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Finances can be tricky and have a huge role in our lives and how we are able to manage our lives.  Starting early (or just starting now!) in taking control of your finances will help you better control and enjoy all other aspects of your life.  Understanding your budget needs, your financial resources, and how you can make needed changes in each can dramatically improve your life, now and for the future.

    

  • Figure your monthly budget.
  • Figure your pay after taxes.
  • Figure what you should be making now or your potential future salary.
  • Figure how you may be able to negotiate your salary to your benefit.
  • Figure what you need to support your desired lifestyle.
  • Figure how you may cut your expenses.
  • Figure how you may increase your earning potential.

    

1)  HOW MUCH DO YOU NEED?

  • Budget Sheet 1 – for those students living at home (with family)
  • Budget Sheet 2 – for those living on their own or about to move out on their own: 

2)  HOW MUCH DO YOU HAVE?

  • Figure what you are actually making after taxes by using the PaycheckCity Georgia Salary Calculator (or change the withholding State for where you live/work).

3)  HOW MUCH CAN/WILL YOU EARN?

  • Go to Salary Wizard (as shown below) to determine what you should make in your career:  

 

  • Go to http://www.paycheckcity.com/  to figure what your job pay (either hourly or salary) after State and Federal taxes (go to Standard, under calculators tab, as shown here):

4)  HOW CAN YOU EXPAND YOUR FINANCAL POWER?

5)  HOW CAN YOU SPEND LESS?  25 WAYS TO SAVE - 50 WAYS TO SAVE - 100 WAYS TO SAVE - 101 WAYS TO SAVE!

  • Do you use coupons?
  • Do you carpool?
  • Do you buy store brands?
  • Do you barter (exchange babysitting for yard work, maybe)?
  • Do you reuse/recycle products for your use?
  • Do you comparison shop for auto insurance, home/rentor’s insurance, etc.?
  • Do you take advantage of services your taxes pay for – the public library, public parks, free city concerts.....?

6)  HOW CAN YOU LEARN MORE?  Research, Read, and Learn from others

 

Assignment 1)  Work your Budget – Realistically figure your monthly experiences.

If you live at home, use Budget Sheet 1; If you live on your own or are about to move out on your own, use Budget Sheet 2.

  • Step 1: Choose which budget sheet applies to your life (Budget Sheet 1 or 2 above).
  • Step 2: Write a paragraph on what you learned from putting your monthly expenses and earnings on paper.                 
  • Step 3: Access Your eFolioWorld Account @ https://login.efolioworld.com/Login.aspx?ReturnUrl=%2fOwner%2fAdminUI.aspx&ui=mouse and Create a New Content-Basic Artifact and call it "My Budget,” uploading your budget reflection paragraph.

Assignment 2)  Determine what you should be paid now or what your planned career should pay in your area.

  • Step 1: Go to Salary Wizard and put in your position (or closest you can find) and your zip code.
  • Step 2: Note the median salary.
  • Step 3: Access Your eFolioWorld Account @ https://login.efolioworld.com/Login.aspx?ReturnUrl=%2fOwner%2fAdminUI.aspx&ui=mouse and Create a New Content-Basic Artifact and call it "Salary Research,” uploading salary info.  – should reflect info. found below or can be copied and pasted in full.

Assignment 3)  Figure you take-home pay (salary after taxes) on your current job or the job you hope to acquire.

Assignment 4)  Have fun learning about Finances!

                                                                                                                                                                      

  • Step 2:  Choose the same level and questions.
  • Step 3:  Test your financial knowledge against each other (friendly competition).
  • Step 4:  Report in class discussion what you learned from Financial Football.

Assignment 5)  Take the Reality Check:  http://www.jumpstart.org/home.html

  • Step 1: Go to:  Jump$tart's Reality Check at http://www.jumpstart.org/reality-check.html                          
  • Step 2: Take the quiz.                                                                                                                                 
  • Step 3: Access Your eFolioWorld Account @ https://login.efolioworld.com/Login.aspx?ReturnUrl=%2fOwner%2fAdminUI.aspx&ui=mouse and Create a New Content-Basic Artifact and call it "My Reality Check,” uploading the results of your ‘lifestyle quiz’ with these answers:
  1. How much you need to make an hour or a week;
  2. What types of jobs will support your lifestyle;
  3. The level of education you will need to support your lifestyle

Assignment 6)  Using what you learned in Module 5 above, come up with ten ways that you personally can cut your monthly expenses.

  • Step 1: Use tips in Module 5 - and others you can find on your own - for cutting expenses.
  • Step 2: Type up your personal ‘cut back’ list in a WORD document.
  • Step 3: Access Your eFolioWorld Account @ https://login.efolioworld.com/Login.aspx?ReturnUrl=%2fOwner%2fAdminUI.aspx&ui=mouse
  • Step 3: Click New Content --> Upload --> File --> Upload
  • Step 4: Click Choose File. Once You find your file and upload it. Name it "Time Management" in the Title box.
  • Step 5: Drag and Drop your File onto your GROWTH page.

Page last updated: April 12, 2012