© South-Western Educational Publishing Chapter 8 Budgets and Financial Records Budgeting and Record Keeping Filing Systems Budget: Keeping track of income.

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© South-Western Educational Publishing Chapter 8 Budgets and Financial Records Budgeting and Record Keeping Filing Systems Budget: Keeping track of income earned and money spent.

© South-Western Educational Publishing Importance of Financial Planning Disposable income Financial plan

© South-Western Educational Publishing Budget and Financial Plan Why do we need a plan for anything in life? Why do we need a budget? Current example – our economy is in crisis. WHY?

© South-Western Educational Publishing Goal-setting guidelines teens – lesson 3 - slide 3-B well-written personal and financial goals SHOULD: be realistic A student working part-time is not likely to be able to afford a new car every couple of years. be specific “I want to save $5,000 for a down payment to buy a house.” have a timeframe “I want to pay off my credit card within the next 18 months.” state the action to be taken “I want to start an automatic deposit savings account with monthly withdrawals from my checking account.”

© South-Western Educational Publishing Financial Plan (Goal) What is your short term financial plan? (Has to be MEASURABLE)

© South-Western Educational Publishing Financial Plan (Goal) What is your long term financial plan? (Has to be MEASURABLE)

© South-Western Educational Publishing Preparing a Budget Budget Estimate income Decide how much to save Estimate expenses Balance your budget ** Can you spend more than you make? Yes, you can use CREDIT.

© South-Western Educational Publishing Income Work $320 Allowance 20 Lunch money 40 Total income$380 Total expenses$280 Simple Budget Expenses Lunches $ 80 Supplies 20 Snacks 40 Entertainment 120 Savings To credit union$100 Total expenses plus savings$380

Causes of Debt © South-Western Educational Publishing Careless Spending Spend more than they make Use too much Credit They want too much

© South-Western Educational Publishing Monthly Budget Fixed expenses – same per month (car payment, house payment, insurance) Variable expenses – change every month Total Income – Total Expense = How much you have left after each month

© South-Western Educational Publishing Personal Records Records of income and expenses Statement of net worth Personal property inventory Tax records

© South-Western Educational Publishing Statement of Net Worth Assets –Liabilities Net worth What you own What you owe

© South-Western Educational Publishing Home Filing System Warranties Utilities Medical Travel Taxes Subscriptions Insurance Household Entertainment Automobile