Tuesday 15 May 2018

Planning 10 - Lesson #29 - THE LAST ONE!!!

LESSON #29 - Budgeting  (Your Very Last Assignment)


Planning for your financial future is important - it will allow you to achieve your financial goals - Wishing for stuff is not going to get you what you want - hard work and planning will.  Watch the following video to understand what it means to budget.

Budgeting 101

ASSIGNMENT

Come up with a thorough list of all the things you would need to take into account if you were creating a budget for yourself (living on your own or away from your parents).

Your list should include all the things that would be categorized as "Fixed Expenses" and "Flexible Expenses".

Submit your assignment by:
  • sharing it with me on Office 365
  • by placing a hard copy in the Planning 10 folder



Monday 14 May 2018

Planning 10 - Lesson #28

Lesson #28 - Credit and Debt

Borrowing money is something that almost all of us will do in our lifetime.  We may need to borrow money to buy a car, go on to post-secondary education, buy a house, etc.

One of the most common types of "loans" comes in the form of a Credit Card.  A CREDIT card is different from a DEBIT card in several ways.  Watch the link below to understand this difference.

Credit Cards vs. Debit Cards

Banks and Credit card companies are keen to loan money because along with the loan comes an extra charge called INTEREST.  Interest is extra money in addition to what you have borrowed ... that is how the bank or credit card company continues to stay in business and make money.  Mom and Dad may be willing to lend you money without charging interest, but a business will not.  The RATE of interest charged on bank loans (used for car, schooling, etc.), mortgages ( used for houses) and credit cards can vary significantly.

It's important that when you do decide to borrow money that you have a plan to pay back.   And, usually the faster you can pay it back the less it will end up costing you.

Where people often get into trouble with CREDIT cards is they spend and spend without thought of how they will be paying this money back.  This can be a very costly mistake.  Watch the video at the link below to understand the negative consequences of using a credit card and NOT paying it off each month.  Not only can credit cards be incredibly costly, they can also limit your ability to borrow money in the future, if not used responsibly.

Credit Card debt using a glass of water

ASSIGNMENT

Complete the worksheet found at the link below.

Credit and Debt Worksheet

Submit your assignment;
  • by sharing it with me on Office 365 OR
  • placing a hard copy in the Planning 10 folder in the office



Planning 10 - Lesson #27

Lesson #27 - The Importance of being Financially Literate

The next few lessons will focus on $$MONEY$$ - to help you make smarter life decisions when it comes to your "now" and your future.  Watch the following video found at the link below to see the difference that being financially responsible can make to your future.  (Sorry, it's an American video but contains relevant info to us Canadians too :)

Financial Literacy 101

ASSIGNMENT

Create a chart of financially RESPONSIBLE / IRRESPONSIBLE actions (at least 5 of each, suggested in the video) that a person can take that will lead to financial SUCCESS / RUIN.
(5 things that Penny Earned did that demonstrated financial responsibility and 5 things that Bill Owed did that demonstrated a lack of financial responsibility.)

Submit your assignment;

  • by sharing it with me on Office 365 OR
  • placing a hard copy in the Planning 10 folder in the office