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=Personal Finance =

How To Use A WIKI Complements of Common Craft from Teacher Tube media type="custom" key="2910857"

media type="custom" key="2883065" Budget Movie Compliments of Teacher Tube

This wiki is used for our class to share information. You will find videos, websites, notes, etc. that you can use for your project. If you post information, please put your name on the info.

The information below is the powerpoint written for you. You can click on the screen and it will go to the next slide. media type="file" key="Budget Project.mov"

Remember you earn $80,000 as a couple and have a child under 3 years of age. That means you gross $6,667 per month. With that $6,667, 10% ($666) per month goes to long term savings, 20% ($1,333) per month for short term savings, and 70% ($4,668) is your spending money. The 70% money includes your rent, taxes, groceries, car costs, entertainment, childcare, insurance, etc. When creating your monthly budget, you cannot go over or under the $6,667 you make every month.

Also, you have $6,000 for start-up cost. What is a start-up cost? A start-up cost includes everything you need before you start making money. When starting up on your own, you will spend money on a security deposit, furniture, groceries, insurance, etc. This money is a gift for you and make sure you use it wisely. For example, you will need to purchase household items for your apartment since you do not own anything now. This is a one time purchase, but does that mean you will never buy it again? No. So, if you purchase car insurance for a year, you will still need to budget a monthly fee, so you can pay for the next year's coverage. This money will not be used in your monthly budget!

Below is the word document that was handed out to you. If you forgot it, look here!

[|Budget Project]