facs 56 life management money management— budget & credit
TRANSCRIPT
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FACS 56 life management
money management—budget & credit
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money management—allocating
now you are ready to match future income to future expenditures—budgeting
goal:monthly spending plan (budget) that meets all your expenses
this is a dynamic process—may require movement between steps until all needs are met within resource limits
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money management—allocating
FIRST:calculate amount of fixed expenses
NEXT:review status of emergency fund—PYFcould you survive for 6 months without income?
THEN:evaluate spending on variable expenses
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money management—allocating
variable expenses—a little give an take may be necessary
•is there money here that could be used differently?•are you getting what you really need?•is a vacation more important that weekends at the movies?•is it worth giving up new carpeting to get a new car?•are your needs for insurance and retirement being adequately met?
allocate money based on goals, values & priorities
http://www.greenpath.com/tools-and-tips/calculators/budget-percent.htm
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participation activity: analyze and allocate pgs. 285-288
…starting on page 285, read all the information and answer the questions according to the information you have gathered for the Add it Up activity…using figure 14-4 on page 288, create a monthly budget form that is customized to meet your particular needs…this activity and your completed budget is due April 25th in Packet #3
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money management—adjusting your plan
like any plan a budget needs adjusting
•may have forgotten something•may have under- or overestimated an item•your expenses and income will change
keep an eye out for feedback and adjust accordingly
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planning for the future
look at figure 14-2
no matter how old you are, you can always be thinking about planning for future…
what does your future include?
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credit
cost of credit
http://www.youtube.com/watch?v=ws9Kyypunq4
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credit
best creditors?
http://www.youtube.com/watch?v=avzdbf8f07Y
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credit
which card is best for your situation?
http://www.youtube.com/watch?v=w0I_3T0ZTMw&NR=1
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credit
credit score
http://www.youtube.com/watch?v=1kMjxjlYYMs&NR=1
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credit—rights & responsibilities
used wisely can be more of a benefit than a burden
understanding your rights & responsibilitieshelps you to make wise choices
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special issues during your life
life events have a way of coming upon us
predictable:•meeting the needs of growing children•supporting education for teens after high school
unpredictable•divorce•remarriage•child support
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special issues during your life
other situations we could also anticipate:•caring for elderly parents•planning for retirement•life as a single elder
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participation activity:credit card caper & debt load analysispgs. 287-292
…read all the valuable information provided on pgs. 287-289 referring figure 14-5 on pg. 290 as well…complete the worksheets on pgs. 291 & 292 in order to complete your own debt load analysis