How to prepare a budget and stick to it

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "How to prepare a budget and stick to it"

Transcription

1 How to prepare a budget and stick to it

2 Agenda Having control over your money is important, both for your financial well-being and for your peace of mind. In this presentation, you'll learn about preparing a budget to help you better manage your money and achieve your financial goals: Why it s important to have a budget Setting financial goals Making a plan The steps involved in preparing a realistic budget Finding ways to save money Additional information & resources 2

3 Why it s important to have a budget A budget is a spending and savings plan, consisting of one simple equation: Total monthly income 3

4 Why it s important to have a budget A budget is a spending and savings plan, consisting of one simple equation: Total monthly income Total monthly expenses 4

5 Why it s important to have a budget A budget is a spending and savings plan, consisting of one simple equation: Total monthly income Total monthly expenses Amount over/ under 5

6 Why it s important to have a budget A budget is a spending and savings plan, consisting of one simple equation: Total monthly income Total monthly expenses Amount over/ under Having a budget can help you: - Control your finances - Reduce expenses - Save money - Pay down debt - Determine your debt-to-income ratio 6

7 Setting financial goals Before looking at any numbers, ask yourself, Why do I want to create a budget? Get everyone in your household involved and ask for support Set goals and categorize them as short, medium, or long-term Short-term (within 2 years) Pay off a credit card 7

8 Setting financial goals Before looking at any numbers, ask yourself, Why do I want to create a budget? Get everyone in your household involved and ask for support Set goals and categorize them as short, medium, or long-term Short-term (within 2 years) Pay off a credit card Medium-term (within 5 years) Grow your savings 8

9 Setting financial goals Before looking at any numbers, ask yourself, Why do I want to create a budget? Get everyone in your household involved and ask for support Set goals and categorize them as short, medium, or long-term Short-term (within 2 years) Pay off a credit card Medium-term (within 5 years) Grow your savings Long-term (More than 5 years) Save for a down payment on a house 9

10 Making a plan Prepare a budget that is realistic and flexible Create a plan that fits your lifestyle and financial goals General recommended budget percentages Category Percentage of income Housing 27% Food 21% Personal debt 14% Transportation 8% Savings 7% Utilities 6% Insurance 6% Clothing 4% Personal care 3% Health 3% Misc Items 1% Source: Alexis Holloway. How do you feel about your savings plan? Blogging for Change. Money Management International. April 16,

11 The steps involved in preparing a realistic budget

12 Step 1: Determine your income Look at the money you have coming in: Gather information on all household income that is received on a regular basis Do not include income that is not reliable or that may be irregular What income should I include? Employment Social Security Retirement Rental Alimony or child support Unemployment benefits 12

13 Step 1: Determine your income Look at what money you have coming in: Gather information on all household income that is received on a regular basis Do not include income that is not reliable or that may be irregular What income should I include? Employment Social Security Retirement Rental Alimony or child support Unemployment benefits What income should I leave out? Income not received on a regular basis Discretionary bonus that is not guaranteed Legal settlements that are not finalized Alimony or child support that is not received on a regular basis 13

14 Step 2: Determine your fixed expenses Fixed expenses generally stay the same each month and may not be easy to adjust. Fixed expenses Mortgage or rent payment Car payment Student loan payment Insurance Property taxes and homeowners insurance (if applicable) 14

15 Step 3: Determine your variable expenses Variable expenses can change on a daily, weekly, monthly or annual basis and have the most flexibility for adjustment Also includes optional expenses: things that you want versus what you need Variable expenses Groceries Credit cards Gasoline Utilities Entertainment Cable television Personal care items 15

16 Step 4: Prioritize Identify expenses that could be eliminated or reduced Set goals as to how extra cash will be used, such as to pay off debt or to save money Pay yourself first save! 16

17 Step 4: Prioritize Identify expenses that could be eliminated or reduced Set goals as to how extra cash will be used, such as to pay off debt or to save money Pay yourself first save! 17

18 Step 5: Follow your spending Follow your daily, weekly and monthly spending with a system that works best for you, such as a daily spending diary: Determine your debt-to-income ratio (how much you owe vs. what you earn) to get an idea of how much of your income goes toward paying existing debt Use your housing-to-income ratio to find out how much house you can comfortably afford by estimating your monthly mortgage payment 18

19 Step 6: Keep track of and stick to your budget Develop a budgeting system that works for you and will help you stick to your budget Your budget system should help you: - Track your spending so you know where your money is going - Plan for the following month s expenses - Pay your bills on time Consider: - Online tools such as My Portfolio, Bank of America s online tool for budgeting and tracking - Smart phone or tablet applications - Traditional systems such as the envelope system Readjust your budget when you have unexpected expenses 19

20 Finding ways to save money

21 Food Prepare more home-cooked meals Bring your lunch to school or work Bring a shopping list to the grocery store Shop during sales Use coupons Buy generic or store brands 21

