Transcript AVID

Tips for Managing Your
Money
Work Part-time in School
• Build resume
• Learn new skills
• Develop a strong work ethic
• Learn responsibility
• Learn communication skills
• Network with others
• Helps you appreciate a good paying
career later (you may not have to mop
floors again!)
Buy Day Old or Soon to
Expire Foods
• Freeze the food and thaw it when you
need it
• Stores like Western Eagle in Temecula
sell these foods. The first Saturday of the
month everything is half price.
Buy Sale Items
• Wait for things to go on sale.
• Shop “out of season”
• 30% is an average sale. Look for
greater bargains.
• Shop on clearance racks for clothes
($10 shirt rule)
Don’t Be Fooled By All Sales
• Even at 75% off, you could be paying
too much.
Zales Jewelers
Regular Price $2,000
Sales Price at 75% off
is $500
Costco Regular Price
$485
Use Coupons
• Check for coupons online
• Some stores double the value of the
coupons
• Some websites have coupon codes for
online purchases
Send in Rebates
• less than 50% of rebates are ever sent
in.
Buy Generic or Store Brands
• Generic foods or store brand foods can
be the same as brand names.
Lower Your Phone Bill
• Get a pre-paid phone
• Use calling cards (99 Cent Store)
• Use Vonage
• Skype
Unit Pricing
• Unit pricing is how much each ounce,
pound, or piece costs. Compare with
other similar products.
• Buying in bulk is not always cheaper
Fruit Loops Cereal
Fruit Ring Cereal
3.79
12 ounces
.32 per ounce
2.99
12 ounces
.25 per ounce
Unit Pricing
Brawny Paper Towels
Viva Paper Towels
2.70
15 Feet
.18 per foot
3.20
20 feet
.16 per foot
Unit Pricing
Reynolds Wrap
Reynolds Wrap
2.99
75 Square Feet
.04 per sq ft
24.99
500 Square Feet
.05 per foot
Unit Pricing
Schwartz Cinnamon
Bulk Cinnamon
1.89
6 Ounces
.32 per oz
2.56
per lb.
.16 per oz
Create a Budget
• A budget lists money coming in and
money going out.
• It helps you set priorities for how your
money is spent
• Helps keep you from spending more
than you earn
• “Live within your means”
Elementary & Middle School
Budget
10%
Offering
50%
Savings
For Christmas
Gifts
40%
Spending
High School Budget
10%
Offering
50%
Savings
For
Car
40%
Spending
College Budget
Monthly Budget for
April 1994
Expected Income: $400.00
Expenses
Budgeted
Actual Amount
Offering
$40.00
$40.00
Savings (College)
$100.00
$100.00
Car Insurance
$100.00
$100.00
Gas
$80.00
$80.00
Spending (Food, Clothes, Entertainment)
$80.00
$80.00
Other:
Total:
$0
$400.00
$400.00
Changes to College Budget
Monthly Budget for
April 1994
Expected Income: $400.00
Expenses
Budgeted
Actual Amount
Offering
$40.00
$40.00
Savings (College)
$100.00
$0
Car Insurance
$100.00
$100.00
Gas
$80.00
$80.00
Spending (Food, Clothes, Entertainment)
$80.00
$60.00
Other: Replace Car Window
$120.00
$120.00
$400.00
$400.00
Total:
Today’s Budget
Spending Money
$145 Personal
$180 Gas
Use Public Transportation or
Car Pool
• According to AAA, the average cost to
operate and own your vehicle is 70.7
cents a mile which totals a whopping
$5,925 annual average (if the car is driven
10,000 miles annually).
See Money Differently
• Money is what you exchange for your
time, energy, or effort.
• Ask yourself:
• “Is my time worth what I am buying?
• “Is this item worth five hours of work?”
• “What won’t I be able to buy if I buy
this?”
Start Saving
•Get in the habit of putting some money
away for larger purchases.
• Save bonus money, birthday money,
unexpected money
• Put a portion of your money into savings
before you start spending the rest of your
check
• “The more you make, the more you
spend.”
Invest Your Money
• When you have extra money, consider
investing it in stocks, bonds, or by CDs
(Certificates of Deposit)
Sell Things You Don’t Use
• Garage sale
• Ebay/Craigslist
• Sell to friends
Buy Used
• Buy clothes used at the Salvation Army.
Everything is half off the first and third
Friday of each month.
• Once you wash a new piece of clothing,
it is used!
Which one is used?
Compare Prices From Several
Stores
• Compare prices on common items you
actually use. Frequent the store that has
the lowest prices on most of these items.
• Shop more than one store to find
bargains.
• Check prices online. Companies that
are out-of-state don’t charge tax. That
saves almost 9%
Shop End-Caps
• In supermarkets, sale items are usually
placed on end-caps
• Find where the store keeps their
clearance items
Barter
• Example: Babysitting for piano lessons
• Example: Tutoring for jacket
Restaurants
• Restaurants like Chili’s and TGI Fridays
have appetizers for ½ price after 10 pm
• Taco Tuesday
• 2 for $20
• Buy one get one free
• Coupons (email clubs, newspaper,
online)
• Entertainment book (coupons)
Talk to Others
• Good shoppers love to share how and
where they got a bargain. Just ask
around.
Table Talk
• Share your money saving ideas with
your table group.
• Be prepared to share your ideas with the
class in 3 minutes.