2. Managing Your Money Using a Budget By Eleonore Marino

3. 2 BUDGETING YOUR MONEY You have $75 for the next two weeks. Make a list of everything you think that you will need or want. Next to each item list the price, you can estimate if you are unsure. CAN AND WILL YOU SURVIVE?!

4. 3 BUDGETING YOUR MONEY What is a budget? –A plan for saving & spending your money based on your income (or allowance). There a few things to consider when planning your budget: Income –Expenses »Environment

5. 4 WHERE IS THE MONEY COMING FROM? Your spending money is your INCOME..... –This is how much you expect to have after taxes are taken out. Could anything else be included as income? SURE!!! –Tips –Gifts –Interest on an account –Selling something on E-bay –Finding money you misplaced!

6. 5 WE ALL HAVE EXPENSES!! FIXED Rent/Mortgage Car Payment Loan Payments Credit Card Interest Car Insurance Tuition FLEXIBLE Food Bills (home or take-out) Clothing Entertainment Gas Money School Books ANYTHING ELSE YOU CAN THINK OF??

7. 6 WHAT COULD AFFECT YOUR BUDGET? FAMILY UNFORSEEN EVENTS OCCUPATION HEALTH STATUS

8. 7 STICKING TO YOUR BUDGET Become a good consumer. Exercise will- power and self- control. Develop a good record-keeping system. Evaluate your budget regularly.

9. 8 SAMPLE BUDGET Here are two samples that might be helpful when creating or working on your own budget: –http://www.themint.org/teachers/ budgeting_act1.phphttp://www.themint.org/teachers/ budgeting_act1.php –http://practicalmoneyskills.com/en glish/students/lesson.php?id=69&i ds=63:64:65:66:67:68:69:70http://practicalmoneyskills.com/en glish/students/lesson.php?id=69&i ds=63:64:65:66:67:68:69:70

10. 9 DON’T FORGET! A BUDGET…… –Puts you in control –Helps you create a visual spending picture –Helps you prevent impulse spending –Helps you decide what you can and cannot afford –Enables you to keep track of how you spend your money –Helps you create a savings plan

11. 10 INDEPENDENT PRACTICE Now that you are familiar with a budget try this activity on your own: http://www.teachersnetwork.org/teachnetusa /jcole/webquest.htm You may also use websites that you know about when searching for your criteria… GOOD LUCK!!