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

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Presentation transcript:

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

Total amount of income from your wages or salary before payroll deductions Number of hours worked plus hourly rate

Amount subtracted from your gross income Becomes your net income Not just taxes

Biggest deduction Fees placed on income, property, to support government programs

1.Federal Income Tax 2.State Income Tax 3.Social Security Tax (FICA) 4.Medicare Taxes (FICA)

Take home pay After Taxes

Federal Government Form How much to take out of paycheck for taxes “Total Number of Allowances” Lower number = higher taxes withheld

Earnings Summary Used When File for Income Tax April 15

Money you spend on needs & wants Money going out Fixed & Variable Expenses

Set dollar amounts that are the exact amount each time Mortgage

Price can change More control over this expense

How you handle money coming in and going out Cash Flow

Two main parts Income & Expenses Balance the two

“ pay yourself first” Savings Make it a regular part of your budget Reach long-term goals

Checking Account Either Bank or Credit Union Write check Use ATM card Debit Card

Minimum Balances Annual or Monthly Fees Overdraft Protection Insufficient Funds Charge ATM Fees