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The Basics of Budgeting

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on 6 February 2014

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Transcript of The Basics of Budgeting

The Basics of Budgeting
"Telling your Money Where to Go"
How does money affects people?
Couples
The major issues couples disagree about include family finance (83 percent), career decisions (76 percent), and dealing with in-laws (70 percent). (PAIRS Study 2010)

Families
Parents' money habits can create generational cycles of poverty, overindulgence, or fiscal responsibility.

Children
Family income may affect a child's neighborhood, quality of education, and self-esteem.
Add it Up!
Rule #1: Think Like a Boss
Money Management = Mindset
Owner
(Boss)
Manager
The Boss = You
Rule #2: Give Back
"We make a living by what we get, but we make a life by what we give." - Winston Churchill
Ways to Give Back:
Contribute to charitable organization
Donate your used belongings
Volunteer
Sponsor a local sports team
Rule #3: Invest in Yourself
Savings Goals
Short Term: Typically takes a few months to 2 years
Save for a vacation or a car
Build an emergency fund:
For life's little surprises
Start with a goal of $500.
Suze Orman recommends having 8 months worth of income saved.
Employees
The Employees = Your Money
Runs the company
Makes all major decisions
Is the face of the brand
Supervises employees
Delegates responsibilities
Serves as a point of contact
Abide by company rules
Fulfill their responsibilities
Report to the manager
Rule #4: Your expenses should not exceed your income
Giver
Saver
Spender
Employees
Needs:
Rent
Utilities
Groceries
Gas
Wants:
Clothing
Electronics
Vacations
Jewelry
"The safest way to double your money is to fold it over and put it in your pocket." - Kin Hubbard
The Manager = Your Budget
Long Term: May require up to 15 years or longer
Retirement
Down payment on a home
Prioritize your needs versus wants
Let's start with an Activity!
Activity Reactions
What was you reaction to the total cost of your outfit?
Based on the chart provided, how many hours would it take to pay for all the items on your list?
Is it financially smart to spend so much or little on an outfit?
Rule #1: Think like a boss
Rule #2: Give Back
Rule #3: Invest in Yourself
Rule #4: Your Expenses Should not Exceed your Income
Rules of Basic Budgeting
How did you feel about budgeting before this presentation?
How will this information impact your future financial decisions?
What have you learned about yourself?
What have you taken away from this presentation?
Think about it!
Make a list of all the clothing items you are wearing including items such as shoes, belt, and purse (if applicable). The list should not include, undergarments, jewelry, cell phones or other electronic devices. Now estimate the purchase price of each item and add them together. Based on the chart provided, how many hours would you have to work to pay for the items on your list?
Activity Instructions
Example
Items
Price
Tank top
Jacket
Skirt

$5
$40
$35
$80
Divide the total by hourly wage:
$80
$16.82
4.75
Full transcript