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Budgeting

Budgeting. Why create a budget?. Simple answer: To make sure you have enough money for what you need and/or want This applies to everyone Obviously, people want to know if they can cover their bills and possibly buy some wants Businesses Governments. Government Budget.

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Budgeting

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Presentation Transcript

  1. Budgeting

  2. Why create a budget? • Simple answer: To make sure you have enough money for what you need and/or want • This applies to everyone • Obviously, people want to know if they can cover their bills and possibly buy some wants • Businesses • Governments

  3. Government Budget • Each year the President submits a budget to Congress • Congress decides: • what gets funded • how much money is given • they can also added to the list • Anyone can look at the President’s budget requests for 2013.

  4. Wants & Needs Discretionary Spending • These require Congress to vote for funding every year • Agriculture • Food & Drug Admin • Defense • Energy • Homeland Security • Education • Transportation • Veterans Affairs Mandatory Spending • Congress can change these programs, but funding doesn’t require a vote • Social Security • Medicare • Medicaid • Salaries for Federal Judges

  5. US Federal Spending – 2011 3,598 Billion US Federal Tax Receipts – 2011 $2,303 Billion

  6. How big is the U.S. debt? Holy Crapoly, Batman! Simple View of the Debt

  7. How much does the average American owe? • Mortgage: $90,000 (2010) • Credit Card: $7,000 (2011) • Car Loan: $5,000 (2011) • Graduating College students have $23,000 of debt (2011) • A little perspective: • Cost to start an H&R Block or 7-Eleven franchise • $35,000

  8. The Problem with Budgets • Name three reasons why so many people don’t make a budget? • Top reasons why people don’t make a budget • It’s easier to ignore your spending than try to manage it • You have tried in the past and can’t stick to a budget • You don’t want to be controlled • It takes too much time and energy • It is depressing • You don’t know how to create one • You have plenty of money left over at the end of the month, so you don’t need one

  9. The Reality of Budgeting • Creating a budget actually can: • Save you money • Give you more control • But yes,… • It can take time • Requires discipline • However, • It’s not hard to make one.

  10. Rolling Stones

  11. You can't always get what you want

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