FINANCIAL GOAL FOR THE WILLIAMS Save ____ per month over the next ____ for ____ and spending money for our family holiday in ____ How often should Peter and Sofia review their budget? Peter and Sofia should ____ their budget on a ____ basis, as they have calculated their ____ and expenses on a monthly basis, and have prepared a monthly ____ budget. They have a savings ____ to save money each month for their ____, so should review the budget each month to make sure that they will achieve their goal. They will need to make ____ to the budget if they are falling behind. Adjustment ideas: The budget was in deficit by $31 so Peter and ____ would not achieve their savings goal. The ____ review shows a ____ of $201, so Peter and Sofia needed to reduce their ____ by a total of at least $____ per month (the deficit + the emergency fund) to achieve their savings goal. The two ____ made are: 1. Cancel the ____ subscriptions to reduce their expenses by $85/month. These subscriptions are wants. 2. Reduce their expenditure on some of the childrens fees & activities by $120 /month. For example, going out for ____ or to the movies. These expenses are ____. These adjustments reduce their expenses by $____ per month, meaning that they would achieve their savings goal and have a small surplus of $4/month. Justifications: The ____ will not be able to manage without their ‘needs’, but should be able to manage without their ____. To reduce their ____, they therefore should reduce what they are ____ on their ‘wants’. Sky and Netflix subscription is a ____, not a ____, so they could reasonably do ____ these. ____ these will reduce their expenses by $85/month. Some of the ____ fees & activities will be wants and not needs, so they could ____ the money they are spending on the wants by $120/____. For example, going out for meals or going to the movies. Making these adjustments will result in their budget having a ____ of $4 per month. This allows the Williams whānau to meet their ____ of saving $250 each month for 6 months so that they can enjoy their family ____ in Rotorua.

PRE ASSESSMENT ACTIVITY

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