Learning how to

Budget…
Learning how to Budget…
◦ Part 1: Vocabulary Terms – Due Thursday, October 10 @ 11:45am, no exceptions!!!
◦ Slides 3 - 38

◦ Part 2: Best Bank for Me – Due Friday, October 11 @ 12:00 pm, no exceptions!!!
◦ Slides 39 - 46

◦ Part 3: Creating a Budget – Due Friday October 18 @ 11:45 am. No exceptions!!!

◦ Slides 47 - 53
Part 1: Vocabulary terms…
➢Directions…
▪ Use the Vocabulary Term listed at the top of each slide to complete
each graphic organizer.

Due on Thursday, October 10 @ 11:45, no exceptions!!!

Financial Institution…
Define in Your Own Words Use It Meaningfully in a Sentence
a company in the business of dealing with a lot of people trust financial
financial and transactions. institutions with their money.

Synonyms Insert an Image

financial organization
Bank…
Define in Your Own Words
A place that holds your money for you
Use It Meaningfully in a Sentence
There are lots of different banks
that people can put their
money in.

Synonyms Insert an Image

money institution
Credit Union…
Define in Your Own Words Use It Meaningfully in a Sentence
a nonprofit-making money cooperative whose credit unions are non-profits
members can borrow from pooled deposits at
low interest rates.

Synonyms Insert an Image

non-profit organization
Savings Account…
Define in Your Own Words Use It Meaningfully in a Sentence
The account people put the money they want people sometimes set up
to save in savings accounts for their
children.

Synonyms Insert an Image

bank account
Checking Account…
Define in Your Own Words Use It Meaningfully in a Sentence
The account in witch you put money in and a checking account is the one
take out. people will use the most.

Synonyms Insert an Image

bank account
Deposit…
Define in Your Own Words Use It Meaningfully in a Sentence
Put money into an account people deposit their checks
into their bank accounts.

Synonyms Insert an Image

put in
Withdrawal…
Define in Your Own Words
Taking money out of an account.
Use It Meaningfully in a Sentence
you shouldn’t withdrawal more
money than you have in an
account.

Synonyms Insert an Image

take out
Maintenance Fee…
Define in Your Own Words Use It Meaningfully in a Sentence
A fee for maintenance that is being leased. some landlords may charge a
maintenance fee.

Synonyms Insert an Image

fee
Statement…
Define in Your Own Words
a document which shows amounts of money
that you have received, spent, etc.
Use It Meaningfully in a Sentence
your bank statement may be
asked to be seen when buying
or renting a house.

Synonyms Insert an Image

money layout
Overdraft…
Define in Your Own Words Use It Meaningfully in a Sentence
When you take out more money than you Most banks charge interest to
have in the bank their customers in respect of
overdrafts.

Synonyms Insert an Image

liquidation
Loan…
Define in Your Own Words
When someone's trusts you enough to give
you money because they know you'll give it
back
Use It Meaningfully in a Sentence
The bank will loan you money if
they trust you'll pay it back in
time

Synonyms Insert an Image

money lending
Credit…
Define in Your Own Words
The opposite of debit
Use It Meaningfully in a Sentence
people use credit cards to pay
for something before they have
the money for it but pay it back
later.

Synonyms Insert an Image

solvency
Debit…
Define in Your Own Words
The opposite of credit.
Use It Meaningfully in a Sentence
a debit card takes money
directly from your checkings
account to pay for purchaces

Synonyms Insert an Image

account
Investment…
Define in Your Own Words
Putting money into something you hope will
make you more money in the future.
Use It Meaningfully in a Sentence
Lots of people invest in stocks
even though their always up
and down.

Synonyms Insert an Image

backing
Retirement…
Define in Your Own Words
A time in your life when your able to stop
working and live off of your savings.
Use It Meaningfully in a Sentence
lots of people try to be smart
about how they save their
money because they want to
retire early.

Synonyms Insert an Image

stopping working
Credit Score…
Define in Your Own Words Use It Meaningfully in a Sentence
A number calculated from the information on people with a high credit score
your credit report are more likely to get approved
for a loan than a person with a
low credit score.

Synonyms Insert an Image

credit slip
Interest…
Define in Your Own Words Use It Meaningfully in a Sentence
The amount of money you pay for using the bank may charge you
someone else's money interest if you take out a loan.

Synonyms Insert an Image

additional cost
Money Management…
Define in Your Own Words Use It Meaningfully in a Sentence
The way you manage your money. I use money management so I don’t
go into dept.

Synonyms Insert an Image

responsible spending.
Budget…
Define in Your Own Words Use It Meaningfully in a Sentence
They way you make sure you don’t My budget has helped me save
overspend. at least $20.00 a week.

Synonyms Insert an Image

financial plan, forecast
Income…
Define in Your Own Words Use It Meaningfully in a Sentence
How much a person brings home from their job My moms income is more than my
dads.

Synonyms Insert an Image

earnings, pay
Financing…
Define in Your Own Words Use It Meaningfully in a Sentence
Provide funding the state first financed the
project but the city soon took
over.

Synonyms Insert an Image

fund, pay for
Income Tax…
Define in Your Own Words Use It Meaningfully in a Sentence
A tax the government takes based solely off Income tax is sometimes a
of you income good thing for people and a
bad thing.

Synonyms Insert an Image

revenue enhancement
Social Security…
Define in Your Own Words
A government system the provides assistance
to people with little to no income
Use It Meaningfully in a Sentence
people who barely make
enough money to survive will
often live off of social security.

Synonyms Insert an Image

unemployment payment
Medicare…
Define in Your Own Words Use It Meaningfully in a Sentence

health insurance for My neighbor who is

old people. disabled is on
medicare.

Synonyms Insert an Image

Healthcare.
Withholding…
Define in Your Own Words Use It Meaningfully in a Sentence

My boss was withholding my

Refusing to give something paycheck.

Synonyms Insert an Image

Hold back,
retain
Gross Pay…
Define in Your Own Words Use It Meaningfully in a Sentence

The amount used to My paycheck stated my gross

calculate how much an pay even though that’s not
employee gets paid. what I got paid.

Synonyms Insert an Image

Earnings,
income
Net Pay…
Define in Your Own Words Use It Meaningfully in a Sentence

The amount of money left My net pay is a lot less than

from a paycheck after what I thought I would get
deductions. paids.

Synonyms Insert an Image

Pay, wage
Deductions…
Define in Your Own Words Use It Meaningfully in a Sentence

Subtracting money My job started

deducting money
from my check and
its not right.

Synonyms Insert an Image

Subtract, take away

Expense…
Define in Your Own Words Use It Meaningfully in a Sentence

The amount of money

I have to limit my
you spend on
expenses.
something.

Synonyms Insert an Image

Price, payment
Fixed Expense…
Define in Your Own Words Use It Meaningfully in a Sentence

The cost of something Payment on loans is a fixed

that doesn’t change. expense because no
matter what you pay the
same amount on them
every month, year, etc…

Synonyms Insert an Image

Fixed charge
Variable Expense…
Define in Your Own Words Use It Meaningfully in a Sentence
Expenses that wont
always cost the same.
Sometimes more
sometimes less
depending on how
much you use or buy.
Synonyms
Outlay, charge
Groceries are a variable
expense because you wont
always buy the same
amount of everything each
time.
Insert an Image
Budget Variance…
Define in Your Own Words Use It Meaningfully in a Sentence

A way to measure Always consider budget

actual figures versus variance so you can be
the set budget prepared for things that
don’t go as planned.

Synonyms Insert an Image

Budget
fluctuation
Surplus…
Define in Your Own Words Use It Meaningfully in a Sentence
I paid a surplus amount of
More than necessary or money on a pair of shoes on
needed ebay because I didn’t know
what they were worth.

Synonyms Insert an Image

excess
Deficit…
Define in Your Own Words Use It Meaningfully in a Sentence
I was under tremendous deficit
When the amount of money because I owed $1,000 but only
is too small had $50

Synonyms Insert an Image

shortfall
Personal Financial Planning…
Define in Your Own Words Use It Meaningfully in a Sentence
Create person
budget and savings
and checking
accounts. Planning
how to use your
money in the future.
Synonyms
Personal budget
I will demonstrate
personal financial
planning skills by
setting up a savings
account and putting a
set amount of money
in every other week.
Insert an Image
Part 2: Best Bank for Me…
➢ Directions
1. Use the internet to research the Student Savings and Checking Account details for the following Financial
Institutions.…BB&T, Wells Fargo, Member’s First Credit Union, Bank of America, Regions Bank, and Chase Bank.
◦ Complete a Student Savings and Checking Account Banking Chart for each bank by locating the information below:
◦ Account Name (example: Well’s Fargo Student Savings)
◦ Requirements to open the account (example…Driver’s License, Student I.D., Birth Certificate, Parent’s permission, Age, etc.)
◦ Initial deposit (example: amount of money needed to open the account)
◦ Minimum Balance requirements (example: the minimum amount of money that needs to remain in the bank)
◦ Additional Fees (example: Service charges, Maintenance fees, Monthly fees, Overdraft Fees, ATM Fees, etc.)
◦ Transaction limitations (example: Can only withdraw twice a month, can only withdraw a certain amount daily, etc.)
◦ Special services and features (example: Overdraft protection, mobile or online banking, debit card, checks, pays interest,
etc.)

