make sure your actions line up with your goals*

  10. DR Video/Activity • Dave Ramsey Chapter 7 Budgeting Videos (Workbook notes) -Part 3, Part 4, Bonus Checking • Activity: DR-Student Budget Worksheet (Work in pairs-find someone who you have never worked with before) • Use Oprah’s Debt Diet recommendation (put up on board) • Use Dave Ramsey’s Baby Steps • No two budgets will be the same • Do your best • Make sure staple your work and put both names on your papers. • You may create your own personal budget using your current income or you can use a predetermined amount such as $400 monthly gross income (a realistic amount of money for a high school student).

  11. Day 10-Financial Genius Journal

  12. Find the False

  13. Continued… • How To Get Friends To Pay You Back & Other Financial Tips • Dave Ramsey Scholarship Opportunity • Dave Ramsey Chapter 7 Budgeting Part 4 & Part 5

  14. Activity • How To Write a Check Worksheet*Do not start new activity on the back* • Amount: $300 • Date: 4/11/13 • Pay To: Sunny Day Apartments • Amount: $75 • Date: 4/12/13 • Pay To: Ameren UE • Amount: $25 • Date: 4/13/64 • Pay To: (A person or place of your choice) • Keeping a running balance Worksheet

  15. Day 11-Financial Genius Journal 1. Which law protects credit customers against discrimination on the basis of sex or race? A. Equal Credit Opportunity Act B. Fair Credit Billing Act C. Fair Credit Counseling Act D. Credit Customers Act 2. Which will Bob most likely do with a resume? A. Use to determine his skills B. Fill out during an interview C. Review it for job openings D. Submit it to potential employers 3. Which term or phrase is defined as a general increase in the overall price of goods and services? A. Market value B. Inflation C. Corporate profits D. Wealth

  16. Activities • Journal:Budgeting Basics-Budget Bootcamp • Read article and tweet about 3 of the 6 things to know (TWEET on PAPER use Microsoft word-140 Characters, clever, witty, informational, and opinionated) 3 TWEETS Total- Print • Turn in homework from last class • Video:A 20-Something's Financial Wake-Up Call - Oprah's Lifeclass • Activity: Reading a bank statement • Partner Activity: Reconciling an account

  17. Closure: Exit Slip-Complete at least 5 of the following sentences: • Today I learned… • I don’t understand… • I would like to learn more about… • A question I have is… • Please explain more about… • The most important thing I learned today is… • Three things I learned today are… • The thing that surprised me most today was… • I wish… • The best part of class today was… • (Submit)

  18. Day 12-Financial Genius Journal

  19. Activities • Chapter 7 Quiz • Journal: Discussion Questions 1. Have any of you used the “walk-away” technique when negotiating a purchase? How did the salesperson respond? 2. How does the power of cash affect the sales process? Does anyone have a story about getting a deal with cash? 3. Would you feel comfortable negotiating on prices? Explain. 4. What is the biggest bargain you’ve ever negotiated? Identify which technique you used. 5. Why would a “win-win” deal be important when making a purchase? Find someone that is wearing a color that you’re wearing and share one of your discussion answers with them. • Turn In homework • DR Video: Bargain Shopping Part 1 & Part 2

  20. Use the following Learning Outcomes to complete the worksheet, “Seven Basics of Negotiating.” • Explain why you should be honest when negotiating: ~Integrity matters. Be truthful and create a “win-win” deal. • Analyze and use the three keys to getting a bargain: ~Negotiate everything. ~You must have patience. ~You must know where to find the deals. • Describe the seven basic rules of negotiating: 1. Always tell the absolute truth. 2. Use the power of cash. It is emotional, visual and has immediacy. 3. Understand and use “walk-away power.” Do not get attached. 4. Shut up. Saying less is better. 5. Say, “That’s not good enough!” 6. Use the “good guy, bad guy” method.— 7. The “If I” take-away technique; get the seller to throw something -- additional into the deal.

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