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BUDGETING

BUDGETING. How will you use your money?. BUDGET. A plan for dividing income among spending and saving options. SHORT TERM vs. LONG TERM. SHORT TERM < 5 years LONG TERM > 5 years. YOUR GOALS AFFECT OTHERS. Are your parents going to pay your college expenses?

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BUDGETING

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  1. BUDGETING How will you use your money?

  2. BUDGET A plan for dividing income among spending and saving options

  3. SHORT TERM vs. LONG TERM SHORT TERM < 5 years LONG TERM > 5 years

  4. YOUR GOALS AFFECT OTHERS Are your parents going to pay your college expenses? How will that decision affect you AND your parents? Will they be able to reach their life goals?

  5. YOUR FUTURE FAMILY 75% chance you will be married by age 30 Borrowing makes sense if you do it wisely If you borrow too much $, your new family will share the financial burden of money you borrow.

  6. TRACK YOUR INCOME Save your pay stubs Record the “extras”

  7. TRACK YOUR SPENDING Sales reciepts Credit card statements Checking account statement

  8. ESTABLISH A FILING SYSTEM Clothes School Supplies Bank statements Misc. expenses

  9. EFFECTIVE RECORD KEEPING ORGANIZED Complete!

  10. USE YOUR RECORDS • Using your financial records will help you plan your budget and establish your • “FINANCIAL SELF”

  11. EXPENSES • FIXED • Amounts you are committed to spend • Stay the same every month • MUST pay when they are due • FLEXIBLE • Amounts you choose to spend or not to spend

  12. LUXURY GOODS Goods that have special qualities that make the more expensive than alternative goods.

  13. SO… What are several problems a person who fails to record and save financial records in an organized and complete filing system might experience?

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