TRACKING CURRENT SPENDING HABITS WAYS TO CUT COSTS IN YOUR HOUSEHOLD COMMUNITY RESOURCES

Transcription

1 PLUS TIPS FOR SAVING MONEY ON YOUR MONTHLY EXPENSES

2 EMOTIONAL USES OF MONEY TRACKING CURRENT SPENDING HABITS WAYS TO CUT COSTS IN YOUR HOUSEHOLD COMMUNITY RESOURCES

3 Feelings about money can be a strong influence on spending and saving decisions Money is used with emotion and motivation Security Control Power Status Retaliation Success Self-Esteem

4 Parents Religion Media Friends Financial Institutions

5 Harmful thoughts and beliefs about money that can hold people back from achieving personal and/or financial success My income determines my self worth Live for today the future doesn t matter The man should make all financial decisions

6 Understanding emotional uses of money, where money messages are from and what money baggage you may have can help families rethink how to handle your money Successful changes require persistence, positive thoughts, and a strong support system Families control their financial destiny with y each spending decision they make

7 Talk with your family about the need to have a spending plan Let them know they need to adapt their spending habits and explain the choices Involve everyone in the family when deciding spending priorities Listen carefully to each person s s concerns

8 Make decisions about how to spend family money Focus on priorities and needs before wants Match your spending to your current income Limit family arguments over money

9 WHAT ARE YOUR FAMILY S GOALS? Meet monthly expenses? Pay off debt? Train for a better job? Make home improvements? Go to the dentist? Save for future goals?

10 What do you need or want right now? These are your short term goals What do you want to do or buy in the future? These are your long term goals Concentrate on reaching your short term goals, keep long term goals in mind First priority is to take care of immediate needs and pay off bills Make saving money any money a goal!

11 No matter how small the amount try to start saving something! We all have emergencies and even a small amount of savings can help Open a savings account and regularly make deposits

12 Cut out the soda, tea, lemonade, snacks Drive thru, vending machines, etc add up the daily cost. If you can t stop the habit, buy sodas and snacks for less money at a store and make your own tea or lemonade to cut costs. Use coupons Saving $1.75 every week on groceries would add up to $91.00 at the end of the year!

13 Stop smoking A pack a day at $6.00 will cost $2, a year or for information and free patches Stop drinking Alcoholics Anonymous

14 THE FOLLOWING STEPS ARE MEANT TO SHOW HOW TO ORGANIZE AND PLAN YOUR EXPENDITURES

15 Income from all sources Fixed monthly expenses Variable expenses Periodic expenses

16 IF YOU DO NOT HAVE A SYSTEM THIS CAN HELP YOU GET ORGANIZED! OPEN TO CURRENT MONTH MAKE A NOTE OF ALL PAYDAYS MAKE A NOTE OF DAYS BILLS ARE DUE USE AS A PLANNING TOOL. THINK ABOUT NEXT MONTH S DUE DATES FOR BILLS

17 Keep your calendar in a place where you will see it every day! Use different color ink for paydays and bill due dates

18 Blank Sections Use for expenses not listed School activities, hobbies, gifts Separate Food Expenditures In food groceries you prepare Out food purchased food already prepared Snack machines, delivery, drive through, convenience store, already prepared food at grocery, etc. Put non-food items in other categories: Paper products/household/personal p care

19 Record monthly payments as you make them Rent, phone, electric Record quarterly, semiannual or annual payments that you actually pay that month Plan for quarterly, semiannual or annual payments by saving 1/12 each month Example: Annual bill of $850 for car insurance Example: Annual bill of $850 for car insurance $850 / 12 = $70.83 needed to be saved monthly

20 Saving for a goal or for emergencies is accomplished sooner if you make it part of your plan Any effort to save increases available funds in time of need Make every effort to participate in a Make every effort to participate in a company 401k if there are matching funds

21 Giving an allowance to children helps them learn how to handle money and make decisions about how they will spend it Allowances can be given on the same days the family receives paychecks, child support, etc. Explain to the child what their allowance is for and what you will no longer be buying for them. This can eliminate the unplanned spending at grocery stores, etc.

