TL 10.03 – Explore ways to manage money.

1. TL 10.03 – Explore ways to manage money. CONTENT OUTLINE Ways to manage money A. Budgeting 1. Planning 2. Spending 3. Saving

2. TL 10.03 – Explore ways to manage money. CONTENT OUTLINE Ways to manage money B. Maintaining a checking account 1. Writing a check 2. Maintaining check register 3. Reconciling bank statement C. Electronic banking

3. TL 10.03 – Explore ways to manage money. TERMS TO KNOW: EXPENSE: Anything on which a person spend $ RECONCILING: To make compatible (your bank records with the bank statement) RECEIPT: Written or printed record of purchase

4. A FINANCIAL BUDGET is a plan for spending and saving money. Can be developed, monitored, and changed using computer! TL 10.03 – Explore ways to manage money. 1. Planning Lists income and expenses.

5. TL 10.03 – Explore ways to manage money. 1. Planning A realistic budget – average expenses for a few weeks in major expense category Food budget – food purchased at grocery store

6. TL 10.03 – Explore ways to manage money. 2. Spending Checking 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

7. TL 10.03 – Explore ways to manage money. 3. Saving Savings 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 : Amt. Of interest earned primarily depends on principal & interest rate : DO NOT spend all $ earned each week!

8. TL 10.03 – Explore ways to manage money. Personal checking/debit accounts Writing Checks Current Date – not future one Amt. Of $ in #s Who you are writing the check to----------------- The amount of the check in words; use and to join $ & ¢ as a fraction-------- Valid only if signed; NEVER sign a blank check Note what check is for

9. TL 10.03 – Explore ways to manage money. Personal checking/debit accounts Writing Checks 11/03 03 CASH 100.00 One hundred and no/100------------------------------------------------ My Signature Christmas presents

10. 11/03 03 Do not write below this line CASH 100.00 One hundred and no/100------------------------------------------------ My Signature Christmas presents TL 10.03 – Explore ways to manage money. Personal checking/debit accounts Endorsing Checks Endorsing a check – signing back of check written to you

11. Record all changes or credits affecting account Number Date Description of Transaction Payment/Debit Deposit Balance 102.86 2051 11/04 Piggly Wiggly 47.50 55.36 11/10 DEPOSIT 209.00 264.36 Record the #, date & payee of the check in your check register. Record all deposits as well Subtract amount of check from previous balance TL 10.03 – Explore ways to manage money. Personal checking/debit accounts Check Register

12. TL 10.03 – Explore ways to manage money. Personal checking/debit accounts Deposit Slips Cash Amount Current Date Check Amount Signature only if money received back Added Amounts $ back Deposit Amount

13. Record all changes or credits affecting account Number Date Description of Transaction Payment/Debit Deposit Balance 102.86 2051 11/04 Piggly Wiggly 47.50 55.36 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. Personal checking/debit accounts Reconcile statement

14. TL 10.03 – Explore ways to manage money. Electronic Banking : Debit Cards - used in place of a check : ATMs get $ from account when bank is closed

15. TL 10.03 – Explore ways to manage money. Wise credit use… 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?

16. 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

17. 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