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u Sneak peak of the life of Taylor and his family
² Taylor
² Liz
² Ella
² Jerome
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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u Taylor·s Income
² Cubby·s Restaurant & Grill
u .2hour
u 10 hours a week
u .00 month for tips
² Allowance
u 20.00month
² Gifts
u 0.00 birthday gift
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 3
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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u Taylor·s Expenses
² Transportation
u Fuel
² Other Items
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 4
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
h
u The goal is to create a spending plan the balances Taylor·s
expenses with his income.
u e can not have more expenses than he has income.
u Spending Plan
² Financial statement
² Tracks income and expenses
² Used to assist with money management and help individuals
reach financial goals
² An individual·s perception of needs, wants and values will affect
decisions made when creating a spending plan
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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u Taylor·s Activities
² Motocross and chess
u ousing
² Monthly Payment
² Others ² television, internet and telephone
u Transportation
² Family vehicle monthly payment and fuel
² Taylor·s vehicle monthly payment
u Insurance
² omeowner·s, health, life, vehicle
u Food
² Groceries
² Eat out 10 times each month
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 6
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
-
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
-
u Satellite Dish
u Digital Cable
u Telephone
u Internet
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 8
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
u Monthly Payment u Jones Family
² Car payment ² Pay for their vehicle
² Maintenance monthly payment, fuel
costs and Taylor·s
u Fuel
monthly payment
² An average is listed
u Taylor
² This cost may
increasedecrease depending ² Pay for his vehicle·s fuel
on the cost of fuel costs
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 9
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
u Cellular Phone
u Motocross Upgrades
u Electronics
u obbies
u Entertainment
u Create Your Own
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 10
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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h
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 11
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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u Jones Family
² Taylor, Liz, Ella, Jerome
u Create a Major Expenditures Summary for the Jones·
² ousing
² Transportation
u Create a Spending Plan for Taylor
² Savings
² Transportation fuel costs
² Others
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 12
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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u Review Taylor·s Snapshot on pages 24
u Answer questions 1
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 13
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
Personal
Information
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 14
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
Pay Period
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 1
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
Gross Pay
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 16
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
The amount of
money subtracted
from the gross pay
for taxes.
Payroll
Withholdings
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 1
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 18
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
Federal Insurance
Contribution Act ²
includes Social
Security and
Medicare
FICA
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 19
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
Net Pay
The amount of
money left after all
payroll withholding
have been taken from
the gross pay.
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 20
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
!
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 21
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 23
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 24
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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u Review Taylor·s paycheck on page 11
² State Withholding Tax
² Federal Withholding Tax
² FICA
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 26
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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h#
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
h
u Taylor will pay for his fuel
u e needs a vehicle to get to and from work
u Refer to page 14 to see which vehicle has been chosen
for Taylor
² If a different vehicle is desired, changes must be made on the
Jones· Major Expenditures page
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 28
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
h
u Choose which ´othersµ items Taylor would like
² Cellular Phone
² Motocross Upgrades
² Electronics
² Clothing
u Not an option on pages 89
u Write a dollar amount on line FF if desired
² obbies
² Entertainment
² Create Your Own
u Draw an item and list the cost in the space provided
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 29
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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h
u Gross Income
u Expenses
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 30
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
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u If the number on WW is positive, adjust Taylor·s
expenses.
² Saving additional money for unexpected emergencies or events may be a
good idea.
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 31
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona
© Family Economics & Financial Education ²Updated April 2010 ² Get Ready to Take Charge of Your Finances ² Life Of...Taylor ² Slide 32
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona