10 th grade budget 10 th grade budgeting and financial success #3
TRANSCRIPT
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10th Grade Budget
10th GradeBudgeting and Financial Success #3
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Objectives
• Income vs. Expenses• Possible 10th grade jobs• Common 10th grade expenses• Creating and maintaining a budget
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How to Manage Your Money Video
• Write a saying or two that you especially like
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Two Main Budget Components
• Income– Money Earned– Allowance– Other
• Expenses– Entertainment, Clothes– Car/Transportation– Technology, Savings
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Becoming Successful Financially
• Increase your income– Find jobs that pay well for your education level– Work hours that are appropriate for your age
• Reduce your expenses– Start or continue good habits in 10th grade – Have a plan and stick to it
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Income
• Money Earned– 16 year-olds have more employment options• Than 15 year-olds and younger
– Often must apply to many places• Before getting a job
• Allowance– Some 16 year-olds don’t get allowance anymore – Some students get allowance all through school
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16-Year Olds: Possible Employment
• Amusement Park, Book Stores, Coffee Shop• Restaurant, Clothing and Convenience Stores• Department and Shoe Stores, Summer Camps• Supermarkets, Ice Cream Parlors, Modeling• Government: Cleaning Parks, etc., Resorts • Lifeguard, Babysit, Landscaping/Mow Lawns• Summer Camps, Movie Theater, Bagel Shop • Clean Houses/Apartments, Other
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Pair and Share
1. Rate the possible jobs 1-52. List specific places to apply for a job– Restaurant: McDonalds, Dominos, etc.
3. Share your job ideas with a partner– Explain why each job appeals to you – Where you will apply for a job?• Why you will stay at your current job?
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Expenses
• Balance fun/make good financial decisions– Entertainment: Have more options in 10th grade– Clothes: Parents often don’t buy all clothes now– Car/Transportation: New costs in driving car– Technology: New games or music downloads– Savings: Increase to help with college costs – Other: ?
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Sample Monthly Budget
• 10th grader • Set monthly income goal of $190.00• Wants to reduce technology expenses– By $10.00 a month
• Set a saving’s goal for $50.00 a month
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10th Grade Budget
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10th Grade Budget
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10th Grade Budget
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Follow Through
1. Most important step– People who follow through on a budget
are often good money managers 2. Keeping a budget should be a habit– Have it be part of your weekly schedule
3. Share your budget with a friend– Friends talking about their budgets will
often help them stay motivated
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Create/Modify Your Budget
1. Use Word Table Example 2. Fill in dollar amounts for each category3. Add any categories is necessary4. Save your work
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Class Discussion
1. How do you think you can be more financially successful as a 10th grader?
2. How often will you update your budget?
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Review
• Two main factors of financial success– Increase income and reduce expenses
• Major 10th grade expense categories– Entertainment, Clothes, Car/Transportation– Technology, Savings
• Main key to keeping a good budget– Follow through