Transcript PowerPoint Presentation - Ramp

Budgeting for Teenagers
Middle School
Financial Literacy #2
Pre-Test
1. What are the three keys to keeping a
budget?
2. What are the two main categories of a
budget?
3. What is the most important key to
keeping a budget?
Objectives
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Review Last Week’s Lesson
Keys to a Good Budget
Sample Monthly Budget
Plan for a Monthly Budget
Review Last Week’s Lesson
1.
Tool on the internet that provides information
about income vs. expenses
• Reality Check
2.
What is the annual salary needed to cover your
expenses?
• Average Range: $50,000-$60,000
3.
What careers of interest cover those expenses?
• Usually needs to be a high-skilled career with some
type of postsecondary education
Keys to a Good Budget
1. Set Goals
– Increase Income and Reduce Expenses
2. Create and Modify Your Budget
– Find ways to improve budget
3. Follow Through
– Most important
– Make budgeting a habit
Watch “Youth on Savings” Video
• Take Notes
– How many of the seven teens budget money well?
– Name one teen that does budget well and one that
does not. Explain why you selected these two teens.
Income (Money Earned)
1. Money Earned
– Lawn Mowing
– Babysitting
– Shoveling Snow
2. Allowance
– Monthly amount from your parents
3. Other
– Birthday or Christmas money
– Interest from savings account
Expenses
1. Entertainment
– Movies, Sporting Events, Going Out for Pizza
2. Clothes
– May not spend money on clothes every month
3. Food/Snacks
4. Technology
– Video Games, Download Music
5. Savings
Sample Monthly Budget
• 7th grader
– First try at a budget
• Not sure how much money he/she will earn
– Set a goal for $50.00
• Not sure how much money will be spent
• Set a saving’s goal for $20.00 a month
Sample Monthly Budget
Sample Monthly Budget
Sample Monthly Budget
Individual Reflection
• What are some ways you earn money or can
earn money?
• How much money do you hope to save
monthly?
• On a scale to from one to ten, how well do
you think you will follow through using a
budget?
Classroom Discussion
• What are some ways you earn money or can
earn money?
• What are the expenses that you need to
budget for?
• On a scale to from one to ten, how well do
you think you will follow through using a
budget?
Post-Test
1. What are the three keys to keeping a
budget?
2. What are the two main categories of a
budget?
3. What is the most important key to
keeping a budget?
Review
1.
Three keys to keeping a budget
• Set goals
• Create and modify your budget
• Follow through
2. Two main categories of a budget
– Income and Expenses
3. Most important key to keeping a budget
– Follow through