9.1 Looking at your Finances: p. 209

Warm up: CALCULATE HOW MUCH MONEY YOU SPENT ON HOMECOMING?

GIRLS? GUYS?

DID YOU HAVE A BUDGET OR SET AMOUNT FOR EXPENSES? Did you do anything to save money?

Benefits of Financial Planning? P. 209

budget : Spending and savings plan Look at your excel budget sheet: What future problems do you see from the spreadsheet?

1/3 of Americans live within their means.

What is “Premature Affluence”?

What factors contribute to it? Why do we always have to spend?? Not save??

Teen expenditures 2014- For the first time teens are spending as much money on food as clothing:

http://www.businessinsider.com/how-teens-are-spending-money-2014-4

6 elements of Financial Planning

balance sheet (diagram example)assetsliabilitiesnet worth

How do you start a Financial Plan?Give examples:

What did you spend today? X 365 = $____________

What makes financial plans change? Ex:

Questions ½ sheet. EXIT SLIP:

1) List 3 of your financial goals: 2) How much do you really think about your spending habits? If you analyzed your spending habits, what do you think you would discover?

3)How do you anticipate your spending habits to change in next year? in 5 years?

Creating a budget: 9.3

WHY MAKE A BUDGET??

Mark Fixed, Variable, Periodic expenses on budget sheet.

PYF:

9.1 Looking at your finances: p. 209

What are the benefits of financial planning?

6 elements of Financial Planning:1)2)3)4)5)6)

4 steps to putting together a sound financial plan:1)___________________________________ ex:

2)___________________________________ex:

3)___________________________________ex:

4)___________________________________ ex:

Adapting to changing needs- circumstances that require adjusting plans:

Marriage:

Parenthood:

Children moving out:

Aging:

Family Crises:

Chapter 9 Vocab terms:9.1 p. 209Budget:

Balance Sheet:

Assets:

Liabilities:

Net worth:

“Living within your means”

Premature affluence:

9.3

P.Y.F.:

Fixed expenses: Ex:

Variable expenses: Ex:

Discretionary Expenses: Ex: