TL 10.03 – Explore ways to manage money.
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Transcript of TL 10.03 – Explore ways to manage money.
TL 10.03 – Explore TL 10.03 – Explore ways to manage money.ways to manage money.
CONTENT OUTLINE
Ways to manage moneyWays to manage money
A. Budgeting
1. Planning2. Spending3. Saving
TL 10.03 – Explore ways to manage money.
CONTENT OUTLINE
Ways to manage moneyWays to manage money
B. Maintaining a checking account
1. Writing a check2. Maintaining check register3. Reconciling bank statement
C. Electronic banking
TL 10.03 – Explore ways to manage money.
TERMS TO KNOW:EXPENSE:EXPENSE: Anything on which a person
spend $
RECONCILING:RECONCILING:To make compatible (your bank records with the bank statement)
RECEIPT:RECEIPT: Written or printed record of purchase
1. Planning
A FINANCIAL BUDGET is a plan for spending and saving money.
Can be developed, monitored, and changed using computer!
Lists income and expenses.
TL 10.03 – Explore ways to manage money.
1. Planning
A realistic budget – average expenses for a few weeks in major expense category
TL 10.03 – Explore ways to manage money.
Food budget – food purchased at grocery store
2. SpendingChecking AccountChecking Account
: Be aware of hidden check charges and fees
: The cost of checks
: The cost per number of checks written each month
: Fees for over draft coverage
: Fees for “bounced” checks
TL 10.03 – Explore ways to manage money.
3. SavingSavings AccountSavings Account: Should begin saving money as soon as you
get a job
: Be aware of fees charged for savings accounts: Planning for retirement when first beginning
work is a WISE investment
TL 10.03 – Explore ways to manage money.
: Amt. Of interest earned primarily depends on principal & interest rate
: DO NOT spend all $ earned each week!
Personal checking/debit accounts
Writing ChecksWriting Checks
Current Date – not future one
Who you are writing the check to-----------------
The amount of the check in words; use and to join $ & ¢ as a fraction--------
Note what check is for Valid only if signed; NEVER sign a blank check
Amt. Of $ in #s
TL 10.03 – Explore ways to manage money.
Personal checking/debit accounts
Writing ChecksWriting Checks
11/03 03
CASH
One hundred and no/100------------------------------------------------Christmas presents My
Signature
100.00
TL 10.03 – Explore ways to manage money.
Personal checking/debit accounts
Endorsing ChecksEndorsing Checks11/03 03
CASH
One hundred and no/100------------------------------------------------
Christmas presentsMy Signature
100.00
TL 10.03 – Explore ways to manage money.
Do not write below this line
Endorsing a check – signing back of check written to you
Personal checking/debit accountsCheck RegisterCheck Register
Record all changes or credits affecting accountNumber Date Description of Transaction Payment/Debit Deposit Balance
2051 11/04 Piggly Wiggly 47.50 55.36
102.86
11/10 DEPOSIT 209.00 264.36
Record the #, date & payee of the check
in your check register.
Subtract amount of check from
previous balance
Record all deposits as
well
TL 10.03 – Explore ways to manage money.
Personal checking/debit accounts
Deposit SlipsDeposit Slips
Current Date
Cash Amount
Check Amount
Added Amounts
$ back
Signature only if money received back
Deposit Amount
TL 10.03 – Explore ways to manage money.
Personal checking/debit accounts
Reconcile statementReconcile statementRecord all changes or credits affecting account
Number Date Description of Transaction Payment/Debit Deposit Balance
2051 11/04 Piggly Wiggly 47.50 55.36
102.86
11/10 DEPOSIT 209.00 264.36
Making sure that your statement and the banks information match!
TL 10.03 – Explore ways to manage money.
Electronic Banking
: Debit Cards - used in place of a check
TL 10.03 – Explore ways to manage money.
: ATMs get $ from account when bank is closed
Wise credit use…Ask yourself…Ask yourself…
: Will I still be using this item when I have finished paying for it?
: Would I still buy this if I had to pay for it with cash?
: Will I have enough money to make the payments for this item?
TL 10.03 – Explore ways to manage money.
TL 8.03 Practice Managing Money
Write the following money amounts as if writing them on a check.
$403.23 Four Hundred Three and 23/100 dollars
$92.46 Ninety-two and 46/100----------dollars
$9.89 Nine and 87/100-----------------dollars
TL 8.03 Practice Managing Money
Write the following money amounts as if writing them on a check.
$102.00 One hundred two and XX/100--------------------dollars
$1,048.99 One thousand forty-eight and 99/100----------dollars
$10.50 Ten and 50/100-----------------------------------dollars
$660.19 Six hundred sixty and 19/100------------------dollars
$1.00 One and XX/100----------------------------------dollars
$15.66 Fifteen and 66/100-------------------------------dollars
$543.21 Five hundred forty-three and 21/100----------dollars