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Personal finance 8.02 spending plans p_ptb(fefe)
1.
Spending Plans “Take Charge
of Your Finances” Advanced Level
2.
1.15.2.G1 Where’s My Dough?
Divide your How much do play dough to What you spend on Play dough = show how expenses do each income much is spent you have? expense? on each expense Based upon You have your current Adjust your Write a begun to spending, is it play dough to personal develop a realistic to reach your financial goal spending achieve your goal plan! goal? © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 2 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
3.
1.15.2.G1 What is a Spending
Plan? Document used to record both planned and actual income and expenses over a period of time A budget © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 3 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
4.
1.15.2.G1 Money Management Tools
Statement of Income & Expense Spending Plan Financial Position Statement What is my How have I What is my future financial position managed my money today? money in the past? management plan? Determine what changes Make to make changes © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 4 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
5.
1.15.2.G1 A forward-looking Income
and Expense Statement May use the same template for both the Income and Expense Statement and the Spending Plan © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 5 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
6.
1.15.2.G1 Why is a
Help manage your money in a Spending Plan positive manner an important Analyze the part of financial opportunity costs of your trade-offs Increase net planning? to maximize worth financial well- being Helps set and reach goals © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 6 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
7.
1.15.2.G1
Congratulations! You have been hired as a financial advisor for John and Tia Brown • Developed a Statement of • Develop a Financial Position and Income and spending plan for Expense Statement the Brown family • Identified the following goals: Increase the Pay more on their Spend less Spend less money amount of their monthly car loan money on dining out at emergency payment to pay clothing every restaurants savings fund the loan off faster month © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 7 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
8.
1.15.2.G1 Spending Plan Development
Process Step 5 - Evaluate Step 1 - Track and Make Current Income and Develop the Adjustments Expense spending plan Step 4 - Step 2 - Implement and Personalize Your Control Spending Plan Maintain the Step 3 - spending plan Allocate Money to Each Category © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 8 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
9.
1.15.2.G1 Track Current Income
and Expenses Step 5 - Evaluate Step 1 - Track and Make Current Income and Adjustments Expense Step 4 - Step 2 - Implement and Personalize Your Control Spending Plan Ensures spending Step 3 - plan is realistic Allocate Money to Each Category © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 9 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
10.
1.15.2.G1
The Brown Family Step One: Track Current Income and Expenses Kept all receipts Review John and for the month of Tia’s January January to Income and create an Expense Income and Statement for a Expense realistic view of Statement their income and expenses © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 10 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
11.
1.15.2.G1 Personalize Your Spending
Plan How will you Step 5 - Evaluate Step 1 - Track and Make Current Income and develop a Adjustments Expense spending plan? What is the intended time period for your Step 4 - Step 2 - spending plan? Implement and Personalize Your Control Spending Plan Step 3 - What categories Allocate will your spending Money to plan include? Each Category © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 11 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
12.
1.15.2.G1 How will you
develop a spending plan? Paper and pencil Spreadsheet How would Money management you develop a computer software spending plan? Applications © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 12 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
13.
1.15.2.G1 What is the
intended What categories will your time period for your spending plan include? spending plan? • Usually concurrent with • Reference tracking from pay period the Income and Expense Statement What time period • Do any categories need would you choose added, changed, or for your spending removed? plan? © Family Economics & Financial Education –May 2011– Insurance Unit – Types of Insurance– Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
14.
1.15.2.G1
The Brown Family Step Two: Personalize Your Spending Plan • Requested a • Find the column spending plan for on the Income the month of and Expense February Statement • Requested the where the same document Spending plan and categories as will be created the Income and Expense Statement © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 14 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
15.
1.15.2.G1 Allocate Money to
Each Category Step 5 - Evaluate Step 1 - Track and Make Current Income and Reference tracking Expense Adjustments from Step One Step 4 - Step 2 - Implement and Personalize Your Control Spending Plan Determine what Step 3 - changes to make Allocate Money to Each Category © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 15 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
16.
1.15.2.G1 When allocating money
consider: Trade-offs and Contractual opportunity Goals expenses costs Contractual Non-contractual Required to pay expense for a specific amount of time - not Easy to reduce or eliminate easy to reduce or eliminate Rent, Internet, Cell phone Food, entertainment © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 16 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
17.
1.15.2.G1 Spending Plan Guide
What variables may cause these percentages to be different? © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 17 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
18.
1.15.2.G1 Net Gain or
Net Loss? Net Gain? Net Loss? • Add more • Increase money to income savings or • Decrease another expenses expense • Both © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 18 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
19.
1.15.2.G1
The Brown Family Step Three: Allocate Money to Each Category • Indicated a * next to expenses that are either contractual or they are unwilling to decrease • Remember goals • Consider trade-offs • Must have a net gain or a zero balance © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 19 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
20.
1.15.2.G1
The Brown Family Step Three: Allocate Money to Each Category • Develop a spending plan for the family • Explain each change made • Re-write goals into SMART goals using their new spending plan © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 20 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
21.
1.15.2.G1 Implement and Control
Step 5 - Evaluate Step 1 - Track and Make Current Income and Adjustments Expense Step 4 - Step 2 - Implement and Personalize Your Control Spending Plan Use a control system Step 3 - to stay on track Allocate Money to Each Category © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 21 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
22.
1.15.2.G1
Which control Control Systems system would help you stick to your spending plan? Internet-based spending plan program Depository institution programs Check register system Envelope system © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 22 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
23.
1.15.2.G1 The Brown Family Step
Four: Implement and Control © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 23 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
24.
1.15.2.G1 Evaluate and Make
Adjustments Step 5 - Evaluate Step 1 - Track and Make Current Income and Adjustments Expense Is your spending plan helping you Step 4 - Step 2 - reach goals? Implement and Personalize Your Control Spending Plan Do you need to Step 3 - make any Allocate Money to adjustments? Each Category © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 24 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
25.
1.15.2.G1 The Brown Family Step
Five: Evaluate and Make Adjustments How could • John and Tia • Increase their creating a realized that if grocery budget spending plan they dine out at by $20.00 • How has help you now restaurants less often they will developing a and in the need to increase spending plan future? their monthly helped the grocery expense Brown family? © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 25 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
26.
1.15.2.G1 Summary
Step 5 - Evaluate Step 1 - Track • A spending plan is an Current Income and and Make important financial Adjustments Expense planning tool ▫ Helps achieve goals • Make your spending Step 4 - Step 2 - plan work for you Implement and Personalize Your • Make sure to control, Control Spending Plan evaluate, and adjust Step 3 - your spending plan Allocate Money to Each Category © Family Economics & Financial Education – Updated May 2012 – Spending Plans – Slide 26 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
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