spending plan lesson plan 1.15.2 - bracefacs.weebly.com€¦ · a spending plan is: how are your...
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1.15.2.L1 Note taking guide
© Family Economics & Financial Education – Revised February 2009– Spending Plans Unit –Spending Plan – Page 14 Funded 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
Spending Plan Note taking guide
Name___________________
Date___________________
Class__________________
Total Points Earned 71 Total Points Possible
Percentage
Where’s My Dough?
Housing _____ Transportation _____
Food _____
Other _____
Insurance _____
Your percentages pie chart Average percentages pie chart
A spending plan is:
How are your percentages different from the average and why?
Financial planning is:
An individual or
family’s spending plan is influenced by these
components. All of which relate to one
another making each spending plan
different.
A tool used in financial planning:
Saving _____
Housing _____ Transportation _____
Food _____
Other _____
Insurance _____
Saving _____
Need
Definition: Example:
Want
Definition: Example:
Value
Definition: Example:
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1.15.2.L1 Note taking guide
© Family Economics & Financial Education – Revised February 2009– Spending Plans Unit –Spending Plan – Page 15 Funded 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
Income: Examples:
Fixed expense: Example:
Flexible expense: Example:
A short-term goal I have is:
Revised as a SMART goal:
A long-term goal I have is:
Revised as a SMART goal:
Term
SMART Goals
S M A R T
Defintion
A goal is: Short-term goal time frame:
Long-term goal time frame:
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1.15.2.L1 Note taking guide
© Family Economics & Financial Education – Revised February 2009– Spending Plans Unit –Spending Plan – Page 16 Funded 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
Spending Plan Process
STEP ONE: Why is it important to track expenses? What time frame should be used? What are two tracking methods? 1. 2.
STEP TWO: Why are the categories different for everyone’s spending plan?
TAXES: Two items I use that are paid for by taxes are:
PAYROLL DEDUCTIONS: Mandatory: Optional:
GROSS OR NET INCOME: Which is used to calculate percentages in a spending plan? Why?
1
2
Step 5—Evaluate And Make
Adjustments
Step 1—Track Current Income And Expenses
Step 2—Creating Personalized Income and
Expense Categories
Step 3—Allocate Money to Each
Category
Step 4—Implement And Control
Definition:
Gross Income
Definition:
Net Income
Examples:
Payroll Deductions
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1.15.2.L1 Note taking guide
© Family Economics & Financial Education – Revised February 2009– Spending Plans Unit –Spending Plan – Page 17 Funded 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
Major Expenditures
HOUSING: Definition: Average percent:
EXAMPLES OF HOUSING EXPENSES:
Directions: In a small group brainstorm common expenses in each category. Place a next to expenses you currently have or someone provides for you. Circle all expenses that are usually fixed.
TRANSPORTATION: Definition: Average percent:
EXAMPLES OF TRANSPORTATION EXPENSES:
FOOD: Definition: Average percent:
EXAMPLES OF FOOD EXPENSES:
INSURANCE: Definition: Average percent:
EXAMPLES OF INSURANCE EXPENSES:
SAVINGS AND OTHER: Definition: Average percent:
EXAMPLES OF SAVINGS AND OTHER EXPENSES:
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1.15.2.L1 Note taking guide
© Family Economics & Financial Education – Revised February 2009– Spending Plans Unit –Spending Plan – Page 18 Funded 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
STEP THREE: What are three things which should be done during this step?
STEP THREE: What are three different methods for creating a spending plan template?
NET GAIN OR LOSS To reach a zero balance, what should an individual do if they have a: Net gain: Net loss:
3
STEP FOUR: Why is implementing a control system important? Which control system do you think would work best for you and why?
4
STEP FIVE: Why is evaluating and adjusting a spending plan important? What are two questions you should ask yourself during this step?
5
Why is a net worth statement an important tool?
- = Assets Liabilities Net Worth