10th Grade Budget

10th GradeBudgeting and Financial Success #3

Objectives

• Income vs. Expenses• Possible 10th grade jobs• Common 10th grade expenses• Creating and maintaining a budget

How to Manage Your Money Video

• Write a saying or two that you especially like

Two Main Budget Components

• Income– Money Earned– Allowance– Other

• Expenses– Entertainment, Clothes– Car/Transportation– Technology, Savings

Becoming Successful Financially

• Increase your income– Find jobs that pay well for your education level– Work hours that are appropriate for your age

• Reduce your expenses– Start or continue good habits in 10th grade – Have a plan and stick to it

Income

• Money Earned– 16 year-olds have more employment options• Than 15 year-olds and younger

– Often must apply to many places• Before getting a job

• Allowance– Some 16 year-olds don’t get allowance anymore – Some students get allowance all through school

16-Year Olds: Possible Employment

• Amusement Park, Book Stores, Coffee Shop• Restaurant, Clothing and Convenience Stores• Department and Shoe Stores, Summer Camps• Supermarkets, Ice Cream Parlors, Modeling• Government: Cleaning Parks, etc., Resorts • Lifeguard, Babysit, Landscaping/Mow Lawns• Summer Camps, Movie Theater, Bagel Shop • Clean Houses/Apartments, Other

Pair and Share

1. Rate the possible jobs 1-52. List specific places to apply for a job– Restaurant: McDonalds, Dominos, etc.

3. Share your job ideas with a partner– Explain why each job appeals to you – Where you will apply for a job?• Why you will stay at your current job?

Expenses

• Balance fun/make good financial decisions– Entertainment: Have more options in 10th grade– Clothes: Parents often don’t buy all clothes now– Car/Transportation: New costs in driving car– Technology: New games or music downloads– Savings: Increase to help with college costs – Other: ?

Sample Monthly Budget

• 10th grader • Set monthly income goal of $190.00• Wants to reduce technology expenses– By $10.00 a month

• Set a saving’s goal for $50.00 a month

10th Grade Budget

10th Grade Budget

10th Grade Budget

Follow Through

1. Most important step– People who follow through on a budget

are often good money managers 2. Keeping a budget should be a habit– Have it be part of your weekly schedule

3. Share your budget with a friend– Friends talking about their budgets will

often help them stay motivated

Create/Modify Your Budget

1. Use Word Table Example 2. Fill in dollar amounts for each category3. Add any categories is necessary4. Save your work

Class Discussion

1. How do you think you can be more financially successful as a 10th grader?

2. How often will you update your budget?

Review

• Two main factors of financial success– Increase income and reduce expenses

• Major 10th grade expense categories– Entertainment, Clothes, Car/Transportation– Technology, Savings

• Main key to keeping a good budget– Follow through