1. PERSONAL BUDGETS WHERE DID ALL MY MONEY GO?

2. QUESTION 1 What are some examples of things you do that are influenced by money?  Where you live  How you get around  What you do with your free time  Whether you work and what kind of job you have

3. WHAT IS BUDGETING Well managed money makes life easier Poorly managed money causes stress Budgeting – Getting in control of what you spend; Can prevent downward spiral into debt

4. QUESTION 2 How do you know where your money goes?

5. BUDGETING STEPS 1.List all monthly payments. 2.List every cent you spend for 1 month 3.Group everything into categories 1.Food 2.Transportation 3.Entertainment 4.Personal Care

6. BUDGETING STEPS 4. Make a chart like the one I’ve handed you. 5. Fill in column 2: Current Expenses 6. Come up with ways to lower the amounts 7. Enter smaller amounts in column 3: New Budget 8. Total expenses from column 3: New Budget to see if it matches your income

7. TODAY’S ASSIGNMENT 1.Pick up a new budget sheet from the tray. 2.With a partner you are going to save some money on your budget. You are currently $320 over, and need to find a way to cut that out of your new budget. 3.Adjust the totals from column 2 so that they add up to $2,000 exactly. 4.On the back of the paper explain what you would to do save money in that category. EXAMPLE: To save $30 on gasoline I will ride my bike to school once a week. 5.When you are done turn it in to the tray. THIS WILL BE ONE OF YOUR GRADES THIS WEEK!