2. Answer the Best Bank for Me Questions.

Due on Friday, October 11 @ 12:00 pm, no exceptions!!!

Student Savings and Checking Account
Banking
BB & T…
Chart… Savings Checking

Account Name YOUNG SAVERS STUDENT CHECKING

Requirements under age of 18 AGE 23 AND UNDER

Initial Deposit $0.00 $0.00

Minimum Balance $0.00 $0.00

Additional Fees $36.00 overdraft; $36.00 returned item; $36.00 negative $5.00 OVERDRAFT FEE THRESHOLD; $12.50
account balance; $12.50 overdraft transfer; $5.00 overdraft OVERDRAFT TRANSFER FEE; $36 RETURNED ITEM FEE;
threshold $36 OVERDRAFT FEE

Transaction Limitations none $15.00 DOMESTIC INCOMING; $30.00 DOMESTIC OUTCOMING

Special services and Competitive interest compounded daily No minimum balance requirement
features Unlimited deposits, transfers and withdrawals at BB&T ATMs No BB&T fees for two non-BB&T ATM transactions per
and branches Disclosure2 statement cycle Disclosure2
Convenient online and mobile banking access through U by Regular savings account with no maintenance
BB&T® fee Disclosure3
One no-fee incoming international or domestic wire
transfer per calendar month
No direct deposit requirement
Student Savings and Checking Account
Banking Chart…
Savings Checking
Wells Fargo…
Account Name way2save student checking

Requirements $25.00 opening balance Social Security number (or ITIN)

Valid ID (driver's license, state ID, Matricula card)
$25 opening deposit online - it's easy to transfer from
another account (new customers: have a check handy) or
use your debit or credit card

Initial Deposit $25.00 $25.00

Minimum Balance $0.00 $1,500 daily

Additional Fees $5.00 maintenance $10 - waived for 17-24 year old primary owners.

Transaction Limitations Set up monthly automatic transfers of $25 or more to reach 10 or more posted debit card transactions Qualifying
your savings goals direct deposits totaling $500 or more

Special services and features transfer $1 of your funds from your linked Wells Fargo checking
account to your Way2Save Savings account for each qualifying
transaction. Overdraft protection for your checking account
Waived monthly service fee. No Wells Fargo fees for up to
four cash withdrawals per monthly fee period from non-
Wells Fargo ATMs in the U.S. All Overdraft Protection
Transfer fees from a linked savings account waived for
accounts enrolled in Overdraft Protection services .
 Student Savings and Checking Account
Banking Chart…
Savings Checking
Member’s First
Credit Union…
Account Name kids 1st club free checking

Requirements Ages birth - 12 years Earn monthly dividends with a $2,500 or more balance

Initial Deposit $5 minimum opening deposit none

Minimum Balance none none

Additional Fees none none

Transaction Limitations Free piggy bank for opening club account Overdraft protection, courtesy pay& extra
courtesy pay available
Special services and features Small toy from treasure chest each time they make a $5 deposit Free Bill Pay
at a local branch
Student Savings and Checking Account
Banking Chart…
Savings Checking
Bank of
America…
Account Name minor saving account advantage banking

Requirements

Initial Deposit $25.00 $0.00

Minimum Balance $0.00 $0.00

Additional Fees none maintenance fee

Transaction Limitations Total of 6 transfers and withdrawals each month Mobile deposits

Special services and features Minor has access to funds before age 18. Ability to make Fraud protection, Debit card controls, Custom alerts,
automatic transfers to help build the savings Better budgeting, Fast, secure sign-in
Student Savings and Checking Account
Banking Chart…
Savings Checking
Regions Bank…
Account Name Savings for minors life green

Requirements 18 or younger 25 y/o or younger

Initial Deposit $5.00 $25.00

Minimum Balance none $0.00

Additional Fees none $0.00

Transaction Limitations $3per withdrawal or transfer in excess of 3 per statement none

period
Special services and features Set up automatic transfers from your Regions checking account to Free Access to Online Banking Free Standard Delivery Bill
your Regions savings without leaving home with Regions Online Pay
Banking, Mobile Banking Mobile Banking Online Statements option
30% discount on one safe deposit box rental with an additional Unlimited check writing
10% discount if payment is set up for auto debit from a Regions
account.
Student Savings and Checking Account
Banking Chart…
Savings Checking
Chase Bank…
Account Name chase savings chase high school checking

