Finance - 01. Budgeting
ACT Training
Created on July 29, 2024
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Transcript
- The importance of budgeting.
- Ways of budgeting.
- Saving money.
'A budget is telling your money where to go instead of wondering where it went.'
- Dave Ramsey, personal finance expert.
The Importance of Budgeting
Activity 1: Budget Balloons
- You have a budget of £2500 for the month.
- Pop the balloons to discover your expenses.
- One team member should note each expense and add them up.
- Can your expenses be within your budget?
Time to reflect...
- What was the most challenging part of managing your budget in the first round?
- How did having a clear idea of your expenses in the second round help you manage your budget better?
Essential & Non-Essential Items
- Scan the QR Codes to find 3 sources of income and 5 expenses.
- You can choose your outgoings, but the cost will have to match your income limit!
Activity 2: Income vs Expenditure
In pairs, complete the income vs expenditure task.
Time to reflect...
- What can we do to maximise our income?
- What did you learn about balancing income and expenses?
- How can distinguishing between essential and non-essential expenses help you manage your money better?
Budgeting Ideas
50/30/20 Rule
Envelope System
Zero-Based Budgeting
Pay Yourself First
Weekly Allowance
Expense Tracking
TotalTotal Income - Total Expenses = Spare Money£210 - £180 = £30
Here is an example of a simple monthly budget.
Budget Example
Activity 3: Budget your Year
Complete your yearly budget.How can you save for any big expenses?
Time to reflect...
- What can we do to maximise our income?
- What did you learn about balancing income and expenses?
- How can distinguishing between essential and non-essential expenses help you manage your money better?
Further Information & Support
- The importance of budgeting.
- Ways of budgeting.
- Saving money.