2.2.5.g1 © take charge today – august 2013– spending plans – slide 1 funded by a grant from...
TRANSCRIPT
2.2.5.G1
© Take Charge Today – August 2013– Spending Plans – Slide 1Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Daily Information 4/9
Objectives:
1.Prepare a meal plan and determine if you were able to stay within budget.
2.Explain the importance of budgeting.
Warm Up:1)Make sure work turned in last class has been updated in infinite campus!2)Record all expenditures in the month of April on the “New” student budget.
Agenda:
1.Warm Up2.Grocery budget3.Ch4 Study Guide4.Bottom Line
2.2.5.G1
© Take Charge Today – August 2013– Spending Plans – Slide 2Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Daily Information 4/8
Objectives:
Prepare a meal plan and
determine if you were able to stay within
budget.
Warm Up:1)Check your grade in infinite campus to make sure work submitted yesterday has been updated.
Agenda:
1.Warm Up2.Grocery budget3.Resume4.Bottom Line
2.2.5.G1
© Take Charge Today – August 2013– Spending Plans – Slide 3Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Daily Information 4/1
Objectives:• Implement the
process of creating a spending plan.
•Discover ways to save money when purchasing groceries.
Warm Up:• How much money do you want to have by the time you are 30?
• What will you use it for?
Agenda:
1.Warm Up2.Scenario P.P.3.Scenario activities4.Grocery budget activity 5.Paycheck project6.Bottom Line
2.2.5.G1
© Take Charge Today – August 2013– Spending Plans – Slide 4Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Daily Information 4/4
Objectives:•Discover ways to
save money when purchasing groceries.
Warm Up:• Who is one of your “money role models” and why?
Agenda:
1.Warm Up2.Financial Literacy Fact Friday!!3.Grocery budget activity
2.2.5.G1
© Take Charge Today – August 2013– Spending Plans – Slide 5Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Daily Information 4/7
Objectives:•Discover ways to
save money when purchasing groceries.
Warm Up:• Check your grade in infinite campus. If you have concerns regarding your grade, please write them down in your warm-up book.
Agenda:
1.Warm Up2.Grocery budget activity3.BottomLine
2.2.5.G1
© Take Charge Today – August 2013– Spending Plans – Slide 6Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Daily Information 4/7
Objectives:•Discover ways to
save money when purchasing groceries.
Warm Up:• Check your grade in infinite campus. If you have concerns regarding your grade, please write them down in your warm-up book.
Agenda:
1.Warm Up2.The Carson Family3.Grocery budget activity4.Bottom Line
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 7Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Carson Family•Goals▫Pay the rest of tuition, no more student loan ($200)▫Enroll in life insurance ($75) ▫Pay off credit card ($___)
•Changes ▫Dining out: $40 ▫Cell Phone: $50 ▫Cigarettes: $0 ▫Credit Card: (More than $30)
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 8Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Carson Family•Calculate your total
•Income = expenses
•What you will do with the remaining balance?▫How much towards the credit card▫How much towards their savings
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 9Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Congratulations! You have been hired as a financial
advisor for John and Tia Brown
• Developed a Statement of Financial Position and Income and Expense Statement
• Identified the following goals:
• Develop a spending plan for the Brown family
Increase the amount of their
emergency savings fund
Spend less money on
clothing every month
Pay more on their monthly car loan payment to pay
the loan off faster
Spend less money dining out
at restaurants
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 10Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Brown FamilyTracked Income and Expenses for January
Kept all receipts for the month of January to create an Income and Expense Statement
Review John and Tia’s January Income and Expense Statement for a realistic view of their income and expenses
2.2.5.G1
© Take Charge Today – August 2013– Spending Plans – Slide 11Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Personalize Your Spending PlanStep 1 - Track
Current Income and Expense
Step 2 - Personalize Your
Spending PlanStep 3 - Allocate
Money to Each Category
Step 4 - Implement and
Control
Step 5 - Evaluate and Make
Adjustments
How will you
develop a spending
plan?
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 12Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Brown FamilyPersonalize The Spending Plan
• Requested a spending plan for the month of February
• Requested the same document and categories as the Income and Expense Statement
• Find the column on the Income and Expense Statement where the Spending plan will be created
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 13Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Brown FamilyAllocate Money to Each Category
• Indicated a * next to expenses that are either contractual or they are unwilling to decrease
• Remember goals• Consider trade-offs• Must have a net gain or a zero
balance
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 14Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Brown FamilyAllocate Money to Each Category
• Develop a spending plan for the family
• Explain each change made
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 15Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
Net Gain or Net Loss?
Net Gain? Net Loss?• Add more
money to savings or another expense
• Increase income
• Decrease expenses
• Both
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 16Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Brown FamilyEvaluate and Make Adjustments
How could creating a
spending plan help you now
and in the future?
• John and Tia realized that if they dine out at restaurants less often they will need to increase their monthly grocery expense
• Increase their grocery budget by $20.00
• How has developing a spending plan helped the Brown family?
2.2.5.G1
© Take Charge Today – August 2013 – Spending Plans – Slide 17Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
The Brown Family•You may begin the scenario within your group
•When you are finished, start working on the second scenario for the Carson family.