UNACCOUNTED FOR CASH AND ITS AFFECT ON BUDGETING MENTOR: CRAIG ISRAELSEN, Assistant Professor-Consumer and Family Economics University of Missouri-Columbia.

Slides:

Advertisements

Similar presentations

Keys to Credit What is Credit? Buy now – pay later Financial tool Binding contract Buy now – pay later Financial tool Binding contract.

Advertisements

Money Management Key Terms.

Earning Money  What is income and what are 3 possible sources?  Income is money that you have available to you to spend  3 sources: babysitting,

© Family Economics & Financial Education – Revised November 2004 – Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to.

1 How High Interest Card Debts Affects Debtors’ Quality of Life Survey Report Dr. Robert Ting-Yiu Chung Director of The Public Opinion Programme, University.

Getting Out of Debt. Diagnosis the Problem Common Causes of Debt: –Emotional Spending: spending money to feel good, powerful, or to show group identity.

Using a Check Register To Track Your Expenses Revised October

Teen Living Objective Identify Sources of Income and Types of Spending.

Dealing the Cards of Credit Credit cards No set time to be paid back May pay in full, part, or minimum payment No finance charge if bill paid in full.

Credit Card vs. Debit Card. Debit Cards Also called “check cards” –Works just like writing a check Deducts money from your checking account.

Understanding Timecards, Taxes and Paychecks Why do we need to keep a record of hours worked? To be paid for hours worked Employers keep detailed records.

Budgeting Methods Staying on Track A variety of methods are available for making sure you stay on track with your budget.

CREDIT CARDS What are they and how do they work?.

16-1. Money Management Basics $100 probably seems like a lot of money to you now. In the future you will have more expenses Food, housing, insurance,

Economics Paycheck.

Credit Receiving something now and promising payment at a later time. Principle: Actual cost of the good or service. Interest: Amount paid for the use.

Debt Management. Budgeting 101 The first step is to know how much money is coming in so you know how much money you can spend.

Unit 03: Financial Literacy Vocabulary. Available Balance The amount available in an account for a person, business, or organization to spend. How much.

Money Merge Account (MMA) How can I pay my home off early? Conventional Banking Refinance to a lower interest rate Apply additional money to each payment.

2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Math Credit CardsBudgetingShopping.

Unit 4 Creating a Budget. Objective(s) What is a budget? Activity – Pair up with someone in the room and sit with them and prepare to begin the budgeting.

 CONVENIENT  HELPS YOU KEEP TRACK OF MONEY: USING THE CHECK REGISTER OR ONLINE BANKING  SAVES YOU MONEY – EXPENSES ARE LESS THAN MONEY ORDERS.

© Family Economics & Financial Education – May 2005 – Spending Plan Unit – Developing a Spending Plan Funded by a grant from Take Charge America, Inc.

Banking and Credit Cards. Fees ATM Fee- charge for using ATM services from a different bank ATM Fee- charge for using ATM services from a different bank.

Teen Living Review Objective Expense Expense = anything a person spends money on – Rent/house payment – Car – Clothes – Food – Entertainment –

1 © 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill Chapter Ten Making Financial Decisions.

Financial Management Jonathan Banks. 1. Get Paid What You're Worth and Spend Less Than You Earn 1. Get Paid What You're Worth and Spend Less Than You.

Chapter 2 In-Class Notes. Personal Cash Flow Statement Record Your Income Salary, interest income, dividends Record Your Expenses Rent, living expenses,

© Family Economics & Financial Education – Revised April 2008– Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to the.

1 Chapter 2 Plugging the Holes. 2 What are three wealth building principles?

© Family Economics & Financial Education – Revised November 2004 – Saving Unit – Managing Your Cash Funded by a grant from Take Charge America, Inc. to.

Credit Basics. Credit Issues We live in a society that wants everything now. The power of credit is what allows us to have what we want, when we want.

Money Management Key Terms. Money Management Paycheck Key Terms.

Unit 9: Financial, Economic, and Business Technology Competency 3: Select strategies to use in handling credit and managing debt.

Real World Money Education Tarek Dabbagh Steven Carlson

© Family Economics & Financial Education – May 2005 – Spending Plan Unit – Developing a Spending Plan Funded by a grant from Take Charge America, Inc.

© Family Economics & Financial Education – May 2005 – Spending Plan Unit – Developing a Spending Plan Funded by a grant from Take Charge America, Inc.

Ch. 19- Balancing Act. Priorities- things most important Maintaining balance – Take charge of time – How do you use your time? Learning: – Get more out.

