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Budgeting Fundamentals: A Visit to BYUtv’s Real Families, Real AnswersA few years ago, the episode “Family Finances” was aired on BYUtv and has been archived on their website for public viewing. It is an excellent show, (presented by The School of Family Life and The College of Family, Home and Social Sciences at Brigham Young University in Provo, Utah), that is based on interviews with typical families dealing with their finances as well as discussions from three financial educators: Craig Israelsen, PhD and Bernard Poduska, PhD of Brigham Young University and Deanna Sharpe, DFP, PhD of University of Missouri. As you watch the first 15 minutes of this 30-minute presentation, take notes regarding the questions given below and be ready to respond in the I-Learn Budget Case Study Assessment. The second half of the video is highly recommended, but is not a direct part of this activity. Here is the URL you can click on or copy into your Internet browser: Ponder / Prove __________________________________________________________________________________1.True or False? It doesn’t matter how much money a family brings in, there is potential for families (at all economic levels) to struggle with financial challenges.2.According to the American Bar Association, about ______ % of all divorces involve disagreements over money. 3.Dr. Poduska mentions that the average family will earn over _______________ dollars over a lifetime. 4.Brief response: Why is it important for a couple to have a budget even if it can be annoying? 5.From Dr. Sharpe’s comments, it is the ___________________ that can “eat up the budget” without us knowing.
6.When addressing whether budgeting is restrictive or not, Dr. Israelsen states emphatically that “. . . either we are in bondage tothis piece of paper (the budget), or we are in bondage to ___________ . We get to choose.”7.Nearly _______ of a take-home budget involves the three categories of housing, transportation, and food.