Resource Management FCS.

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Presentation transcript:

Resource Management FCS

What are your resources? How do you manage them? QUIZ What are resources? Resources are things of value or usefulness. material resources- include concrete objects like money, water, clothing, tools, house, car, etc… non material resources- include things that are not physical like time, knowledge, or personal characteristics/qualities What are your resources? How do you manage them? QUIZ

How do you mange your resources? Money Saver, spender, or investor? Other material resources Repair, replace, or repurpose? Non material resources Protect, waste, or develop?

How should you manage your resources? Prioritize- choose the most important things first Know the difference between Needs – Things that are necessary for life Wants – Things that make life more comfortable or enjoyable Make a plan Budget, schedule, or find ways to maximize your resources. What can you do with what you have?

Budgeting: a plan for your MONEY Resource Management FCS

Budget A budget is a plan for your money. Keeping a budget is important because it helps… you prioritize your spending you achieve your financial goals keep you out of financial trouble

Before you can create a budget you must determine your: Income- the amount of money you receive or earn regularly. Expenses- the amount you spend. Fixed expenses- Don’t change, the same each month (rent, car payment, etc.) Flexible expenses- Can be different each month… you have some control (phone bill, electricity, food etc..) Discretionary expenses- Money you choose to spend on “wants” (movies, games, etc)

Sample Family Budget

Qualities of a Good Budget Expenses should be less than income! (Never spend more than you earn) Include savings (Save for big purchases and your future) Plans for unexpected expenses.

Envelope Budgeting