AGENDAS OUT! WRITE THE FOLLOWING: EXIT TICKET FAMILY BUDGET DUE TOMORROW, SEPT. 14 IF WE DO NOT FINISH IN CLASS. QUIZ ON KEY CONCEPTS OF WHAT ARE SOCIAL.

Chapter 8 Sample Problems

SPENDING PLAN. Spending Plan  A spending plan is a financial statement you can use to assist in money management  also known as a budget.

 A place you put money that you spend quickly  Not money intended for saving  Monthly statement sent to your house by the bank.

What does this mean to you?. FCS 7 TH GRADE Money Management.

Developing a Spending Plan (Location) (Date). Develoing a Spending Plan What we’ll talk about today Setting Goals Identifying Income Identifying Expenses.

Credit Card Numbers in the US

© Family Economics & Financial Education – May 2005 – Spending Plan Unit – Developing a Spending Plan Funded by a grant from Take Charge America, Inc.

money you have in a bank either in checking (where you can use the money with an ATM card or by writing a check) or savings (where you earn interest)

Managing Your Money Chapter 23.

2.5 Cash receipts and payment records

Ch Personal Finance Personal Finance. How much money will the average American earn in their working lifetime? (35 years) How much money will the.

CHAPTER 4, SECTION 4 Cash Advances. I CAN…  Calculate total finance charges on cash advances.  Calculate credit card balances that include cash advances.

© 2008 Pearson Addison-Wesley. All rights reserved Chapter 4 Managing Your Money.

What is a Budget?. A budget is…. A plan for how you will use your money. A prediction of how much money you will have. A blueprint for you can spend your.

A plan for managing money during a given period of time Financial Roadmap.

Budget: Don’t Go Broke Financial Literacy. Enduring Understanding: By effectively managing money and living on a budget, huge strides can be made to becoming.

CHAPTER 12 FINANCIAL MANAGEMENT Financial Planning FINANCIAL PLANNING Ongoing Operations Revenue – all income that a business receives over a period.

Spending Decisions Written by Kayla Calhoun Adapted in part from Utah State Office of Education.

TRANSACTIONS THAT AFFECT OWNER’S INVESTMENT, CASH AND CREDIT.

Making a Budget Independent Living October 27, 2015.

2.4.1.G1 © Family Economics & Financial Education – December 2005 – Get Ready to Take Charge of Your Finances – Take Charge of Credit Cards Funded by a.

Checking account – An account held at a bank, credit union, or other financial institution in which account owners deposit funds. Account owners have the.

Avoid Seasonal Splurging A Financial Literacy Presentation by Member Name, CPA.

Checking account - an account held at a bank, credit union or other financial institution in which account owners deposit funds. Account owners have the.

SS.8.FL.2.5 Discuss the fact that people may revise their budget based on unplanned expenses and changes in income.

7.6.7 Simple Interest.

Financial Concepts &Terminology

Managing Money Chapter 30.

LESSON 5-4 1/2/2019 LESSON 5-4 Petty Cash GREEN.

Primary expense Secondary expense

LESSON 5-4 4/14/2019 LESSON 5-4 Petty Cash GREEN.

Presentation transcript:

UNACCOUNTED FOR CASH AND ITS AFFECT ON BUDGETING MENTOR: CRAIG ISRAELSEN, Assistant Professor-Consumer and Family Economics University of Missouri-Columbia STARLA GREEN

ABSTRACT This study attempted to discover the correlation between monthly income and expenses among students at the University of Missouri. On average, those surveyed tended to overextend themselves by a larger dollar amount as the frequency of overspending increased. What constitutes this as an important finding is that this practice could lead to problems such as chronic indebtedness or bankruptcy.

BUDGET a record of anticipated income and planned expenses. a plan on how to spend or use a resource.

UNACCOUNTED FOR CASH money that just “disappears” without a trace. merchandise paid for by cashed checks, ATM withdrawals, and credit card cash advances.

SAMPLE DESCRIPTIVES Size 119 Age Grade 2.98 Gender.68 Status 1.04 Credit Hours Hours of Employment 23.69

FORMS OF INCOME Cash, Credit Cards, Checking/Savings Accounts, Cash off Credit Cards

ANALYSIS OF EXPENSES AND INCOME

ANALYSIS OF EXPENSES

ANALYSIS OF EXPENSES AND INCOME

CONTINUED RESEARCH OBJECTIVES Determine the means of how unaccounted cash is spent credit cards ATM withdrawals cashed checks cash advances off credit cards