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Creating a budget

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Jonathan Menzin

on 21 March 2013

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Transcript of Creating a budget

The path to financial well-being Creating a budget: Economics 101 Wants vs. needs income and expenses Turn and talk to your neighbor.

What are some expenses you can think of? Expenses taxes Types of expenses Want: something you would like to have http://teachertube.com/viewVideo.php?title=Bill_Cosby_Economics_101&video_id=190592 What are some things you would save money for? To save money, it helps to know how much money you earn and how much you spend.

A BUDGET is a plan that includes expected income and estimated expenses over a period of time. To create a budget, you need to know your income.

INCOME is money you receive from work or investments. For most people, their income comes from the wages or salary they earn at their job. Types of occupations Teacher Doctor Police officer Bus driver Construction worker Scientist Salary $50,000 per year $60,000 per year $140,000 per year $35,000 per year $40,000 per year $80,000 per year Unexpected events Car repair: $2,500 the amount of money you receive each year for doing your job hint: remember the video at the beginning of the lesson? rent utilities food cell phone/internet/tv transportation clothes home/bath supplies health and auto insurance entertainment people have all different kinds of jobs To create a budget, you need to know on what kinds of things you spend your money. Need: something you need to have to survive vs. can you tell the difference? To complete a budget,
you need to know
how much money
you spend each month. Let's compare our income to our expenses. Did we save any money? How much? income - expenses = savings Let's look at some of the things we said we would save money for Can we buy any of the items using the money we saved? How long would it take to save enough money to pay for them? What
can we make
about saving money? What does saving allow us to do? Are there benefits to saving? Planning for the future Retirement College 4 years at a public college: $20,800 Vacations Family trip to Elitch's: $175 1 week vacation to Disney World: $4,000 Donations to charity Long-term purchases Honda Civic: $22,300 Median sale price of homes in Lakewook, Co: $202,000

20% down-payment: $40,400 Short-term purchases computer with monitor: $580 iPhone5: $300 Xbox: $200 1. Purchase items we want and need. Benefits of saving money 2. Choose how we spend our money. 3. Plan for the future. 4. Pay for unexpected events. By saving money, we can... College Retirement By saving money, we...

improve our financial well-being Everyone has their own idea of what a happy and rewarding life is.

FINANCIAL WELL-BEING is our ability to achieve the goals that make us feel happy and secure.
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