Budgeting BUILDING A SPENDING PLAN: HOW TO TAKE CONTROL OF YOUR MONEY!

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Presentation transcript:

Budgeting BUILDING A SPENDING PLAN: HOW TO TAKE CONTROL OF YOUR MONEY!

Why Care? It’s Just Money! Place CashCourse URL Here in Master Slide| 2 Managing your money is possible! Reaching goals are possible! Avoiding unnecessary debt is possible!

Place CashCourse URL Here in Master Slide| 3 How Much Do I Owe? You charge $3,000 on your credit card for school and plan to not charge any other expenses. Your credit card is at 18.9% interest and you plan on making the minimum payment each month ($60.00) It will take you 30 years to pay off that credit card and the total cost of that $3,000 is $8,738

Fixed Expenses Place CashCourse URL Here in Master Slide| 4 Housing Tuition Utilities Car Insurance Cell Phone

Variable Expenses Place CashCourse URL Here in Master Slide| 5 Books Food Entertainment Gifts and celebrations Gas or transportation

Choices, Choices, Choices Place CashCourse URL Here in Master Slide| 6 iPod ® Bus pass DVDs New boots Hoodie Cable TV Internet Manicure Magazines Books

You Must Be Kidding! Place CashCourse URL Here in Master Slide| 7 1 Starbucks® $3.50 $3.50 x 7 days = $24.50 $3.50 x 365 days = $1, = full-time tuition for 1 semester 1 Sonic® $4.25 $4.25 x 7 days = $4.25 x 365 days = $1,551.25= possible all books for a year 1 carton of $42.00 $42.00 x 52 weeks = $2,184.00= tuition for fall and spring 1 vending machine $1.50 $1.50 x 365 days = = 1 class and books

Your Next Best Alternative Place CashCourse URL Here in Master Slide| 8 Bus/walk/carpool Free concerts on campus Movies on campus Volunteer at event Share expenses with others Use student discount

The Secret Every Millionaire Knows Place CashCourse URL Here in Master Slide| 9 Live within your income.

Now What? Identify where your money comes from. Track where your money goes – keep a spending diary for a month! Create a budget and monitor your spending. Prioritize your wants and needs. Live within your income. Check out the Budget Wizard on CashCourse! Place CashCourse URL Here in Master Slide| 10

RESOURCES My Financial Planner Financial Resources These materials are for non-commercial educational use only. Portions of the content © 2008 National Endowment for Financial Education. All rights reserved. CashCourse is a trademark of the National Endowment for Financial Education Place CashCourse URL Here in Master Slide| 11