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Your Financial Future Level 1

Your Financial Future Level 1. UK Edition. September 2011. Activity 2: Making Good Financial Decisions About Money. A budget is a plan for how to spend or save your money. An expense is something you spend your money on. Activity 2: Making Good Financial Decisions About Money.

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Your Financial Future Level 1

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  1. Your Financial FutureLevel 1 UK Edition September 2011

  2. Activity 2: Making Good Financial Decisions About Money • A budget is a plan for how to spend or save your money. • An expense is something you spend your money on. Bank of America Merrill Lynch

  3. Activity 2: Making Good Financial Decisions About Money When it comes to money, follow these steps to reach your goals: • Know where you stand. How much do you get from your pocket money, jobs or gifts? • Know what you spend your money on. What expenses repeat, or happen every month? (buying magazines or sticker albums, sports or club subscriptions, for example) • Expect the unexpected.What this means is that sometimes things happen that aren’t part of your plan, and you must be open to changing the plans you have made. • Be Flexible. There are usually many ways to reach a goal. Being flexible means that you are open and can adapt to change. • Do what feels right for you. Always take actions that feel right for you and help you to reach all of your goals. Bank of America Merrill Lynch

  4. Activity 2: Making Good Financial Decisions About Money • Complete the My First Budget worksheet. This should take approximately 15–20 minutes. You can work in pairs if you want. • I will ask for volunteers to read their plans to the class. Bank of America Merrill Lynch

  5. Activity 2: Making Good Financial Decisions About Money Critical Thinking Activity: • When you first prepared your budget, did you make more than you spent? (Was your Total Income more than your Total Expenses?) If not, why is this a problem and what can you do about it? ? Bank of America Merrill Lynch

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