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Making it Count! Where Should Your Money Go? Do you really know how you spend your money?

You should plan to spend your money in certain Until you actually stop and track where your Workforce
ways. Here is what money experts say is the best money goes, it’s hard to plan ahead and get Life Skills
ƒ Start saving money from each paycheck ahead financially. A budget is a planning
and create an emergency fund. You never way to spend your money. A percent (%) is how document where you estimate and then record No. 8
know when you’ll need a car repair, or have a much of $100 should be spent on that area. For how you spend your money for the month. The
medical problem. Feeling financially secure example, in the list below, for every $100 you first step to managing your money is knowing
means being able to cover emergencies. earn, you should plan to spend $32 on housing. where it goes and how it’s being used.

ƒ Set a limit to entertainment and eating out. Plan to spend: Needs vs. Wants
These are two of the biggest extras people see ƒ 32% on housing ƒ 5% on health care One of the biggest challenges to managing money is making the choice to
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when tracking expenses in a budget. ƒ 16% on food ƒ 6% on entertainment spend it first on NEEDS - those things you must have to survive, and then on
ƒ 18% on transportation ƒ 16% on everything else. your WANTS - the things you’d like to have, but you could give up if needed.
Fixed and Variable Expenses
ƒ 7% on clothing and Do you need to make a rent payment? Are you wanting to spend $6 on a take-
services out meal? When you create a budget, plan to pay for the things you need first.
Fixed Expense- The cost is the same every month.
Variable Expense- The cost changes every month. Spend money on things you want only if you have money left in your budget.
Variable expenses are harder to track and where we tend to overspend our budgets. NEEDS WANTS

Fixed Expenses Variable Expenses ƒ Shelter ƒ Utilities ƒ Entertainment, movies, internet Handling Money
Groceries
ƒ
ƒ Rent or mortgage For Evaluation Only ƒ Clothing ƒ Food ƒ Phone service ƒ Eating out
ƒ Phone service ƒ Gasoline ƒ Eating out ƒ Water ƒ Insurance ƒ Luxury clothes & shoes
ƒ Child care ƒ Electricity ƒ Movies and ƒ Clothing ƒ Repairs ƒ Home goods
ƒ School lunch program ƒ Water entertainment ƒ Childcare ƒ Education ƒ Specialty items, electronics

ƒ Insurance (health, home, renters, auto) ƒ Heat ƒ Car maintenance ƒ Transportation ƒ Personal care items
ƒ Transportation (car payment, parking, ƒ Travel ƒ Taxes My Well-Being
bus pass, etc.) ƒ Gifts ƒ Emergencies
ƒ TV / entertainment subscriptions
How satisfied do you feel about your financial situation?
Financial well-being means:

8 having control over your day-to-day finances.
Learnovation, LLC’s mission is to empower people
to manage their own careers. We believe in a 8 having the freedom to choose how you spend your money.
©2017 Learnovation ® ® , LLC All Rights Reserved. holistic approach to job readiness - job skills and 8 being able to handle financial emergencies.
©2015 Learnovation , LLC All Rights Reserved.
www.learnovation.com life skills working together to bring out the best in
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people. 8 having enough money now and in the future.
8 being able to set financial goals and meet them.