Diving Into Spending Plans!. © Family Economics & Financial Education – Edited April 2007 – Get Ready to Take Charge of Your Finances – Diving Into Spending.

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  • Diving Into Spending Plans!

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Today Well Talk About Spending Plan - What is it? Why use it?Income and ExpenseBean Game

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Why do you think this happens? People do not make enough moneyPeople spend too much moneyAlmost half of all American families spend more money than they make.

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Values, Needs, & WantsWhat is a value? Give an example.A belief about what is important to a personWhat is a need? Give an example.Something that is a necessityWhat is a want? Give an example.Something that is not a necessity but is desired

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Spending Plan - What is it?

    A spending plan is A tool to help people manage their money

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Spending Plan - Why use it?Why would you want to know where your money is going?

    Spending plans are used to help peopleTrack where their money is goingIdentify income and expensesMeet financial goals

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    A Spending Plan Tracks..IncomeMoney EarnedExpenseMoney Spent

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Game Time!Income Expense

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Income or Expense? Rent/House paymentPaycheckGroceriesInternet billWinning the lotteryUtilitiesPutting money into a piggy bank

    HobbiesCar repairsClothesBirthday moneyMP3 playerUsing savings to buy a skateboard

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Spending Plan ContentsIncome

    ExpensesHousingUtilitiesTransportationSavings

    ExpensesFoodInsuranceClothingOther

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Lees Spending Plan ExampleDoes Lee have enough income to pay his expenses?If he would like to buy a new shirt for $15, does he have enough money?

    IncomeExpensesItemAmountItemAmountMowing a lawn$10.00Movie ticket and popcorn$15.00Birthday gift$15.00Snack and drink$5.00Total$25.00Total$20.00

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    In ConclusionA spending plan isA tool to help people track their moneyA spending plan is based on Values, wants, and needsA spending plan tracksIncome and expenses

  • The End!

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Your Turn! Spending Plan Shake-Up

    Budget your beans to pay for the things you need and want

    Each square is worth one bean and all the squares must be filled to have that itemBudget as if you are a senior in high school

    =

    Family Economics & Financial Education Edited April 2007 Get Ready to Take Charge of Your Finances Diving Into Spending PlansFunded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona2.15.1.G1

    Spending Plan Shake-Up!Could you afford everything that you needed?Could you afford everything that you wanted?

    How does Spending Plan Shake-Up relate to real life?

    *One point to each group that answers, each group gets a chance Write on paper*One point for each group

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