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Your Financial Future Level 1

Your Financial Future Level 1. UK Edition. September 2011. Activity 4: Preparing a Personal Budget. A budget is a plan for how to spend or save your money. A budget can also help you keep track of how much you actually spend versus what you thought you would spend .

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Your Financial Future Level 1

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  1. Your Financial FutureLevel 1 UK Edition September 2011

  2. Activity 4: Preparing a Personal Budget • A budgetis a plan for how to spend or save your money. A budget can also help you keep track of how much you actually spend versus what you thought you would spend. • Money that you receive, such as a pocket money, or even a gift, is called income. Money you spend on school supplies, clothes, food, gifts, and so on is called expenses. Bank of America Merrill Lynch

  3. Activity 4: Preparing a Personal Budget • If you completed the ‘My First Budget’ exercise you saw that if you spent more than you made, you had a problem that you needed to fix. Spending more than you make is called “living beyond your means.” • However, if you make more than you spend, you’ll have extra money that you can save to buy the things that you want. When your earn more than you spend, it is called “living within your means.” Bank of America Merrill Lynch

  4. Activity 4: Preparing a Personal Budget • Complete the Personal Budget worksheet. This should take approximately 20 minutes. A budget often contains two columns - Projected – what you think you will spend - and Actual– what you really spent. For now, just complete the “Predicted” column. • I will ask for volunteers to discuss your budgets with your classmates. Bank of America Merrill Lynch

  5. Activity 4: Preparing a Personal Budget • Review: • How much money do you deal with each month. Is it more or less than you expected? • Do you earn more than you spend or vice versa. If more, how can this become a problem and what could you do to change this situation next month. ? Bank of America Merrill Lynch

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