1. The Art of budgeting

2.  What is the dumbest thing I have done with my money and what did I learn from it?

3. The Budgeting Process  phase 1: Assess your personal and financial situation  (needs, values, life situation).  How much money are you earning?  phase 2: Set personal and financial goals.  Do you want to go to college/university?  Buy a car?  phase 3: Create a budget for fixed and variable expenses based on projected income.

4.  phase 4: Monitor current spending (saving, investing) patterns.  Write it down!!!  phase 5: Compare your budget to what you have actually spent.  Be honest with yourself!  phase 6: Review financial progress and revise budgeted amounts.

5. well-written personal and financial goals should:  ■ be realistic  A student working part-time is not likely to be able to afford a new car every couple of years.  ■ be stated in specific, (I plan/want to…)  measurable terms  “To save $5,000 for a down payment to buy a house.”

6.  ■ have a time frame  “To pay off my credit card within the next 18 months.”

7.  Put together a realistic budget for yourself. Your Budget

8. Handout  One sheet will be used to set up Gabrielle’s budget now.  The other sheet will be to rework Gabrielle’s in the way you think it should be.