Day 38 - Importance of zero-based budget

PostTest: Banking: 

1. What do we call the fee you might be charged if you spend more money than is in your bank account?
2. What type of account pays a reasonable amount of interest, requires a minimum balance, and limits the number of monthly withdrawals?
3. What type of bank account is the most liquid?
4. How much is the average fee for spending more than you have in your account?
5. What is the name of the online budgeting tool we discussed in class?

PreTest Objective Questions: Zero-based Budget: 

1. What is a zero-based budget?
2. What are some of the basic cash flows for a family?
3. What percentage of families live paycheck-to-paycheck?

Update Budget Challenge

• take quizzes
• schedule bill payment
• update budget spreadsheet

Watch video 3.1 - Zero-based Budget

Group Discussion and Shared Google Doc, Google Slide, or other means.

• Why do you think it is so common in America to spend more than you make?
• How can this be fixed?

EverFi:

• Consumer Protection (2/5/16)
• Investing (2/19/16)
• Saving (3/4/16)
• Banking (3/18/16)
• Payment Types (4/8/16)
• Credit Scores (4/15/16)
• Higher Education (4/22/16)
• Renting vs. Owning (4/29/16)
• Insurance and Taxes (5/6/16)

1. Cash Flow Plans
• need realistic, simple budget
• spend less
• save more
• Actually live on the budget
• Avoid Crisis within your “four walls”
• food
• housing
• transportation
• utilities
• clothing
• Decide on paper, on purpose, first
• Change is hard
• Money doesn’t buy happiness, but the lack of money can create crisis:
• guilt, shame, conflict, and fear