Download presentation
Presentation is loading. Please wait.
1
Recordkeeping Skill 08
2
Why is recordkeeping important?
Recordkeeping is a way to manage money and to understand how the money is spent each month. Expenditures are things one spends money on. To keep track of all of these expenses a budget sheet would come in handy. things one spends money on.
3
It is a good idea to keep your records from month to month and make comparisons at the end of the month. In doing this you can understand how your money is being spent. This also helps you to know how much you need each month to get by, on average.
4
π΄π£πππππ ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ = ππ’π ππ ππππ‘βππ¦ ππ₯ππππππ‘π’πππ ππ’ππππ ππ ππππ‘βπ
5
π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ =$π,πππ.ππ
Suppose the Pierce family has kept close spending records for the last 4 months. They spent $1,640 in July; $1,545 in August; $1,395 in September; and $1,850 in October. What is their average monthly expenditure? π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ = ππ’π ππ ππππ‘βππ¦ ππ₯ππππππ‘π’πππ ππ’ππππ ππ ππππ‘βπ π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ = 1,640+1,545+1,395+1,850 4 π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ = 6,430 4 π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ =$π,πππ.ππ
6
π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ =$ππ.ππ
Suppose the Johnson family has kept their credit card statements for the last 6 months. They spent $85.46; $103.97; $78.36; $80.50; $76.32; and $ What is their average monthly expenditure? π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ = ππ’π ππ ππππ‘βππ¦ ππ₯ππππππ‘π’πππ ππ’ππππ ππ ππππ‘βπ = π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ = π΄π£π. ππππ‘βππ¦ πΈπ₯ππππππ‘π’πππ =$ππ.ππ
7
There are several items that need to be included when it comes to creating a budget.
You will need to calculate your living expenses. These are things like food, utilities, pocket money and other
8
There are several items that need to be included when it comes to creating a budget.
Fixed expenses are the things that do not change from month to month. These could be rent or a mortgage payment and maybe TV.
9
There are several items that need to be included when it comes to creating a budget.
Annual expenses are things that are βchargedβ once a year. Sometimes the charges are taken out of the paycheck. These include insurance and taxes.
10
ππππ‘βππ¦ πππ£πππ ππ₯ππππ ππ
+ππππ‘βππ¦ πππ₯ππ ππ₯ππππ ππ +ππππ‘βππ¦ π βπππ ππ ππππ’ππ ππ₯ππππ ππ πππ‘ππ ππππ‘βππ¦ ππ₯ππππ ππ
11
ππππ‘βππ¦ π βπππ ππ ππππ’ππ ππ₯ππππ ππ = π΄πππ’ππ πΈπ₯ππππ ππ 12
12
$1,729.35 Monthly Living Expenses 763.75 + Monthly Fixed Expenses
The Grant family has broken down their budget and found that their living expenses for the month were $763.75; their fixed expenses were $650.95; and this monthβs share of the annual expenses was $ Find their total monthly expenses. Monthly Living Expenses 763.75 + Monthly Fixed Expenses + Monthly Share of Annual $1,729.35 Total Monthly Expenses
13
$1,702.79 Monthly Living Expenses 505.00 + Monthly Fixed Expenses
The Millerβs have broken down their budget and now want to know what their total monthly expenses are. Look at the Millerβs Budget Sheet. What is the total of their monthly living expenses? Monthly Living Expenses 505.00 + Monthly Fixed Expenses + Monthly Share of Annual $1,702.79 Total Monthly Expenses
14
The Berry family has broken down their budget and found that their living expenses for the month were $665.50; their fixed expenses were $545.95; and their annual expenses were $ Find their total monthly expenses. ππππ‘βππ¦ π βπππ ππ ππππ’ππ ππ₯ππππ ππ = π΄πππ’ππ πΈπ₯ππππ ππ 12 = = $345.42 Monthly Living Expenses 665.50 + Monthly Fixed Expenses + Monthly Share of Annual $6,465.87 Total Monthly Expenses
15
Monthly expense summary done at the end of the month to gauge how much was spent. Also, used to compare what was budgeted and what was actually spent.
16
$250 was budgeted and $234. 25 was spent
$250 was budgeted and $ was spent. How much more or less was spent? π΅π’ππππ‘ βπππππ‘=πΏππ π π€ππ π ππππ‘ 250β234.25=$ππ.ππ π³πππ A family spent $ on entertainment, they had budgeted $ How much more or less was spent than they had budgeted for? πππππ‘βπ΅π’ππππ‘=ππππ π€ππ π ππππ‘ 523.47β500.00=$ππ.ππ π΄πππ
17
$2,329.04 Spent β Budget = More was Spent
The Moore family earns $2,500 per month. They spent $ on fixed expenses, $ on living expenses, and their monthly share of annual expenses was $ If they also want to save $500 on top of their expenses, how much more or less was spent than they had budgeted? Monthly Living Expenses 925.64 + Monthly Fixed Expenses + Monthly Share of Annual + Savings $2,329.04 Total Monthly Expenses Spent β Budget = More was Spent 2, β 2,500 = $ more
18
Complete the Budget Sheet for Walter and Betty Kujawa, then answer the questions below.
Complete the Budget Sheet for Joe and Nancy Thomas, then answer the questions below
19
#08: Recordkeeping Summarize your notes Homework Worksheets
Similar presentations
