This is how your home page should look. Notice the black box in the upper right. Your name will be there when you’re signed in. REMEMBER TO SIGN OUT
You’ll start by taking the assessment quiz. This will help you figure out how much you already know about managing your money, and what you could still learn. At the end, students can look through the topics. For a list of all of the topics and tools contained within sections, see the beehive handout. Particularly helpful sections are bolded.
The steps detailed in the next 5 slides can be found on the budgeting handout.
Printable expenses worksheet: http://www.thebeehive.org/sites/default/files/Track_Your_Expenses_by_Hand_0.pdf Links to the worksheet and the excel file at the bottom of this page: http://www.thebeehive.org/money/spend-it/budget/track-your-expenses
WHY CREATE A BUDGET?• It allows you to take control of your money by being aware of exactly where your money comes from and where it goes.• No matter how much or how little money you have, having a budget will help you learn to spend wisely and make the most of what you have.• Having a budget will help you create a plan to reach your financial goals.
LOGGING IN1. Go to www.thebeehive.org2. Click on “Sign In or Register” in the top right corner of the page.3. Type in your Username and Password.4. Click “Log In” REMEMBER TO SIGN OUT WHEN YOU’RE DONE!
TAKE A QUIZ• Click on “Money” • Then “Manage your money” • Then “Learn More” under Money Made Easy• Navigate through the quiz by answering the multiple choice questions and then clicking the black “Next” button at the bottom of the page.• At the end of the quiz, Money Made Easy will give you a list or recommended topics based on the areas in which you could improve.
BUILDING A BUDGET USING THEBEEHIVE.ORG The beehive has helpful tools for building a budget. All of the resources we use in the following slides are available here: • Click on “Money” • Then “Spend Wisely” • Then “Budget” in the grey column on the left.. This section contains all the resources we will use in the budget section of this presentation.
BASIC VOCABULARY• Budget – A list of spendable funds and a spending plan.• Income – The amount of money you receive during a fixed period of time• Expenses – The money spent on something• Balanced Budget – When your income equally matches your expenses
STEP #1 : TRACK YOUR EXPENSES• Figure out how much money comes in to your household in one month. • Collect your paycheck stubs, income receipts, social security benefits, food stamps, and any other income and write the amounts down.• Write down your regular expenses • Include rent and other consistent bills.• Keep track of your variable daily expenses • Collect all your receipts from whenever you spend money. Write down amounts if you can’t get a receipt. Keep all of your receipts in an envelope.• Write everything down in a comprehensive list. You can either • Print out a worksheet from the beehive in “Track Your Expenses” under the “Budget” section of “Spend Wisely” • Or download an excel worksheet which will do all of the math for you after you enter in the amounts. You can find this on the same page with the printable worksheet.
STEP #2 : BUILD YOUR BUDGETOnce you’ve completed a budget worksheet you should be able to compare your income to your expenses.• If you have more income than expenses, great! This is the goal. • You should consider saving your extra income and putting it in an emergency fund or toward retirement.• If you have more expenses than income, you should consider making some adjustments. • Look at your variable daily expenses? Are there items that can be eliminated or cut down in the future? For items that you must have, like gas and groceries, can you cut out just a few dollars?• Create a plan for next month. • Write down what you will and will not spend money on so that you are conscious of your limits. Write down how much you will spend in each category.• Your goal should be to have a balanced budget – when your expenses equally match your income.
STEP # 3 : STICK TO YOUR BUDGETIdeas to help you stick to your budget:• Use what you have • Avoid buying prepared food when you can make it yourself. Repair old clothing and shoes instead of buying new items.• Increase your income • Consider taking up a part-time job, or apply for a new job. Visit the Tenderloin Tech Lab for help with your resume.• Get some help • Apply for food stamps, child care help, medical assistance, and tax credits.Make sure to consistently keep track of your income and expenses. At theend of each month, review your budget to make sure you’re on track andthat your budget is balanced.