Requirements 13 to 17 years old 13 to 17 years old

Initial Deposit $5.00 none

Minimum Balance $300.00 $0.00

Additional Fees miscellaneous fees apply. $4.95 monthly service fee

Transaction Limitations $25 or more in total Autosave or other repeating none

automatic transfers from your personal Chase checking
account or Chase Liquid Card (available only through
chase.com or Chase Mobile)
Special services and features zelle Does not earn interest
Best Bank for Me Questions…
◦ You have just received your first paycheck and you would like to open a Bank Account. Use the information from the
Student Savings and Checking Account Banking Charts to select the best bank and type of bank account for you. You
must decide which bank offers the best services to meet your needs. Answer the questions below:
❑ Financial Institution…
1. What is the name of the Financial Institution?
1. BB&T
2. Why did you select this Financial Institution?
1. Because my mother is with this one.

❑ Student Account…
1. What type of Student account would you like to open?
1. A checking
2. Why did you select this type of Student Account?
1. I already have a savings
3. What are three benefits of opening this type of account?
1. I get to use a credit card
2. I will have mobile deposit and withdrawl
3. I can use the atm closest to my home
 Creating a Budget…
• Reasons for creating a budget…
▪ Avoid running out of money
▪ Evaluate spending habits
▪ Saving
▪ Financial goals
▪ Bigger House
▪ Nicer Car
▪ Eliminate College/Student Loan Debt
▪ Eliminate Credit Card Debt
• How to stick to a budget…
▪ PAY YOURSELF FIRST!
▪ Continue to keep your expense notebook
▪ Don’t carry a lot of cash
▪ Eliminate Impulse buying
▪ Post financial goals around your house
▪ Plan out larger purchases
▪ Avoid overspending

• Additional things to consider when creating a ▪ List 4 reasons why you think creating a budget is
Budget… important…
▪ What are your monthly expenses?
▪ What is your monthly income?
▪ What are you going to save every month?
▪ Unplanned expenses?
▪ Do you spend more than you make? = Debt! 
▪ Do you make more than you spend? = Savings! ☺
Car Buying Comparison…
Select three different cars, trucks, and/or suv’s and complete the table below.
Car 1 – Less than $20K Car 2 – Between $20K-$40K Car 3 – Any Price

Manufacturer KIA FORTE

Model / Year 2016
Where You Found Info (URL) https://www.motortrend.co
m/cars/kia/forte/2016/
Automatic / Manual Manual
Gas Mileage
Dealer Invoice Price $15,990
Fair Purchase Price (KBB.com $16,677-$17,902
Warranty
Safety Rating 5 out of 5
Features that made you choose this car Ride quality
Lots of available
infotainment tech
 Spring Break budget…
◦ You are planning a road trip for your family during Spring Break 2020. Your total budget is $2,500.
◦ You must create a budget for your trip by answering the questions and completing the expenses table below:
❑ Where are you going? (Destination and how many miles away)
❑ Where are you going to stay? (Lodging)
❑ Where are you going to eat? (Restaurants)
❑ What are you going to do? (Entertainment)
❑ What supplies do you need to buy? (Toiletries, clothes, luggage, etc.)
❑ Would you like to buy anything? (Souvenirs)
❑ Anything else that you would like to do…(Miscellaneous)

Expenses… Sat. Sun. Mon. Tue. Wed. Thu. Fri. Sat. Total Expenses
April 4 April 5 April 6 April 7 April 8 April 9 April 10 April 11
Gas (assume gas cost $2.56/gallon)
Lodging (cost per night for hotel, Airbnb, etc.)
Food
Entertainment
Supplies
Souvenirs
Miscellaneous
Total

Were you able to stay within your budget???

 My Budget: I’ve Graduated…Now What???
1 Year After High School
➢ Directions:
• You will create a monthly budget for all of the expenses that you will have right after you graduate. Your budget
must include all of the income and expenses that you will have each month over the next year. You will follow each
step listed below to complete a monthly budget for each month after graduation.
 Budgeting Case Studies…

➢ Directions:
• You will read each case study and answer the questions.
• Case Study 1
• Case Study 2
• Case Study 3
• Case Study 4