Lesson 1 ABC’s to Budgeting. Lesson 1 Lesson 1- ABC’s to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household.

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Presentation transcript:

Lesson 1 ABC’s to Budgeting

Lesson 1 Lesson 1- ABC’s to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household Budget  The 3-Step Approach to Budgeting  Short Exercise  Homework  Related Posts Terms to Know: Budget Cash inflows Cash outflows Discretionary Nondiscretionary 1

Lesson 1 Lesson 1- ABCs to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household Budget  The 3-Step Approach to Budgeting  Short Exercise  Homework  Related Posts Terms to Know: Net cash flow Net cash deficit 401 (k) plans Individual retirement accounts Emergency funds 2

Lesson 1 Lesson 1- ABCs to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household Budget  The 3-Step Approach to Budgeting  Short Exercise  Homework  Related Posts To create a budget… Gather financial records Organize the financial documents Utilize a budget template Monitor expenses Review and eliminate expenses (Amend your budget) 3

Lesson 1 Lesson 1- ABCs to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household Budget  The 3-Step Approach to Budgeting  Short Exercise  Homework  Related Posts A – Automate savings B – Bill management C- Cash for everything else 4

Lesson 1 Lesson 1- ABCs to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household Budget  The 3-Step Approach to Budgeting  Short Exercise  Homework  Related Posts Salary Rent Utilities Groceries Clothing Auto Payments Insurance Charitable Cell Phone Student Loans $2, April Johnson had the following cash inflows and outflows for the monthly period: 5

Lesson 1 Lesson 1- ABCs to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household Budget  The 3-Step Approach to Budgeting  Short Exercise  Homework  Related Posts How much will you earn? Calculate your net pay or gross pay. 6

Lesson 1 Lesson 1- ABCs to Budgeting OBJECTIVES  Understanding the Concepts Behind Budgeting  How to Create a Household Budget  The 3-Step Approach to Budgeting  Short Exercise  Homework  Related Posts 7

Lesson 2 How to Marry the Right Bank

Lesson 2 How to Marry the Right Bank OBJECTIVES  Study Institutions  Understanding their Services  Bank Rates and Penalties  Goal Match-Up  Short Exercise  Homework & Related Posts Terms to Know: Credit union Financial institution Bank 1

Lesson 2 How to Marry the Right Bank OBJECTIVES  Study Institutions  Understanding their Services  Bank Rates and Penalties  Goal Match-Up  Short Exercise  Homework & Related Posts Terms to Know: Money Market Accounts Cd’s Loans (Principle and Interest) Protection Plans Student Accounts FDIC Insured 2

Lesson 2 How to Marry the Right Bank OBJECTIVES  Study Institutions  Understanding their Services  Bank Rates and Penalties  Goal Match-Up  Short Exercise  Homework & Related Posts 3

Lesson 2 How to Marry the Right Bank OBJECTIVES  Study Institutions  Understanding their Services  Bank Rates and Penalties  Goal Match-Up  Short Exercise  Homework & Related Posts Terms to Know: APR Interest Early Withdrawal Penalties Bank Fees Minimum Deposits 4

Lesson 2 How to Marry the Right Bank OBJECTIVES  Study Institutions  Understanding their Services  Bank Rates and Penalties  Goal Match-Up  Short Exercise  Homework & Related Posts 5 Goal Match-Up

Lesson 2 How to Marry the Right Bank OBJECTIVES  Study Institutions  Understanding their Services  Bank Rates and Penalties  Goal Match-Up  Short Exercise  Homework & Related Posts List your wants, find the right bank for you and tell why you chose it. 6

Lesson 2 How to Marry the Right Bank OBJECTIVES  Study Institutions  Understanding their Services  Bank Rates and Penalties  Goal Match-Up  Short Exercise  Homework & Related Posts Homework: Reconcile an account for practice Related Posts: Watch budget video 7