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Ryan Brown CS 255 4/23/03 PowerPoint PPT Presentation

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!.

Ryan Brown CS 255 4/23/03

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Your Money, Where Does it Go?

Ryan Brown

CS 255

4/23/03

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!

Read the Volume 2 Number 3 edition of

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

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)

Complete a Personal Budget

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

Personal Budget Form

_____

• 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 ?

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!

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.