TL 10.03 – Explore TL 10.03 – Explore ways to manage money.ways to manage money.

CONTENT OUTLINE

Ways to manage moneyWays to manage money

A. Budgeting

1. Planning2. Spending3. Saving

TL 10.03 – Explore ways to manage money.

CONTENT OUTLINE

Ways to manage moneyWays to manage money

B. Maintaining a checking account

1. Writing a check2. Maintaining check register3. Reconciling bank statement

C. Electronic banking

TL 10.03 – Explore ways to manage money.

TERMS TO KNOW:EXPENSE:EXPENSE: Anything on which a person

spend $

RECONCILING:RECONCILING:To make compatible (your bank records with the bank statement)

RECEIPT:RECEIPT: Written or printed record of purchase

1. Planning

A FINANCIAL BUDGET is a plan for spending and saving money.

Can be developed, monitored, and changed using computer!

Lists income and expenses.

TL 10.03 – Explore ways to manage money.

1. Planning

A realistic budget – average expenses for a few weeks in major expense category

TL 10.03 – Explore ways to manage money.

Food budget – food purchased at grocery store

2. SpendingChecking AccountChecking 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

TL 10.03 – Explore ways to manage money.

3. SavingSavings AccountSavings 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

TL 10.03 – Explore ways to manage money.

: Amt. Of interest earned primarily depends on principal & interest rate

: DO NOT spend all $ earned each week!

Personal checking/debit accounts

Writing ChecksWriting Checks

Current Date – not future one

Who you are writing the check to-----------------

The amount of the check in words; use and to join $ & ¢ as a fraction--------

Note what check is for Valid only if signed; NEVER sign a blank check

Amt. Of $ in #s

TL 10.03 – Explore ways to manage money.

Personal checking/debit accounts

Writing ChecksWriting Checks

11/03 03

CASH

One hundred and no/100------------------------------------------------Christmas presents My

Signature

100.00

TL 10.03 – Explore ways to manage money.

Personal checking/debit accounts

Endorsing ChecksEndorsing Checks11/03 03

CASH

One hundred and no/100------------------------------------------------

Christmas presentsMy Signature

100.00

TL 10.03 – Explore ways to manage money.

Do not write below this line

Endorsing a check – signing back of check written to you

Personal checking/debit accountsCheck RegisterCheck Register

Record all changes or credits affecting accountNumber Date Description of Transaction Payment/Debit Deposit Balance

2051 11/04 Piggly Wiggly 47.50 55.36

102.86

11/10 DEPOSIT 209.00 264.36

Record the #, date & payee of the check

in your check register.

Subtract amount of check from

previous balance

Record all deposits as

well

TL 10.03 – Explore ways to manage money.

Personal checking/debit accounts

Deposit SlipsDeposit Slips

Current Date

Cash Amount

Check Amount

Added Amounts

$ back

Signature only if money received back

Deposit Amount

TL 10.03 – Explore ways to manage money.

Personal checking/debit accounts

Reconcile statementReconcile statementRecord all changes or credits affecting account

Number Date Description of Transaction Payment/Debit Deposit Balance

2051 11/04 Piggly Wiggly 47.50 55.36

102.86

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.

Electronic Banking

: Debit Cards - used in place of a check

TL 10.03 – Explore ways to manage money.

: ATMs get $ from account when bank is closed

Wise credit use…Ask yourself…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?

TL 10.03 – Explore ways to manage money.

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

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