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Budgeting : Making the Most of Your Money

Budgeting : Making the Most of Your Money. Examine spending habits Benefits of having a spending plan, or budget Identify various sources of income Identify types of expenses Importance of saving (paying yourself first) Constructing a budget Record keeping involved with budgeting

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Budgeting : Making the Most of Your Money

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  1. Budgeting: Making the Most of Your Money

  2. Examine spending habits Benefits of having a spending plan, or budget Identify various sources of income Identify types of expenses Importance of saving (paying yourself first) Constructing a budget Record keeping involved with budgeting How a budget will change throughout your life Today we will Covers…

  3. NEFE High School Financial Planning Program ? Unit Two – Budgeting: Making the Most of Your Money For an interactive version of this slide, open the Excel File for this unit and go to Excel Worksheet 2-A-1 2-A-1

  4. NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money For an interactive version of this slide, open the Excel File for this unit and go to Excel Worksheet 2-A-2 2-A-2

  5. …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. Reasons for a Spending Plan Three Slides 2-B-1

  6. …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. People Without a Budget… Three Slides 2-B-2

  7. 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? Questions Three Slides 2-B-3

  8. For an interactive version of this slide, open the Excel File for this unit and go to the Excel Worksheet with this same number 2-C

  9. S PAY YOUR$ELF FIRST! etting aside money for “big ticket items” A voids borrowing, which costs you a lot! It’s a V ery wise thing to do, because E very time you pay yourself first, you are developing asaving habitthat leaves you with more money to spend later on things that are really important to you! 2-D-1.(2-D-2 and 2-D-3 on Excel file Unit 2 Visuals.xls)

  10. NEFE High School Financial Planning Program Unit Two – Budgeting: Making the Most of Your Money Personal Plan for One Week For an interactive version of this slide, open the Excel file for this unit and go the Excel worksheet #2-E 2-E

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

  12. Build a Budget Answer Key 2-G

  13. Examine spending habits Benefits of having a spending plan, or budget Identify various sources of income Identify types of expenses Importance of saving (paying yourself first) Constructing a budget Record keeping involved with budgeting How a budget will change throughout your life Today we Covered…

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