Day 56

Lesson Objectives

  • Define zero-based budget.
  • Develop a plan for spending and saving that has both long-term and short-term components.

Assignment BUU3.5

  1. Watch Video 3.2
  2. As you watch the video, record the missing words from pages 64-65 of the textbook as they pop up on the left side of the video screen by filling in this form.  (pages 64-65) .
  3. Discussion Questions:
    1. What is a zero-based budget?
    2. In a zero-based budget, income minus outgo should equal __________?
    3. What is the envelope system and how does it work?
    4. Your budget will only work if you follow it.  What are some things you can do to make sure you stick to your budget?

Assignment BUU3.6

  1. Make a copy of this Google Document (Espanol), rename it Student Budget-(Your Initials), and move it into your Lesson 3 folder.
  2. Use the budget form inside the document to create three zero-based budgets: one for each student described and a personal one based on your income (this may include a regular allowance from your parents) and expenses. Fill in all income and expenses on the form with the information provided. Remember to compute net pay by taking 20% out for taxes. Use the following recommended percentages to help setup your budget:
    • Giving = 15%
    • Saving = 15%
    • Food = 10%
    • Clothing = 15%
    • Transportation = 20%
    • Personal = 15%
    • Recreation = 10%