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Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit certificate of deposit..

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Page 1: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

certificate of deposit..

Page 2: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit
Page 3: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Piggy Banks Under the bed In a box Give it to mom Bank Credit Unions

Page 4: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

When you are working regularly and earning more money, you’ll need a budget.

A budget is a plan for saving and spending money.

Page 5: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

You’ll probably have more items listed than money to pay for them.

Prioritizing will help you clearly see which goals are wants and which goals are needs.

Page 6: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

A budget is based on your income—the money you expect to have coming in—and your expenses—the money you will pay out for goods and services.

Page 7: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

The first step to making a budget is to list the things you need or want.

Page 8: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Divide your goals into short-term and long-term goals.

Short-term goals are what you need or want to spend money on now or within the next 12 months.

Long-term goals are spending or savings goals that take a year or more to reach.

Page 9: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Write down the amount of money each goal will cost.

Page 10: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Write down how much money you expect to have coming in.

Include all your sources of income.

Page 11: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

You will have two kinds of expenses: fixed expenses and flexible expenses.

Page 12: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Fixed expenses are expenses you have already agreed to pay and that must be paid by a particular date.

Page 13: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Flexible expenses are expenses that come irregularly or that you can adjust more easily.

Page 14: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Your income should be equal to or more than your total expenses.

If your income isn’t equal to or more than your expenses, you may have to make changes.

Page 15: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

When making changes, look at your flexible expenses.

Page 16: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Remember, a budget is a spending and savings plan.

A savings plan helps you put money aside for long-term goals and unexpected needs.

Page 17: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit
Page 18: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Many people choose to put 10 percent of their income aside for savings.

Page 19: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

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Staying Within Your BudgetStaying Within Your Budget

Keep track of your

spending.

Don't carry around a

large amount of

cash.

Shop smart.

Whenever possible, pay with

cash.

Page 20: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

You can make more money by keeping your money in the bank.

The bank will pay you money known as interest to use the money in your savings account.

Page 21: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Your budget should be adjusted to fit your needs and wants.

Check your budget at the end of every month.

Page 22: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Why is it important to be flexible about your budget? What problems might arise if you are too flexible about your budget?

Why is it important to be flexible about your budget? What problems might arise if you are too flexible about your budget?

Critical Thinking

Critical ThinkingQQ

continuedcontinued

Page 23: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

It is important to be flexible about your budget because your wants and needs may change, or something unexpected may happen. If you are too flexible about your budget, however, you may lose sight of your priorities and not have enough money for them.

It is important to be flexible about your budget because your wants and needs may change, or something unexpected may happen. If you are too flexible about your budget, however, you may lose sight of your priorities and not have enough money for them.

Critical Thinking

Critical Thinking

continuedcontinued

AA

Page 24: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

1. Find all the deposits in your checkbook.

2. Add deposits up and place that amount onthe total income line of your budget form.

Page 25: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Rent Bill $5.00 x 5 = $

Page 26: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

Transportation Bill.25 a week.25 x 5 =

Page 27: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

4. Write the amount you spent on your budget sheet in the correct column

Page 28: Core Content: Students will identify financial management practices and the purposes of budgeting, savings,banking services (Checking,savings,debit,credit

6. Subtract your expenses from your income to see if you have enough money to go on the fieldtrip