Do Now least 1 item you have saved up for. Either in the past or you’re currently saving for. Answer in your notes.

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Presentation transcript:

Do Now least 1 item you have saved up for. Either in the past or you’re currently saving for. Answer in your notes.

Saving Lesson 5

Why is it important to save money? Prepare for the future Purchase something expensive (car, home) For emergencies

How do you save money?! Don’t spend it! Much harder to do than you think! “Pay yourself first”

Paying yourself first When you receive money, put some aside first before you spend any Ex. Grandparents give you $100. Put $50 away, and spend $50 (if you want) Put it in a savings account, a piggy bank, let your parents store it for you

It’s simple…… The longer you save for…. the more money you will be able to save

Example You receive $20 a month for doing chores around the house You put half that amount ($10) in your “piggy bank” In 6 months….you will have saved $60 In 1 year…. You will have saved $120 In 2 years….You will have saved $240!!

Savings for something special Christmas is in approximately 3 months If I save $25 each month until Christmas, I will have $75 to put towards Christmas gifts(Oct. Nov., Dec. - $25 x 3) If I started saving in July…. I would have $150! ($25 x 6 months) (July-December)

Who wants the Iphone 6 plus?? Bigger storage- 12GB- $499 About $500 without an upgrade  If I want to be able to buy the phone is 6 months (in March), how much each month do I need to save?? $500 divided by 6 = $83.33 I need to save $84 a month! YIKES

Start saving sooner! If I started saving for the new Iphone in June, I would have already been saving for 4 months!! (june, july, august, September) If I wanted to purchase the phone in March, I would have been saving for 10 months by the time march comes around!!!!! (june, july, august, September, October, November, December, January, February, march) $500 divided by 10 = I would need to save $50 a month.

Practice You want to purchase a new macbook air Cost $899 (round to $900) You want to be able to have the laptop by June (7 months from now) How much each month do you need to save to be able to buy it in June? Total cost of item divided by how many months you’re saving You want to purchase an expensive pair of sneakers ($200) by Feb.(4 months) How much do you need to save each month?

What is something specials you would like have? Something that is expensive that would require you to save up for Something you’re already saving up for Something to buy for someone else? (a gift) Write this item on blank piece of paper

How much does it cost? Estimate approximately how much the item you want costs Example: Ipad Air: cheapest version is $499 (round to $500), most expensive is $799 (round to $800) When do you want to be able to buy that item?? In December: save November, December- 2 months In March: 5 months In June: 8 months How much do you have to save each month in order to be able to purchase the item by the date you want? Total cost of item divided by how many months you’re saving

Who wants a car?! Start saving now! You get your license your junior year of high school Save in 6 th grade, 7 th grade, 8 th grade, 9 th grade (freshmen), 10 th grade (sophomore) Save for 5 years! The longer you save, the more you will have! You don’t have to save ALL your money, but start a fund just for your future car, contribute a little each month or each time you get b’day money

Income vs Expenses Income = how much money you make Expense = anything you spend money on Income – Expenses = how much money you have left after you’ve spent some Example: Income for month of September is $100, your expenses total up to $50 $100- $50 = $50 I have $50 left over to Save!