FCS 226 Chapter 10 Budgeting and Spending

FCS 226 Chapter 10 Budgeting and Spending - who you are...

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Budgeting and Spending
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Effective Money Management is an Essential Skill Impacting that management ability is how a person thinks about money Attitude Big spender Frugal Tight wad
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Consumer Life Cycle – What are people spending money on in each stage? High expenses? Low expenses? Young, single person – perhaps lives alone Young married couple with no children Dual income/single income Young married couple with young children Middle-aged married couple with dependent children at home
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Consumer Life Cycle Cont… Older married couple with no children living at home & children not dependent on them Older married couple – retired Solitary survivor – older, single, divorced, or widowed
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Should Couples Share Purchasing Tasks? Why? Groceries Clothing Insurance Automobiles Etc
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Budgeting – Planning for the coordination of income and expenditures Financial difficulty is one of the leading causes of divorce – consider carefully
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Unformatted text preview: who you are marrying • A budget guides our spending behavior • A budget allows you to check actual spending with goals of spending • A budget provides a line item for saving Budgeting Cont… • A budget helps irregular income earners – Real estate agents – Business owners – Who else has an irregular income? • A budget helps with a rapid increase or decrease in income • Adjustments in family size are easier with a budget • A budget requires a closer look at goals and values – What is important? What is not? Where money is spent tells about values Budgeting Cont… • Discretionary income – portion of disposable income remaining after paying for basics – is more easily allocated • A budget helps recollection of what money was spent where • A budget provides peace of mind • A budget provides for emergencies – For how long? • 6 months...
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This note was uploaded on 04/24/2010 for the course ANTH 7173 taught by Professor George during the Spring '10 term at CSU Long Beach.

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FCS 226 Chapter 10 Budgeting and Spending - who you are...

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