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Budgeting

Intro lesson on budgeting
by

Jessica Nelson

on 1 February 2017

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Transcript of Budgeting


Spending Plan that keeps track of two things: MOney coming in and money going out
Why would you need to use a budget?
There are two important parts of a budget: income and expenses.
Money Going out
Utilities
phone bill
groceries
internet/Cable
car payment
and insurance
mortgage payment
and insurance
restaurant
Entertainment
Clothing
How do I budget???

Think about your needs and wants...

Buy what you need first

buy what you want second
Budgeting
What is a Budget???
Example
Income
Paycheck
Expenses
Money coming in
Other
Fixed
Amount stays the same each month
Example: Car Payment
Flexible
Amount varies each month
Example: Entertainment
Allowance
Periodic
An expense that does not occur on a consistent basis
Example: New Brakes for your car
Why is Budgeting Important?
Creates Independence
Helps to set and reach goals
Let's you enjoy living responsibly within your means
Prepares you for "the real world"
FINANCIAL
LITERACY
2)
Determine your monthly income
5)
Anything else?
3)
Estimate required (often fixed) expenses
Steps to Create
a Budget
4)
Estimate discretionary (often flexible) expenses
1)
Track all your spending for a month
To HELP YOU IN Setting and Reaching YOUR Financial Goals!

Main Ideas:
Successful budgeting depends on how well you set your Financial Goals

#1
Main Ideas:

The goals you set affect your family, future family, and community

Main Ideas:

When you create your budget, you should prioritize and rank your goals

#3
#2

Something that takes time and planning. Usually 1 year or more

Something one hopes to achieve within the next year

Important things you hope to achieve over your life

Lifespan

3 Types of Goals

Long Term

Short Term

What are your short term financial goals??
What are your long term financial goals??
What are your lifespan goals??
Full transcript