Final Monthly Budget Financial Literacy Monthly Budget.

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Presentation transcript:

Final Monthly Budget Financial Literacy Monthly Budget

Learning Outcomes Students will view details of example monthly budgets Students will create a monthly budget using the template provided Financial Literacy Monthly Budget

Lesson Tasks Students will learn about the idea of wealth and how wealth can take on different forms. Student will compare two different budgets and create their own monthly budget with the goal to have their balance equal to zero. Financial Literacy Monthly Budget

Determining Wealth

Juanita – earns $35,000 per year Who is Wealthier? Juanita – earns $35,000 per year Assets Home $60,000 Retirement $24,000 Automobile $8,000 Total Assets $92,000 Liabilities College loan $6,000 Mortgage $35,000 Total Liabilities $41,000 Net Worth $51,000 Financial Literacy Monthly Budget

Who is Wealthier? Alexis – earns $100,000 per year Assets Net Worth Home $75,000 Retirement $35,000 Automobile $8,000 Total Assets $118,000 Liabilities College loan $10,000 Automobile loan $4,000 Credit card debt $20,000 Mortgage $65,000 Total Liabilities $99,000 Net Worth $19,000 Financial Literacy Monthly Budget

Juanita – earns $35,000 per year Who is Wealthier? Juanita – earns $35,000 per year Alexis – earns $100,000 per year Assets Home $60,000 Retirement $24,000 Automobile $8,000 Total Assets $92,000 Liabilities College loan $6,000 Mortgage $35,000 Total Liabilities $41,000 Net Worth $51,000 Assets Home $75,000 Retirement $35,000 Automobile $8,000 Total Assets $118,000 Liabilities College loan $10,000 Automobile loan $4,000 Credit card debt $20,000 Mortgage $65,000 Total Liabilities $99,000 Net Worth $19,000 Financial Literacy Monthly Budget

Review and complete

Review What should be the ending balance of your monthly budget? What can cause a change in your budget? What is the most important part of the budgeting process? Financial Literacy Monthly Budget

Review What should be the ending balance of your monthly budget? $ 0.00 What can cause a change in your budget? Changing monthly expenses What is the most important part of the budgeting process? Knowing where your money is going Financial Literacy Monthly Budget

Complete the lesson… Calculate your spending allowance for each category based on future salary on the Final Monthly Budget. Investigate areas of your budget so that you better understand what the categories will mean for you. Financial Literacy Monthly Budget