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Your Money, Where Does it Go? . Ryan Brown CS 255 4/23/03. Your Objective. You will identify sources of income, distinguish between fixed and variable expenses, distinguish between needs and wants, and develop a personal budget. Don’t let opportunities pass you by!.

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Ryan brown cs 255 4 23 03

Your Money, Where Does it Go?

Ryan Brown

CS 255

4/23/03


Your Objective

You will identify sources of income, distinguish between fixed and variable expenses, distinguish between needs and wants, and develop a personal budget.


Don t let opportunities pass you by
Don’t let opportunities pass you by!

Read the Volume 2 Number 3 edition of

*Click banner to read*

Learn about opportunity cost, money diaries, and some spending choices.


Using a Sample Budget

  • Rank the budget items in order of importance

  • Determine whether each item is a "want" or a "need."

  • Figure out

    • what percentage of the total income each item represents

    • determine whether there is a relationship between the importance of an item and the percentage of the budget it represents.


Sonny Cruz, a full-time tour guide, has an annual salary of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

__________________________________________

Sample Budget


Comparison of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

Discuss

Rank in order of importance

Determine whether each item is a "want" or a "need."

what percentage of the total income each item represents


Order of importance (may vary) of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:


Complete a Personal Budget of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

Go ahead and fill out your personal budget form.

http://www.nice.emich.edu/childw.html

or download it here.

Personal Budget Form


Using Your Personal Budget of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

_____

  • Rank the budget items in order of importance

  • Determine whether each item is a "want" or a "need."

  • Figure out

    • what percentage of the total income each item represents

    • determine whether there is a relationship between the importance of an item and the percentage of the budget it represents.


Ready for a reality check
Ready for a Reality Check ? of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

Imagine how you want to live once you're on your own.Want to know what jobs you need to support your lifestyle? Find out here!

Quiz yourself @http://www.jumpstart.org/realitycheck


Go play a game
Go Play a Game! of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

Moneyopolis

Use what you learned on this game. Moneyopolis centers around a financial planning game based on the five-step process: assessment, goal setting, strategy setting, implementation, review/adjust. The game incorporates a "virtual city“ in which you move through various financial planning centers, managing money and working toward defined goals.


You are ready! of $15,000. After he pays his taxes and health insurance, his annual salary is $12,000. This is what Sonny's monthly budget looks like:

You are now able to manage you own money because you can rank items by importance and determine if it is a "want" or a "need" item. Wise decisions will then be made.

Your Money, Where Does it Go?

Now You Will Know!


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