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Do Now

Do Now. What is a budget? What is the purpose of a budget?. Reminders. News Article Analysis due FRIDAY First day of Quarter 4! This is your last quarter of high school!. 9.1- Budget. With freedom comes responsibility.

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Do Now

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  1. Do Now What is a budget? What is the purpose of a budget?

  2. Reminders • News Article Analysis due FRIDAY • First day of Quarter 4! • This is your last quarter of high school!

  3. 9.1- Budget • With freedom comes responsibility. • It takes planning and practice to learn how to use your income wisely. • Budget- a plan for how to save and spend income

  4. What would a budget do for me? • Everyone has a limited amount of money. • Budgets help you focus your limited financial resources on what’s most important to you. • It helps you pay for basics like food, clothing, and shelter. • Once those expenses are met, it can include optional items like travel and entertainment. • Savings can be included to achieve your long term goals.

  5. How do you set up a budget? • 1) Determine your income- make a list of all the steady income you receive • 2) Track your expenses- keep a record of all your expenses for one month. • 3) Categorize Expenses- put your expenses into categories such as transportation, food, clothes, savings

  6. 4) Determine fixed and flexible expenses- figure out what must be paid every month • 5) Set up a Spending Plan- set out a plan for fixed expenses. Look at the amount left over and allocate it to cover flexible expenses.

  7. Guided Practice • Benefits of a budget

  8. Independent Practice • Mock Budget activity

  9. Homework • News Article Analysis due FRIDAY!

  10. 1) What is the biggest benefit to creating a budget? • 2) What is one difficulty with sticking to a budget?

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