Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?
description
Transcript of Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?
![Page 1: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/1.jpg)
Due: Tracking Your Spending
Bell Ringer:1. What is an impulse purchase?
![Page 2: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/2.jpg)
Planning a budget
![Page 3: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/3.jpg)
Lifestyle – Pre-budgeting Lifestyle is a way of living that
reflects that person’s attitudes and values Where will you live? Rent or Own What do you prefer in clothing? Latest
styles, sales, or resale What are your tastes in food? Eat out,
microwave meals or made from scratch What transportation will you use? Own
car, public transportation or biking
![Page 4: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/4.jpg)
What are your values?1. Savings2. Food 3. Clothes 4. Sports/Recreation5. Church/giving 6. Car 7. School expenses 8. Hobbies 9. Social Activities 10. Personal appearance
![Page 5: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/5.jpg)
Importance of Budgeting A budget is a plan for using your
money in a way that meets your wants and needs
Helps to control spending and accomplish goals
Not designed to deprive but assist in reaching personal goals
![Page 6: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/6.jpg)
What Makes a Good Personal Budget? Ability to cover basic expenses Cash for the unexpected Savings for the future
**Create a budget you can live with!!**
![Page 7: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/7.jpg)
Steps in Planning a Budget 5 Steps to planning a budget
1. Set your goals2. Estimate your income3. Estimate your expenses4. Plan for savings5. Balance and adjust your budget
![Page 8: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/8.jpg)
Set your Goals What do you want to accomplish in
the next month? What is important to you? Are your goals practical?
It is useless to set a goal to buy a computer in one year if your income per year is less than the computer costs.
![Page 9: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/9.jpg)
Estimate your Income Gross Pay – the total amount of
money you earned for a specific time
Deductions – are certain amounts that are subtracted from your pay before you receive your paycheck
Net Pay = Gross pay minus deductions sometimes called take home pay
![Page 10: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/10.jpg)
Things that can affect your income level Education Level Occupation Experience Health
![Page 11: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/11.jpg)
Possible Paycheck Deductions Federal Income Tax State Income Tax Retirement Health Insurance Social Security Medicare
![Page 12: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/12.jpg)
Estimate your Expenses Fixed—paid regularly
Rent, insurance, car payments Variable (Flexible)—amount varies
Food, clothing, gas for car Discretionary – Expenses that can
be cut out completely Donations, gifts, charity,
entertainment
![Page 13: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/13.jpg)
Plan for Savings Help to protect against unexpected
expenses Helps with future wants Helps with expenses that are
higher than you budgeted for PYF (Pay Yourself First)—10% right
when you get your check Investing – earning money with
your savings
![Page 14: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/14.jpg)
Balance and adjust budget Check to be sure that actual
expenses are actually meeting costs you budgeted for
Check weekly, monthly and yearly Either cut expenses or increase
income
![Page 15: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/15.jpg)
Personal BudgetINCOME TOTALSWorkAllowancesLunch MoneyTOTAL INCOMEEXPENSESDaily LunchesSuppliesSnacksEntertainmentSAVINGSDepositsTOTAL EXP & SAVINGS
![Page 16: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/16.jpg)
Ways to Stick to a BudgetShop with budget in mindPlan for large purchases so you
know you can afford themNegotiate when possibleAvoid impulse buyingWatch for salesTrack purchases
![Page 17: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/17.jpg)
SUBCATEGORIES IN YOUR BUDGET
![Page 18: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/18.jpg)
Housing Payment/Rent Utilities Insurance Property Taxes Repairs & Maintenance
![Page 19: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/19.jpg)
Transportation Payment Insurance Fuel Cost Repairs & Maintenance
![Page 20: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/20.jpg)
Food Food at Home Cost of Eating out
![Page 21: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/21.jpg)
Cost of Children Clothing Healthcare Child Care Education Miscellaneous – sports, hobbies &
activities
![Page 22: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/22.jpg)
Insurance Besides auto & house/renters Health Disability Life
![Page 23: Due: Tracking Your Spending Bell Ringer: What is an impulse purchase ?](https://reader036.fdocuments.us/reader036/viewer/2022081604/56816979550346895de171a0/html5/thumbnails/23.jpg)
Other Credit card debt Entertainment Personal Care Health Care (not covered by
insurance) Apparel & Services Contributions & Charity Education & Reading