22 Use top section to list all flexible/variable daily expenses Keep receipts Enter daily or weekly Total at end of month

23 IF YOUR TOTAL INCOME IS LARGER THAN YOUR TOTAL EXPENSES YOU CAN USE THE AMOUNT LEFT TO: Catch up on any bills you owe Start an emergency savings Save for short and long term goals Feel a little l more secure financially! i

24 IF YOUR TOTAL INCOME IS LESS THAN YOUR TOTAL EXPENSES IT WILL BE DIFFICULT TO REACH YOUR SHORT AND LONG-TERM GOALS BE CAREFUL AND ADJUST YOUR SPENDING BE CAREFUL AND ADJUST YOUR SPENDING BECAUSE YOU ARE OVERSPENDING

25 Balance your spending plan so income exceeds expenses When income is reduced, cutting back on expenses is necessary If you have savings, use it to cover necessities, not wants

26 KEEP GOOD RECORDS KEEP PAY SLIPS, RECEIPTS, & BANK STATEMENTS TRACK YOUR SPENDING DAILY ADD DAILY EXPENDITURES AT END OF MONTH AND CATAGORIZE BALANCE EACH MONTH or check your totals y weekly or bi-weekly to stay within your budget

27 ANY OF THE SUGGESTIONS PROVIDED TODAY ARE FOR YOU TO TAKE HOME AND USE AS YOU SEE FIT FOR YOU AND YOUR FAMILY OUR INTENT IS FOR YOU TO KEEP AS MUCH MONEY IN YOUR HOUSEHOLD FOR THE CARE, FEEDING AND FUTURE OF YOUR FAMILY!!!

28 Try to find ways to meet your needs but at the same time reduce spending Can you borrow, trade, barter instead of purchasing? Pay bills on time to avoid late fees! Repair items Shop around and negotiate to lower price

29 Have a conversation about how much money your household pays each month to: Cable company Need or Want? Phone companies Turn off house phone, do you have the best phone plan? FPL or LCEC Thermostat temperature, filter change, shade, budget billing, etc.

30 For every degree setting below 78 degrees, a family spends up to 8% more in cooling costs Turn up thermostat to 81 or more when you leave the house during the day and lower it to 78 again when you return Dogs and cats children and adults will live Dogs and cats, children and adults will live when the A/C temperature is set at 78 or 81!

31 Use fans. A breeze makes the room feel a few degrees cooler. Just be sure to turn it off when leaving. Fans cool people, not rooms! Close the blinds. Rooms get hotter without shades or curtains to block the sunlight, especially with south- and west-facing windows. Put this idea to work more effectively with insulated window treatments.

32 Unplug. Gadgets like a cellphone charger or microwave use energy as long as they're attached to a power source Standby power for appliances not in use typically accounts for 5% to 10% of residential electricity use. Plug those devices into a power strip that can be turned off when not in use

33 Keep tank filled Keep air in tires at correct pressure Oil change, tires rotated, necessary g,, y maintenance

34 Make menus Review weekly sales fliers Check cabinets and refrigerator Don t shop hungry Try to shop without children Be careful where you shop Refer to handouts on unit pricing, etc. Coupons can be used with EBT cards giving your family more food for your benefits

35 Reduce protein from meat, use more beans, eggs, and peanut butter Cut out sugary drinks and colas Snack foods should be nutritious Compare cost per serving Apply for food assistance/wic* Utilize local food banks* or OneHarvest *See a Human Services counselor

36 Anytime food is pre-prepared prepared it will cost you more per serving If fresh produce is too expensive, frozen is the best alternative A serving size we should eat is much smaller than what we usually serve We are often thirsty when we think we are hungry, drink water often

37 Save small amounts of leftover food in a plastic bag or container and freeze Continue to add to the container until full Add some rice or pasta and use to make a flavorful soup for another meal

38 Using debit cards Only use where you will not have a fee charged by your or another bank Small daily purchases add up Do you buy coffee/colas at work or convenience store? $1.50 x 5 = $7.50 a week $7.50 x 52 weeks = $390 a year

39 Taxes seek assistance in preparing your taxes so that you get the most back for your family Each year free assistance is provided locally by VITA* at locations around Lee County *See a counselor from Human Services

40 COMPARE INSURANCE COVERAGE FOR CARS EACH YEAR READ UP ON INSURANCE AND REVIEW YOUR NEEDS HANDOUTS ARE AVAILABLE

41 Lee County Human Services See your case worker! CCMI Community Cooperative Ministries, Inc. MLK and Cape Coral Couponing classes Additional educational opportunities Grace Community Center 4151 Hancock Bridge Parkway, NFMyers Just past Orangegrove Boulevard going west

42 TODAY WE HAVE COVERED EMOTIONAL USES OF MONEY HOW TO MAKE A SPENDING PLAN WAYS TO DECREASE COSTS WITHIN YOUR HOME HOW TO SAVE MONEY ON FOOD LOCAL RESOURCES FOR FOOD ASSISTANCE

43 Extension is a partnership between the University of Florida and county governments in Florida. Unbiased, researched based education that enables residents to improve their lives and communities. Education enables success!

44 Thank You for Your Attention and Participation! Be sure to take any of the handouts in the back of the room that are of interest to you!

45 Contact: Celia Hill UF/IFAS Lee County Extension 3406 Palm Beach Boulevard Fort Myers, FL