EGR 334 Thermodynamics Chapter 12: Sections 1-4 Lecture 38: Ideal Gas Mixtures Quiz Today?
Chapter 3 Quiz TODAY
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Transcript of Chapter 3 Quiz TODAY
Chapter 3 Quiz TODAY
MTV True Life “I am a compulsive shopper”
http://www.mtv.com/videos/true-life-full-episode-im-a-compulsive-shopper-two-girls-deal-with-extreme-shopping-addictions/1590955/playlist.jhtml
How could budgeting have helped these ladies be in a better circumstance financially?
Journal: “Do you keep records? If so what are they for…pay check stubs, car
insurance, receipts, savings account info, checking account, debit card, tags on
clothing, etc.?Why do you keep these records?
Chapter 3 Money Management Strategy
Personal Finance
Organizing Financial
Records
MONEY MANAGEMENT IS…
Planning how to get the most from your money
Helps you keep track of where you money goes
Helps you make wise financial decisions
Helps you reach your financial goals
MONEY MANAGEMENT CAN HELP YOU…
Plan and measure your financial progress
Handle routine money matters, such as paying bills on time
Determine how much money you have now and in the future
Make effective decisions about how to save money
Places you can keep financial records
Home Files: file box or drawer used for savings account info, bank statements, paycheck stubs
Safe-Deposit Boxes: small secure storage you rent at a bank; used for birth certificates, jewelry, titles (house or car) etc.
Home Computers: good for certain financial records and used for a financial tool
ActivityReview pages 60-64 in your textbookGet in groups of 3/4Get an envelope of different items listed
on paperCategorize the items into 3 groups
Orange= Home Files Purple= Safe Deposit Box Yellow= Home Computer
Place the items listed on the sheets of paper in the correct folders
Be prepared to discuss in class
Chapter 3 Notes (cont)
Article: 3 Frugal Resolutions for 2009Question: What are 3 important facts that you
can take from this article?
Personal Financial StatementsDocument that provides information about
and individuals current financial positionSummary of income & spending
What you owe? (car payment, car insurance, cell phone bill)
What you make?Personal balance sheet/net worth
statements Net worth: difference between amount you
make/have and debts that you need to pay
Assets…in the green!
Assets: items of value such as cash, property, personal possessions, and/or investments
Wealth: an abundance of valuable material possessions
Liquid Assets: cash items that can be quickly converted into cash (checking account item)
Can also include real estate recorded at market value
Liabilities…in the red!
Liabilities are debts you owe (Car payment, money you owe
your parents for spring break trip, cell phone bill for texting too much!)
Insolvency: financial state that occurs if liabilities are greater than assets
NET WORTH= Assets – Liabilities ( $3,200 = $4,000 - $800)
Income…making $$$Cash flow: the money that actually goes in and
out of your wallet and bank accountsIncome: money that you receive from a job,
allowance or interest earned on savings accountTake-home Pay: amount of income left after
taxes and other deductions have been taken outDiscretionary Income: money left over after
paying for essentials such as food, clothing, shelter, transportation etc. (you spend it at your own discretion)
JOURNAL: Why do we need to know our cash flow? What do assets and liabilities have to do with your financial future?
JOURNAL: WHY DO WE NEED TO KNOW OUR CASH FLOW?
WHAT DO ASSETS AND LIABILITIES HAVE TO DO WITH YOUR FINANCIAL
FUTURE?
What now…Save your notes—we have
one more day of notes next class
Get Personal Balance Sheet and Cash Flow Statement Review
Complete individually or with a partner
Be prepared to review your answers in class
Today's ActivitiesNEFE workbook pages 15-19 read and
complete individuallyNEFE pages 22-23 togetherJournal EntryNotes 15-20Chapter 3 packetHW: Read Chapter 4
JournalDo you currently use a
budget? Do your parents use a budget? What are some advantages to using a budget?
EXTRA CREDIT: Track all your income, expenses and spending for 1 week. Record it on a neat sheet of notebook paper or type. Worth 20 points!
BudgetPlan for using money to
meet wants and needsNecessary for successful
financial planningLearn how to live within
your incomeLearn how to spend
money wiselyDevelop good money
management skillsReach financial goals!
Steps for Creating a Personal Budget
1. Set your Financial Goals2. Estimate your Income3. Budget for Unexpected Expenses
Emergency Fund (medical, unemployment) 3-6 month living expenses
4. Budget for Fixed Expenses Mortgage, car payment, insurance, school loans etc.
5. Budget for Variable Expenses Heating & cooling, medical Consumer Price Index (CPI): measure of changes in
prices for purchased goods6. Record What you Spend
Budget Variance: what you budget to spend vs. what you actually spend
7. Review Spending & Saving Patterns
Budget Successfully by…
Planning carefully
Making the budget practical
Allowing for some flexibility
Writing the budget down and putting in an easily accessible location
Ways to
Increase
Savings!!! Pay yourself first Write yourself a check
from your paycheck to immediate deposit into savings account
Payroll Savings Set aside a fixed amount
to go into savings directly from your paycheck
Spending less to Save Spend less each day! E.g. not getting that
morning coffee, renting a movie instead of going out to one
Now what?Print your notes….3 days worth, 3 journals
—20 points!!!
Get a Chapter 3 packet from me Ch 3 crossword puzzle Money Management Strategy Financial Pickles Money Management Quiz
Review Financial Pickles together!