Lesson 03 -- The Art of Budgeting PPT

Lesson 03 -- The Art of Budgeting PPT - Teens lessonthree...

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Teens lesson three the art of budgeting presentation slides 04/09
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the budgeting process Overview A personal budget is a financial plan that allocates future income toward  expenses, savings, and debt repayment.  “Where does the money go?” is a common dilemma faced by many  individuals and households when it comes to budgeting and money  management.  Effective money management starts with a goal and a step-by-step plan for  saving and spending.  Financial goals should be: realistic, be specific, have a timeframe, and imply an action to be taken teens – lesson 3 - slide 3-A
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the budgeting process phase 1:  Assess your personal and financial situation (needs, values, life situation). phase 2:  Set personal and financial goals. phase 3:  Create a budget for fixed and variable expenses based on projected income. phase 4:  Monitor current spending (saving, investing) patterns. phase 5:  Compare your budget to what you have actually spent. phase 6:  Review financial progress and revise budgeted amounts. teens – lesson 3 - slide 3-A
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What are your goals? 1. Why set goals? 2. List your goals 3. Goal ranges: Short-term goals (1–4 weeks) Medium-term goals (2–12 months) Long-term goals (1 year or longer) 4. Prioritize your goals 5. What can you do to work toward your goals? 6. What resources do you need to achieve your goals? Personal (abilities, skills, time,
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This note was uploaded on 04/19/2011 for the course BUS 114 taught by Professor Pitts during the Spring '10 term at Grand Valley State University.

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Lesson 03 -- The Art of Budgeting PPT - Teens lessonthree...

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