FACTORY SHOALS MIDDLE SCHOOL MR. L. SMITH

Agenda Message Agenda Message: Bring calculators to class everyday for this unit. Standard: Standard: Explain personal money management choices in terms of income, budgeting, savings, spending, credit, and investing. Essential Question: Friday, April 15 th : Essential Question: Friday, April 15 th : What is a budget and what are benefits of budgeting? Warm-Up Warm-Up: What is Earning Power? What is the #1 factor that contributes to Earning Power? Today We Will: 1. GMAS/SWA Review 2. Earning Power

E.Q. Answer for Friday, April 15 th : A is a A Budget is a spending and savings plan based upon estimates of income and expenses. Warm-Up: Earning Power is your ability to make money. The number one factor impacting your earning power is the amount of education and training that you have,

Budget – A spending and savings plan based upon estimates of income and expenses. They are used by individuals and organizations and finally, always relate to a period of time. Budgets are used To Make the Most Of Your Money.

What are the Benefits of Budgeting?  Helps you identify the amount you spend each month  Helps you identify your expenses and spending habits  Helps you prepare for major or unexpected expenses  Helps you control how you spend your money

New vocabulary words Expense An item on which you spend money Needs Things you must have in order to live (food, shelter, transportation, medical) Wants Things that would be nice to have but are not needed in order to live Income The amount of money you make weekly, bi-monthly, monthly.

What information do you need to make a budget? 1. Amount of money you have coming in as Income. 2. Amount of money you have going out as Expenses. (Needs, Wants, Savings, Donations) 3. How can you make adjustments (or changes) in your budget to make your money go further?

Budget Calculations Activity Worksheets

Angie Angie is a seventh grader. She knows how to make the most of her money! Angie feels that budgeting actually helps – especially if there are big things she is planning to buy. Angie is saving for a computer and a CD player. Plus, she likes to shop and go to the movies! To have enough money for everything she wants to do and save for, she needs a budget.

New Vocabulary Words 1. Budget 2. Expenses 3. Income 4. Needs 5. Wants

Agenda Message Agenda Message: All parents, please note that Progress Reports go home tomorrow, Tuesday. All students are graded daily on bringing their calculator to class each day. Vocabulary Quiz is this Friday. Standard: Standard: Explain personal money management choices in terms of income, budgeting, savings, spending, credit, and investing. Essential Question: Monday, April 29 th : Essential Question: Monday, April 29 th : What are some tips for sticking to a budget? Warm-up: Warm-up: What is the definition for a budget? Today We Will: 1. Personal Money Management Budget Adjustments

Tips for Sticking To A Budget 1. Shop with your budget in mind! 2. Plan ahead for large purchases 3. Compare prices at different stores

What makes a good budget? 1. Your ability to cover basic expenses 2. Having cash for unexpected expenses 3. Savings for the future