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Unit 2- Budgeting

Section 6.1- Choose a Financial Goal. Unit 2- Budgeting . Section 6.1 Choose a financial goal. Goals: Identify your financial goals. Section 6.1 Choose a financial goal. Key Terms Budget. How to get what you want !.

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Unit 2- Budgeting

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  1. Section 6.1- Choose a Financial Goal Unit 2- Budgeting

  2. Section 6.1 Choose a financial goal • Goals: • Identify your financial goals

  3. Section 6.1 Choose a financial goal • Key Terms • Budget

  4. How to get what you want! • Most of the things you want in life require money & almost everything you do requires income. • Things you value most are worth working for. • How can you achieve more of what is important to you during your life span? • A BUDGET

  5. What is a budget? • Budget- is a plan for dividing income among spending and saving options. • Budgets are based on short and long term financial goals. • The first step in budgeting is to consider the important goals you have set in your life-span plan.

  6. How Short and Long Term Financial Plans impact budgets! • Short term financial goals are things that can be achieved quickly, with limited planning and do not involve large amounts of spending. • i.e. $200 I-phone, $50 new shoes • Long term financial goals are always important parts of your life-span plan. • i.e. pay for college, buy a home, open a business

  7. Balancing short term spending with long term success. • Controlling your short term spending is one of the most crucial elements to achieving your long term financial goals. “Stand in your financial truth!” • The key is to create and follow a budget that allows you to enjoy yourself now and helps you achieve what you want most over your life- build savings into your budget!!! • To make a good budget you need to understand your life goals clearly.

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