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What is the purpose of creating a budget?

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Updated 4 months ago

1. Slide
60 seconds
Understand the importance of budgeting and tracking expenses. Learn how to use credit responsibly and recognize the benefits and risks. Explore the basics of investing and how to diversify a portfolio.
Introduction to Personal Finance
2. Slide
60 seconds
Budgeting: the process of creating a plan to spend your money. This plan includes how much money you will spend on different items and activities, and how much you will save.
3. Slide
60 seconds
Credit: a way to borrow money from a bank or other lender. Credit cards are one type of credit.
4. Slide
60 seconds
Investing: the process of buying and selling assets with the goal of making money. Common investments include stocks, bonds, mutual funds, and real estate.
5. Poll
60 seconds
What is the purpose of creating a budget?
  • To invest in real estate
  • To track income and expenses
  • To save money for vacations only
6. Slide
60 seconds
The average person loses hundreds of dollars each year without knowing it due to hidden fees and late payment penalties. Creating a budget can help you save an average of 20% of your income. You can increase your credit score by as much as 100 points in just 6 months with responsible credit card use.
Did you know?
7. Slide
60 seconds
Lesson 1
L1- Objectives Evaluate the role of choice in decision making. Personal finance is largely about making decisions. Making good decisions involves determining your options, then evaluating those options based on what is most important to you - the person making the decision.
8. Slide
60 seconds
As part of the decision-making process, you’ll consider your wants compared to your needs, and the opportunity cost (or trade-offs) for gaining a want.
9. Slide
60 seconds
10. Slide
60 seconds
Wants vs Needs
Needs- goods and services that are necessary for our survival, like food or water Wants-goods and services that are desirable, but not needed to survive, like going to the movies or a new video game
11. Slide
60 seconds
Opportunity Cost
the real cost of doing something, including the cost of things that you cannot do because of the choice you have made Example
12. Slide
60 seconds
decision-making method (define, identify, evaluate, choose, act, review)
13. Open question
160 seconds
Enter your school emails
14. Drawings
450 seconds
Brain break: Draw a wild chicken escaping a farm by joining a band and learning to play the electric guitar.
15. Word cloud
120 seconds
What is one key concept that is important to understand when it comes to personal finance?
16. Open question
180 seconds
Work together in pairs: What is one important financial lesson you learned from this introduction to Personal Finance class?
17. Personalised Feedback
360 seconds
What are some practical steps individuals can take to effectively manage their personal finances and achieve their financial goals?
18. Poll
60 seconds
What is the definition of personal finance?
  • Investing in stocks and bonds
  • Budgeting for a business
  • Managing one's money and financial decisions
19. Poll
60 seconds
Which of the following is considered a liability?
  • Savings account
  • Stock investments
  • Credit card debt
20. Poll
60 seconds
Why is it important to have an emergency fund?
  • To invest in high-risk ventures
  • To cover unexpected expenses or loss of income
  • To splurge on luxury items

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