Managing Income

• Science

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Why do we have to prioritize our income?

Wants and Needs

NEEDS

Shelter

Food/Water

Clothes

WANTS

TV

Cell Phone

Nice Clothes

Why do we have to prioritize our income?

Wants and needs 

Income (captial) is a scarce resource

Income is a scarce resource

Most people do not have enough income to satisy all their wants and needs. 

Income must be divide and allocated to pay for your wants and needs and their expenses. 

The expenses are the cost associated with those wants and needs. 

How would you classify money paid your trash removal

1. Expense
2. Income

Expense

The money paid for trash removal is an expense since it is the cost associated with the regular service that you receive. 

Why do we have to prioritize our income?

Wants and needs 

Income (captial) is a scarce resource

Overspending of resources leads to debt

Debt is a consequence

Debt

Money that is owed or due. 

Money that is spent beyond what is available. 

$$$   Budget Time  $$$

Time to pick a career and spend some money!!

1. Pick a career

2. Determine salary

3. Buy a House

4. Buy Transportation

5. Prepare for Bills and Surprises

6. Don't forget to SAVE MONEY! 

$$$   Budget Time  $$$

To be completed at your table 

You will need:

1 tablet per table

Pencils for all

Calculator (if you want)

Our Expense Report Papers