Get on Board Taylor 9th Ward!

Week 4: Solid Shortening; less expensive than oil and stores longer, but buy oil if you prefer.

CREATE A MONTHLY OR WEEKLY BUDGET:
Income includes wages and interest income. Expenses include taxes, rent or mortgage, utilities, groceries, clothing, entertainment, transportation, savings, donations, and other miscellaneous expenses.

TRACKING YOUR EXPENSES
The first step to create a budget is to determine how much money you spend, and to whom you are paying that money. To do this, you will need to track your expenses, or spending, for at least a month, and the longer the better. We suggest that you track your spending for three months or more to get an even better estimate of your spending habits.
EXPENSES
Expenses are anything you spend your money on. To track your expenses, you will need to write down every dollar you spend.

An important part of financial success of any individual or family is to be able to establish a budget and then learn to live within that budget. Creating a budget first involves understanding sources of income and expenses.

February Week 3: Peanut Butter

TRACK YOUR ACTUAL INCOME AND EXPENSES:
An important first step to learning to budget is to track your income and expenses. Preparing a personal budget can be a mystery if the amount of money coming in and out of your pocket is not known. Use the following worksheet to list your daily income and expenses to better understand sources and uses of money. It is suggested that you track income and expenses over the course of one month. Once this worksheet is completed, you will need to categorize the items and create a monthly or weekly budget.

Example:

Daily Budget Tracking

Date.....Item.........Income........Expense........Balance

2-12....pay check.........$560...............................$560

2-14.......Electric........................-$120............. $440

2-16........gas............................-$30...............$410
2-17......pay check........$350................................$760

TOTAL.....................................................$760

Buy a little, store a lot!!!!

Week 2: Personal Products, soap, deodorant, toilet paper, shampoo, lotion etc.....

Establishing a realistic budget requires a careful observation of your spending habits, and the ability to break things down into essentials, non-essentials, and occasional expenses. This will help ou see where your money is going, and make an accurate plan for the months to come, typically on a semester-by-semester basis. It is important to set aside a certain amount for unexpected or emergency situations, so try to work this into your budget as well as all the costs you normally incur.

Whether you will be working as well as going to school, or relyng on student loans or other financial asistance, making a budget will help keep you on track, allowing for greater expenses at the beginning of each year, and the need to make sure your living expenses at the beginning of each year, and the need to make sure your living expenses are still covered by the end of the year. If it looks like you will not have enough to make ends meet, this will give you time to find solutions before the situation getsoutof control. If your income comes in one payment for the entire ear, or provides a certain amount eac month to the next, it becomes even more important to plan ahead!

Happy New Year 2010! Let's get Self Reliant!

GET ON BOARD Taylor 9th Ward!

The Plan: Yearly Food Storage Plan

Each week buy the items listed and store them. Buy the largest quantity you can buy, that makes sense for your family, and that you can sensibly afford and store.

If you miss a week, skip it and go on; don't get behind.

Replace the items as you use them.

February:

Week 1: Canned meats: Tuna, stew, chili, spam, etc.

Financial Plan:

Simple weekly financial lessons and assignments to help you become financially stable this year!

What is a Budget: A Budget is a plan for managing your money. It is an estimate of income and expenses over a period of time. With a personal budget, you can get a beter idea of where you spend your money, to whom you owe money and how much.

Why should I budget: Whether you have a lot of money or just a little, a budget can help you in many ways: If you have a budget and stick to it, yo will be less likely to blow your money during random daily spending. A budget can help you reach a financial goal because it controls how much you spend and how much you save. Budgets can help eliminate many money surprises because you have planned ahead and know what to expect each month. Even if you are young, you can start budgeting now to get into the habit. Budgets help you see exactly where your money goes.