Financial Wellness Curriculum

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Financial Wellness Curriculum
The Budgeting Process
More information available at YouCanDealWithIt.com
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Budgeting Objectives

• Budget truths and misconceptions
• The budgeting process
• Income vs. expenses
• Create a budget

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Budgeting Misconceptions

• A budget wont allow me to enjoy life or spend
  money on fun things.
• Its unrealistic and restricting
• Budgets are set in stone

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The Truth About Budgeting

• A necessary part of managing your money
• Enables financial independence
• Helps to manage and prevent debt
• Prepares you for your future by balancing
  spending and saving
• Enables you to plan ahead for big purchases

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The Budgeting Process

• Three Steps
• Goals what you want
• Income how much money you earn
• Expenses how much you spend

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Budgeting Process Goals

• What are your goals?
• Short Terms
• Immediate to 1 year
• Long Term
• 2 to 5 years or longer

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Budgeting Process Income

• Think about your sources of income after
  graduation
• Graduation Money
• New job
• Second job or part-time job
• Determine how much money you have saved and how
  much you expect to earn.

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The Budgeting Process Expenses

• Where Does Your Money Go?
• Rent/Mortgage
• Taxes/Insurance/Medical
• Food
• Cell Phone/Utilities
• Student loan payment
• Transportation Car, gas, train, etc.

• Clothing
• Entertainment
• Investments
• Day care
• Credit Cards and other debt

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The Budget Process

• Evaluate and track spending
• Do you run out of money before the end of week or
  month?
• If so, do you know where your money went?

• Eating out
• Social activities
• Personal appearance
• Paying debt
• Sports

• Clothes
• Savings
• Church or charity
• Hobbies

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Creating a Budget

• Think spending plan, not budget
• Gather the information you need to create your
  budget income expenses
• Pay stubs, ATM receipts, bills, expense tracker,
  etc.
• Consider savings an expense
• Figure out how much you need to save to reach
  your short-term and long-term goals
• A budget lets YOU have more control

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Creating a BudgetThe YouCanDealWithIt Budget
Calculator
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A Day in YOUR LIFE What to Eat Where

• Eat Out
• Café Latte Muffin
• Cheese steak and bottle water
• Drive through meal
• Total 20.00
• Price per meal 6.67

• Eat In
• Go to the store and buy your meals for the week
• 1lb of coffee
• Lunch meat bread
• Pasta sauce
• Salad
• Total 17.00
• Price per meal 2.42
• And the coffee will last almost a month!

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Budgeting Objectives

• Budget truths and misconceptions
• The budgeting process
• Income vs. expenses
• Create a budget

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