Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record...
Transcript of Financial Literacy 1- Budgeting and Record Keeping...Financial Literacy 1- Budgeting and Record...
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Budget
Income
Expenses
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WhyBudget?
Thebetteryouunderstandwhatyou’vedoneinthepast…
thebetteryoucanplanforthefuture
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ImportantterminologiesinBUDGETING
Income – Expenses – Savings
ProfitORLoss=
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ü GoodHabits
üSeparatefarmandhomebudgetsüPayyourfarmforvegetablesyoutakehomeasifyouarepayingatmarket
üWritedownexpensesassoonasyoumakepurchases
üWritedownincomeassoonasyouarepaidüPayyourselfforyourtimeworkingüKeepreceiptsüSAVEfornextyear
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TaxesFarmIncomeWhataresomepossiblewaystoearnincomefarming?
Market
HomeFood SalestoFriends
WholesaleCSA
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Practice…
Yousoldfivebunchesofgreenstoarestaurantfor$10.
ThedateisMay22nd
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Practice…
Youbringhomevegetablesforyourfamily.Youwouldhavepaid$32inthestoreforthem.
ThedateisMay18th
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FarmExpenses
CarandTruck
Rent/Lease
Seeds&Plants
Supplies
Labor
Taxes
(Savings)
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Transportation
MilesDriven(foryourfarm)
$0.56 TotalMileageExpense
X =
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Rent/Lease:
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Practice…
Youpaidyourlandleasefortheyear.Thetotalwas$350.00
ThedateisFebruary2nd
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Seeds&Seedlings
SeedsSeedlings
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Practice…
Youboughttomatoanddaikonseedsforyourfarm.Yourtotalwas$6.00.
ThedateisApril3rd
Seeds
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Practice…
Youboughtsomeseedlingstartsforyourfarm.Yourtotalwas$55.50
ThedateisMay12th
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Supplies
Pesticides Mulch
Stakes
RowCover
FertilizerCompost
Other
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Practice…
Youboughtrowcoverforyourbokchoy.Thetotalwas$100.50
ThedateisApril16th
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Practice…
Youboughtcompostfor$120.25.
ThedateisApril22nd
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Labor(notfortaxes!)
Whatisyourtimeworth?Howmuch(ifanything)doyouneedtopayyourselfforworkingatthefarm?
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Whatisyourtimeworthto
you?
1Hour= ?
1Hour= ?
Butalsoremember….
Labor(notfortaxes!)
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“The time you enjoy wasting is NOT WASTED.”
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Practice…
Youspent5hoursonyourfarmtheApril22nd.
Youspent3hoursonyourfarmApril27th.
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Savings (notfortaxes!)
SavingsforFarm
SavingsforHome
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Practice…
Youknowyouwillhavefarmexpensesnextspring,beforeyoucansellanything.Youdecidetosave$90outofyourfirstchecktohelpcoverthem.
ThedateisSeptember10th
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Questions?