Why is Money Important?

​Decisions

Governments - to have a strong economy

Personal - to have enough and more than enough income than expenses

Personal Money Management

​Where's my money going?

Income: Money earned from jobs or investments

Budget: a plan for spending income

​Interest - Money made

Money that is made from loaning someone money.
* Example - loan someone $10, they pay you back $12...
- what is the amount made from the loan?
- what is the percentage of interest for the loan?

Create a Budget

• Budget - plan that helps one keep track of one's own money

• Decisions - Do I have enough to buy something? Do I have enough to pay my bills? What can I do to be sure to have enough

• What is my plan to spend my income correctly?

• Pay expenses/needs before buying your wants

How to Create a Budget

a) On a sheet of paper or Google Doc, make a T-Chart with Income on one side and expenses on the other side.
b) Write down your income under income; write down your expenses
c) Your goal is to have more income than expenses; if not, you need to find ways to increase your income, decrease your budget, or a combination of the two.

How to Create a Budget

• Determine your needs and wants