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FACS 56 life management money management— budget & credit

FACS 56 life management money management— budget & credit. money management— allocating now you are ready to match future income to future expenditures—budgeting goal: monthly spending plan (budget) that meets all your expenses

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FACS 56 life management money management— budget & credit

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  1. FACS 56 life management money management— budget & credit

  2. money management— allocating now you are ready to match future income to future expenditures—budgeting goal: monthly spending plan (budget) that meets all your expenses this is a dynamic process—may require movement between steps until all needs are met within resource limits

  3. money management— allocating FIRST: calculate amount of fixed expenses NEXT: review status of emergency fund—PYF could you survive for 6 months without income? THEN: evaluate spending on variable expenses

  4. money management— • allocating • variable expenses— • a little give an take may be necessary • is there money here that could be used differently? • are you getting what you really need? • is a vacation more important that weekends at the movies? • is it worth giving up new carpeting to get a new car? • are your needs for insurance and retirement being adequately met? • allocate money based on goals, values & priorities • http://www.greenpath.com/tools-and-tips/calculators/budget-percent.htm

  5. participation activity: analyze and allocate pgs. 285-288 …starting on page 285, read all the information and answer the questions according to the information you have gathered for the Add it Up activity …using figure 14-4 on page 288, create a monthly budget form that is customized to meet your particular needs …this activity and your completed budget is due April 25th in Packet #3

  6. money management— • adjusting your plan • like any plan a budget needs adjusting • may have forgotten something • may have under- or overestimated an item • your expenses and income will change • keep an eye out for • feedback and adjust • accordingly

  7. planning for the future look at figure 14-2 no matter how old you are, you can always be thinking about planning for future… what does your future include?

  8. credit cost of credit http://www.youtube.com/watch?v=ws9Kyypunq4

  9. credit best creditors? http://www.youtube.com/watch?v=avzdbf8f07Y

  10. credit which card is best for your situation? http://www.youtube.com/watch?v=w0I_3T0ZTMw&NR=1

  11. credit credit score http://www.youtube.com/watch?v=1kMjxjlYYMs&NR=1

  12. credit—rights & responsibilities used wisely can be more of a benefit than a burden understanding your rights & responsibilities helps you to make wise choices

  13. special issues during your life • life events have a way of coming upon us • predictable: • meeting the needs of growing children • supporting education for teens after high school • unpredictable • divorce • remarriage • child support

  14. special issues during your life • other situations we could also anticipate: • caring for elderly parents • planning for retirement • life as a single elder

  15. participation activity: credit card caper & debt load analysis pgs. 287-292 …read all the valuable information provided on pgs. 287-289 referring figure 14-5 on pg. 290 as well …complete the worksheets on pgs. 291 & 292 in order to complete your own debt load analysis

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