Student Workbook (PDF file, 3.46 MB) - Oklahoma Department of ...

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OBJECTIVE 7 List the basic steps in a financial plan. A fi nancial plan is a broad strategy for handling your fi nances. It should include both short-term and long-term goals. A fi nancial plan helps you make the most of your money, regardless of your economic circumstances. Establish your financial goals. Decide what you want your money to do for you. Determine what style of living you wish to achieve. List savings objectives. Estimate and total your income. Determine how much money you receive from all sources for the plan period—earnings, gifts, bonuses, interest on savings, and allowance. Estimate and total your expenses. List all your expenses, separating them into fi xed and variable expenses. Add these expenses to determine how much money you spend during each plan period. UNIT 1 MANAGING MONEY 13
Analyze your current income and spending. Carefully examine the amounts you estimated for both income and expenses. Overestimating income and underestimating expenses is very easy to do and can cause big problems for your budget. Subtract your expenses from your income for each plan period. If you come out even or need extra money, consider ways to increase your income or cut your expenses. If you have extra money, decide how you want to apply it toward your savings goal. Prepare a trial financial plan. A written plan listing your goals, your income, and your expenses reduces the temptation to overspend or spend carelessly. Put your fi nancial plan into writing. Revise your plan and update it on a regular basis. Put your plan into action and keep organized records. Keep track of your spending and savings. Evaluate your financial plan periodically. Whenever your income, expenses, or goals change signifi cantly, review your plan to see if you need to make any changes. Signifi cant events all have an impact on your fi nancial plan. These may include graduating, going to college, starting a new job, moving, marrying, having children, changing jobs, divorcing, or death. 14 LIFE SKILLS: FINANCIAL LITERACY SKILLS — STUDENT EDITION
Page 1 and 2: IMC Life Skills: Financial Literacy
Page 3 and 4: Copyright 2009 Oklahoma Department
Page 6 and 7: Unit 1 MANAGING MONEY To manage mon
Page 8 and 9: OBJECTIVE 1 Identify trends in care
Page 10 and 11: Many factors will contribute to the
Page 12 and 13: Compare the dollar value of the job
Page 14 and 15: Put away your credit cards for a we
Page 16 and 17: Taxes — Different types of taxes
Page 20 and 21: OBJECTIVE 8 Summarize three methods
Page 22 and 23: OBJECTIVE 9 State guidelines for us
Page 24 and 25: OBJECTIVE 14 List items deducted by
Page 26 and 27: OBJECTIVE 16 List benefits often re
Page 28 and 29: OBJECTIVE 18 Compare the costs and
Page 30 and 31: OBJECTIVE 20 Discuss the impact of
Page 32 and 33: ASSIGNMENT SHEET 1 Research careers
Page 34 and 35: ASSIGNMENT SHEET 2 Develop a budget
Page 36 and 37: ASSIGNMENT SHEET 3 Analyze budgetin
Page 38 and 39: ASSIGNMENT SHEET 4 Apply money mana
Page 40 and 41: 4. Michael and Patrick are roommate
Page 42 and 43: ASSIGNMENT SHEET 5 Calculate and co
Page 44 and 45: ASSIGNMENT SHEET 6 Research a chari
Page 46 and 47: Student Supplement 1 Personal Spend
Page 48 and 49: Student Supplement 2 Factors That I
Page 50 and 51: Student Supplement 3 Consumer Needs
Page 52 and 53: 2. Of the seven items selected in Q

Student Workbook (PDF file, 3.46 MB) - Oklahoma Department of ...

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