Transcript Budgeting Your Money

Warm-up
 What
 What
is the job of your dreams?
steps do you think you will you have
to take to get this job?
Why do some jobs pay more?

Read the article and answer the questions on the back

Why is this all important and why should it matter to you?

https://www.youtube.com/watch?v=hUxttPh7_XQ
5.2 Identify the costs
and benefits of
budgeting
Budgeting Your Money
5.2
What is a Budget?

How to spend revenue (income) v. expenditures
(expenses)
 Revenue
(income): Total amount that a person or
business makes
 Expenditures
(expenses): Total amount a person or
business spends
Types of Expenditures
 Deductions:
expenditures before paycheck
is received
 Bills:
expenditures after paycheck is
received
Types of Deductions
Pre-Tax
Deductions
Retirement payments
Life Insurance
Social Security payments
Medicare
Taxes
Federal Income Tax
State Income Tax
Types of Bills
 Mortgage
(owning home)
 Foreclosure?
 rent
 Car
(not owning home)
Payment
 Gas
 Phone
Payments
Bill
 Saving:
setting aside for later
 General
Expenses:
 Groceries
 Household
items
 Entertainment
 Etc.
Insurance: why is it important?
Premium: your monthly payment
2. Co-pay: what you owe if you make a claim
3. Deductible: what you pay before insurance kicks
in
1.

Car Insurance:
 Liability
 In

insurance is required
case you damage someone else’s property
Home/renters Insurance: recommended