Presentation Notes Paycheck Managing Your Paycheck · 2015. 3. 26. · Managing Your Money,...

Presentation Notes Managing Your Paycheck

Managing Your Paycheck Copyright © Texas Education Agency, 2015. All rights reserved.

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Practicum in Culinary Arts

Practicum in Hospitality Services

Managing Your Paycheck



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Copyright © Texas Education Agency, 2015. These Materials are copyrighted © and trademarked ™ as the property of the Texas Education Agency (TEA) and may not be reproduced without the express written permission of TEA, except under the following conditions:

1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts’ and schools’ educational use without obtaining permission from TEA.

2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only, without obtaining written permission of TEA.

3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way.

4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged.

Private entities or persons located in Texas that are not Texas public school districts, Texas Education Service Centers, or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from TEA and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty.For information contact: Office of Copyrights, Trademarks, License Agreements, and Royalties, Texas Education Agency, 1701 N. Congress Ave., Austin, TX 78701-1494; phone 512-463-7004; email: [email protected].

Copyright

Copyright © Texas Education Agency, 2015. All rights reserved.



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A check for salary or wages made out to an employee

Paycheck


You have a job! That means you will get a paycheck!

You can also call it your income or wages.

Decisions will need to be made as to:

• How you spend your money

• What you will buy

• How much money will you save each month

You may not get to see the actual check because many businesses are now

paying their employees with an electronic paycheck which is automatically

deposited into a bank account.



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Managing Your Money, Budgeting and Paychecks(click on link)

(image from video)


Click on hyperlink to view YouTube™ video:

Managing Your Money, Budgeting and Paychecks

Being able to manage money properly starts with knowing the items of a

paycheck such as gross income, net income, taxes, and FICA. Budgeting tools

allow consumers to know exactly where they're spending their money.

https://youtu.be/elXhIg_6Ocs

https://youtu.be/elXhIg_6Ocs



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Help you to:

Control where your money goes

Work toward short and long-range goals

Keep from overspending

Reduce wasteful spending

Budgets


Budget: An estimate of income and expenditure for a set period of time



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1. Set Financial Goals

2. List Income and Expenses

3. Balance Your Budget

4. Keep Track

5. Evaluate Your Budget

Personal Budget Steps


A personal budget is a finance plan that allocates future personal income

towards expenses, savings and debt repayment.



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Needs Wants

Set goals in order

Short-range

Long-range

Emergency fund

Financial Goals


Decide what your needs and wants are and then save for them.

Short-term goals may include purchasing a:

• cell phone

• flat-screen TV

• trendy purse

Long-term goals may include saving money for a:

• car

• college education

• vacation

An emergency fund would cover unexpected expenses such as a:

• broken, lost or stolen cell phone

• car repairs

• hospital bills



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Wages

Fixed

Flexible

Income and Expenses


Income: Money received, especially on a regular basis, for work

Expenses: The amount of money that is needed to pay for or buy something



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Money that is paid or received for work or

services, as by the hour, day or week

Money for taxes is

deducted

Wages


Wages can also be referred to as salary or income.

Deductions: An amount that is or may be deducted from something, especially

from taxable income or tax to be paid



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Fixed Expenses

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Must be paid regularly

Car payments

Insurance

Mortgage or rent


If you have purchased a car for transportation to your job, then car payments

and insurance are fixed expenses.

You need a place to live and will have to pay rent if you do not live with your

parents.

Can you think of other fixed expenses?



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Varying amounts are paid

Clothing

Entertainment

Food

Recreation

Utilities

Flexible Expenses


Sometimes called variable expenses because the amounts vary.

What other flexible expenses can you think of?



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Income Expenses Expenses should equal

income or less

Account for every penny

Balancing the Budget


If your monthly expenses exceed your income, you will need to either increase

your income or decrease your expenses.



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1. Record all income you receive

2. Record every purchase

3. Check your bank

account often

Keeping Track


Avoid spending any money that was not on your planned list of expenses.

Be an informed consumer. Know where, when and how to shop.

Make sure to check your bank account frequently either online or by phone to

make sure that all expenses have been recorded before you make new

purchases. Bank charges for overdraft fees can wreck a budget.



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Is it working?

Have you reached your

goals?

Do changes need to be

made?

Evaluate Your Budget


Goals, income and expenses may change so your budget will need to change.

Be sure to make the adjustments.



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Avoiding Impulse Buys

(image from video)

(click on link)


Click on hyperlink to view YouTube™ video:

Avoiding Impulse Buys

Fixed expenses are costs that generally don’t change and are paid on a

monthly basis, whereas variable expenses can change from month to month.

Being able to avoid impulse buys will allow a person to make smarter shopping

decisions and lower their variable expenses.

https://youtu.be/1XTqR-vseI0

https://youtu.be/1XTqR-vseI0



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References and ResourcesImages:

Shutterstock™ images. Photos obtained with subscription. (Slides 1, 3, 5, 6, 8, 9, 10, 11, 13, 14, 16)Textbook:

Littrell, J. J., Lorenz, J. H., & Smith, H. T. (2009). From school to work. Tinley Park, IL: Goodheart-Willcox.

YouTube™:

Avoiding Impulse BuysFixed expenses are costs that generally don’t change and are paid on a monthly basis, whereas variable expenses can change from month to month. Being able to avoid impulse buys will allow a person to make smarter shopping decisions and lower their variable expenses.https://youtu.be/1XTqR-vseI0

Managing Your Money, Budgeting and PaychecksBeing able to manage money properly starts with knowing the items of a paycheck such as gross income, net income, taxes, and FICA. Budgeting tools allow consumers to know exactly where they're spending their money.https://youtu.be/elXhIg_6Ocs


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Presentation Notes Paycheck Managing Your Paycheck · 2015. 3. 26. · Managing Your Money,...

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