1. Career Orientation—2nd Edition
Unit 8:
Managing Your Money

2. Objective 1 - Management Methods
Prevention
Preparation
Coping with financial challenges

3. Objective 2 - Saving and Investing
Putting money aside for future use
Investing
Putting money to work to make more money

4. Objective 3 - Achieving Savings Goals
Start now.
Set a goal.
Plan to save a realistic amount.
Pay yourself first.
Save regularly and consistently.
Put savings in savings account.
Use a combination of savings accounts.

5. TIP
Carry only the amount of cash with you each day that you will absolutely need to spend. Having less cash (or blank checks) on hand will reduce the temptation to give in to impulse spending, which destroys a good savings and spending plan quickly.

6. Objective 6 - Fixed and Variable Expenses
Fixed expenses:
Rent/mortgage
Other real estate
Income/property taxes
Other taxes
Installment payments
Lease payments
Insurance
Regular payments, contributions
Dues
Savings

7. Objective 6 - Fixed and Variable Expenses cont.
Food
Personal maintenance
Self-improvement and education
Recreation and entertainment
Other expenses
Utilities
Charge accounts
Medical and dental bills
Transportation
Household maintenance, repair
Child care

8. Objective 7 - Benefits of Keeping a Budget
Aids in establishing goals and priorities
Helps in attaining long-range goals
Reduces wasteful spending
Provides useful financial records
Opportunity for regular financial checkups

9. Objective 8 - Guidelines for Using a Budget
Determine goals
Estimate income
Estimate expenditures
Earmark money available
Make expenditures according to budget
Compare actual and estimated expenses
Evaluate budget and revise as needed

10. Did You Know?
The Great Depression brought a different approach to viewing economic security. American became aware that individuals were not always able to provide for their own security in a modern industrial society.

11. Objective 12 - Deducted By Law
Social Security
Federal income tax
State income tax
Unemployment insurance
Workers’ compensation
City income tax

12. Objective 13 - Deducted By Request From Paycheck
Labor union dues
Savings account credits
Group insurance plan
Tax shelters
Company retirement plans

13. Objective 14 - Benefits Insurance Tax shelters Leave from work
Workers’ compensation
Retirement plans
Profit-sharing programs
Unemployment compensation
Savings account credits
Other?

14. Did You Know?
The compensation that employers gave to workers changed over the 20th century, from simple pay to pay plus a wide selection of benefits.

15. Objective 15 - Pricing a Job Offer
Set personal priorities
Compare dollar value
Be realistic about negotiating
Calculate value and contribution

16. Unit Review
1. List three (3) ways to manage your finances through prevention, three (3) ways to manage your finances through preparation, and five (5) ways to cope with financial challenges.
2. Compare the meanings of saving and investing.

17. Unit Review cont.
Complete the following statements about setting and achieving personal goals for savings.
Start ___________________
Set a _______________goal or goals
Plan to save a ___________ amount
Pay ____________ first
Save _____________and consistently
Place your savings in a __________ account
Use a ___________ of savings accounts

18. Unit Review cont.
4. List eight (8) examples of fixed expenses and eight (8) examples of variable expenses.
5. What are benefits of keeping a budget?
6. To use a budget, what must you estimate (two things)?

19. Unit Review cont.
7. What are four (4) of the items deducted by law from your paycheck?
8. What are three (3) items that you can request be deducted from your paycheck?
9. What are six (6) of the benefits often reflected in a paycheck?

20. Unit Review cont.
10. Complete the following guidelines for pricing a job offer.
Set your personal ________________.
Compare the ____________ of the job offer to your current job or other offers.
Be realistic about ________________.
Calculate your ___________ and your ______ to the organization in advance.

21. Unit Review cont.
11. Total wages or salary after deductions is called _______________.

22. Career Orientation—2nd Edition
Copyright 2007
Curriculum and Instructional Materials Center,
Oklahoma Department of Career and Technology Education