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Final Monthly Budget Financial Literacy Monthly Budget.

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Presentation on theme: "Final Monthly Budget Financial Literacy Monthly Budget."— Presentation transcript:

1 Final Monthly Budget Financial Literacy Monthly Budget

2 Learning Outcomes Students will view details of example monthly budgets Students will create a monthly budget using the template provided Financial Literacy Monthly Budget

3 Lesson Tasks Students will learn about the idea of wealth and how wealth can take on different forms. Student will compare two different budgets and create their own monthly budget with the goal to have their balance equal to zero. Financial Literacy Monthly Budget

4 Determining Wealth

5 Juanita – earns $35,000 per year
Who is Wealthier? Juanita – earns $35,000 per year Assets Home $60,000 Retirement $24,000 Automobile $8,000 Total Assets $92,000 Liabilities College loan $6,000 Mortgage $35,000 Total Liabilities $41,000 Net Worth $51,000 Financial Literacy Monthly Budget

6 Who is Wealthier? Alexis – earns $100,000 per year Assets Net Worth
Home $75,000 Retirement $35,000 Automobile $8,000 Total Assets $118,000 Liabilities College loan $10,000 Automobile loan $4,000 Credit card debt $20,000 Mortgage $65,000 Total Liabilities $99,000 Net Worth $19,000 Financial Literacy Monthly Budget

7 Juanita – earns $35,000 per year
Who is Wealthier? Juanita – earns $35,000 per year Alexis – earns $100,000 per year Assets Home $60,000 Retirement $24,000 Automobile $8,000 Total Assets $92,000 Liabilities College loan $6,000 Mortgage $35,000 Total Liabilities $41,000 Net Worth $51,000 Assets Home $75,000 Retirement $35,000 Automobile $8,000 Total Assets $118,000 Liabilities College loan $10,000 Automobile loan $4,000 Credit card debt $20,000 Mortgage $65,000 Total Liabilities $99,000 Net Worth $19,000 Financial Literacy Monthly Budget

8 Review and complete

9 Review What should be the ending balance of your monthly budget? What can cause a change in your budget? What is the most important part of the budgeting process? Financial Literacy Monthly Budget

10 Review What should be the ending balance of your monthly budget? $ 0.00 What can cause a change in your budget? Changing monthly expenses What is the most important part of the budgeting process? Knowing where your money is going Financial Literacy Monthly Budget

11 Complete the lesson… Calculate your spending allowance for each category based on future salary on the Final Monthly Budget. Investigate areas of your budget so that you better understand what the categories will mean for you. Financial Literacy Monthly Budget

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