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lesson three

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Teens lesson three the art of budgeting presentation s 04/09 the budgeting process phase 1: Assess your personal and financial situation (needs, values, life ... – PowerPoint PPT presentation

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Title: lesson three


1
lesson three
the art of budgeting presentation slides
04/09
2
the budgeting process
  • phase 1 Assess your personal and financial
    situation (needs, values, life situation).
  • phase 2 Set personal and financial goals.
  • phase 3 Create a budget for fixed and variable
    expenses based on projected income.
  • phase 4 Monitor current spending (saving,
    investing) patterns.
  • phase 5 Compare your budget to what you have
    actually spent.
  • phase 6 Review financial progress and revise
    budgeted amounts.

teens lesson 3 - slide 3-A
3
goal-setting guidelines
  • 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 specific
  • I want to save 5,000 for a down payment to buy
    a house.
  • have a timeframe
  • I want to pay off my credit card within the
    next 18 months.
  • state the action to be taken
  • I want to start an automatic deposit savings
    account with monthly withdrawals from my checking
    account.

teens lesson 3 - slide 3-B
4
setting up and maintaining a budget
income budget actual difference
Job 1
Job 1
Other
total monthly income

expenses budget actual difference
fixed regular expenses fixed regular expenses fixed regular expenses fixed regular expenses
Rent
Car insurance
Car payment
Credit card
fixed irregular expenses fixed irregular expenses fixed irregular expenses fixed irregular expenses
Savings
Food
Utilities
teens lesson 3 - slide 3-Ca
5
setting up and maintaining a budget (continued)
expenses budget actual difference
transportation transportation transportation transportation
Bus fare
Gas and oil
Parking and tolls
Repairs
other other other other
Medical expenses
Clothing
Entertainment
Household items
Personal items
Tuition
School expenses
total monthly expenses
teens lesson 3 - slide 3-Cb
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