Family Budget ReviewDescribe The Following…

Fixed VS Flexible ExpensesDifferences

Problems you facedFamily Issues? Money Issues?

Etc.Things that surprised you

Cost of things

FixedRentUtilitiesCar Payments

FlexibleGroceriesAllowanceCable

Problems you faced…

MoneySaving - PAY YOURSELF

FIRSTNot enough for Fixed?Not enough for Flexible ?Too much money?

Family issuesWere they related to money?

Surprises

CostsHigherLower

Unexpected Expenses

Interest

Interest

The fee charged by a lender to a borrower for the use of borrowed money

Examples…

Interest Rate

Percent charged or paid for the use of money

Examples…

Types of Interest

Simple InterestI = P x r x t

Compound Interest A(t) = A0 x (1 + r/n)n x t

Mutual Funds

A professionally managed type of collective investment that combines money from many investors to buy stocks, bonds, securities etcPros-Manager, split costs, low

risk Cons-Manager, low risk-low

reward