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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
this is a dynamic process—may require movement between steps until all needs are met within resource limits
money management—allocating
FIRST:calculate amount of fixed expenses
NEXT:review status of emergency fund—PYFcould you survive for 6 months without income?
THEN:evaluate spending on variable expenses
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
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
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
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?
credit
cost of credit
http://www.youtube.com/watch?v=ws9Kyypunq4
credit
best creditors?
http://www.youtube.com/watch?v=avzdbf8f07Y
credit
which card is best for your situation?
http://www.youtube.com/watch?v=w0I_3T0ZTMw&NR=1
credit
credit score
http://www.youtube.com/watch?v=1kMjxjlYYMs&NR=1
credit—rights & responsibilities
used wisely can be more of a benefit than a burden
understanding your rights & responsibilitieshelps you to make wise choices
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
special issues during your life
other situations we could also anticipate:•caring for elderly parents•planning for retirement•life as a single elder
participation activity:credit card caper & debt load analysispgs. 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