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Mastering Your Budget: A Guide to Financial Freedom in High School

As you enter your final quarter of high school, mastering the art of budgeting becomes essential. A budget is not just a plan for spending, but a powerful tool that helps prioritize your limited financial resources on what truly matters. It aids in covering essentials like food, clothing, and shelter, while also allowing for savings and discretionary spending. This guide outlines practical steps to create a budget, track expenses, and understand the vital balance between fixed and flexible costs. Embrace financial responsibility and set the foundation for your future!

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Mastering Your Budget: A Guide to Financial Freedom in High School

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Presentation Transcript

  1. Do Now What is a budget? What is the purpose of a budget?

  2. Reminders • News Article Analysis due FRIDAY • First day of Quarter 4! • This is your last quarter of high school!

  3. 9.1- Budget • With freedom comes responsibility. • It takes planning and practice to learn how to use your income wisely. • Budget- a plan for how to save and spend income

  4. What would a budget do for me? • Everyone has a limited amount of money. • Budgets help you focus your limited financial resources on what’s most important to you. • It helps you pay for basics like food, clothing, and shelter. • Once those expenses are met, it can include optional items like travel and entertainment. • Savings can be included to achieve your long term goals.

  5. How do you set up a budget? • 1) Determine your income- make a list of all the steady income you receive • 2) Track your expenses- keep a record of all your expenses for one month. • 3) Categorize Expenses- put your expenses into categories such as transportation, food, clothes, savings

  6. 4) Determine fixed and flexible expenses- figure out what must be paid every month • 5) Set up a Spending Plan- set out a plan for fixed expenses. Look at the amount left over and allocate it to cover flexible expenses.

  7. Guided Practice • Benefits of a budget

  8. Independent Practice • Mock Budget activity

  9. Homework • News Article Analysis due FRIDAY!

  10. 1) What is the biggest benefit to creating a budget? • 2) What is one difficulty with sticking to a budget?

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