22 Transportation Comparison shop for gas Use public transportation Carpool to work or school to save on total commuter cost, including monthly parking fees Buy a used car instead of a new one Shop competitive insurance offers Keep up with regular car maintenance 22

23 Utilities Weather-proof your home Adjust thermostat settings Turn things off Use energy efficient appliances and light fixtures Monitor utility bills for fluctuations Shop competitive service providers Reduce service features Avoid late fees 23

24 Personal care Explore exercise options for the better deal - Example: exercise group versus gym membership Use at-home cosmetic or skin care products instead of paying for salon care Read clothing labels to determine what can be washed at home instead of dry cleaned 24

25 Health Keep fit and eat a healthy diet to help avoid costly medical expenses Visit your doctor and dentist annually for preventative care Understand your insurance deductible and copayment arrangements Visit in-network doctors to lower healthcare costs Look into flexible spending healthcare accounts offered through your employer 25

26 Additional information and resources

27 Tips for paying off debt Prioritize debt you want to pay off first Pay more than the monthly minimum Reallocate extra money and adjust your budget Use unexpected income to pay down debt - Bonuses, cash gifts, tax returns Consider using a snowball debt-reduction method - Pay off debts with low balances first 27

28 Keys to success Establish a budget that is realistic and fits your goals and lifestyle Track and monitor your progress Control your use of credit cards Carry your written savings goals with you as a reminder Shop around to get the best deal on big-ticket items, such as cars and appliances Make revisions and adjustments when necessary Look into online tools and resources Keep your plan and goals top-of-mind Stay motivated don t give up when unexpected setbacks occur 28

29 Resources To find out more about home financing, prequalify for a mortgage loan* or talk to a Bank of America loan expert: - Home Loan Guide at bankofamerica.com/homeloaneducation For additional online financial education: - Better Money Habits at bettermoneyhabits.com - FDIC Money Smart: Learn more about budgeting, saving and investing - Visit: fdic.gov Home Consumer Protection Financial Education & Literacy Money Smart - A Financial Education Program Find a Nonprofit Housing Counseling Agency at HUD.gov; on the site select Resources, then select HUD Approved Housing Counseling Agencies Have more questions about what you learned today? us at: * Prequalification is neither preapproval nor a commitment to lend; you must submit additional information for review and approval. 29

30 Questions? To ask a question, click Ask Question at the bottom of your screen 30

31 Thank you Thank you for joining us today. Please take a moment to complete our survey. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A. Member FDIC. Equal Housing Lender Bank of America Corporation. All rights reserved AR5DLMK4 PRES

Preparing for homeownership

Preparing for homeownership Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership

More information

Budgeting: Managing Your Money with a Spending Plan

Budgeting: Managing Your Money with a Spending Plan Budgeting: Managing Your Money with a Spending Plan Budgeting: Managing Your Money with a Spending Plan Are you making the best use of your money? Do you have a handle on how much comes in each month and

More information

Budgeting Made Easy Simple Step-by-Step Instructions to Help You Build an Accurate Household Budget

Budgeting Made Easy Simple Step-by-Step Instructions to Help You Build an Accurate Household Budget Budgeting Made Easy Simple Step-by-Step Instructions to Help You Build an Accurate Household Budget Why Budget? Staying in control of your finances is tough, but it s even harder when you try to keep everything

More information

Introduction. Purpose. Student Introductions. Objectives (Continued) Objectives. Instructor and student introductions. Module overview. Your name.

Introduction. Purpose. Student Introductions. Objectives (Continued) Objectives. Instructor and student introductions. Module overview. Your name. Introduction Instructor and student introductions. Module overview. Your Own Home 2 Your name. Student Introductions Your expectations, questions, and concerns about buying a home. Purpose Your Own Home:

More information

Effective Strategies for Personal Money Management

Effective Strategies for Personal Money Management Effective Strategies for Personal Money Management The key to successful money management is developing and following a personal financial plan. Research has shown that people with a financial plan tend

More information

Introduction. Instructor and student introductions. Module overview. Your Own Home

Introduction. Instructor and student introductions. Module overview. Your Own Home Introduction Instructor and student introductions. Module overview. 2 Student Introductions Your name. Your expectations, questions, and concerns about buying a home. 3 Purpose : Gives you information

More information

Helping to make buying a home more affordable

Helping to make buying a home more affordable Helping to make buying a home more affordable What we ll cover 1. Are you ready to be a homeowner? 2. Overview of programs to help make buying a home more affordable 3. Types of programs available to you

More information

Basics of Budgeting. Ten Steps To Create A Budget. Reviewing:

Basics of Budgeting. Ten Steps To Create A Budget. Reviewing: Basics of Budgeting Reviewing: Ten Steps to creating a budget How to find where your money is going Tips to stay on course Budget format included Ten Steps To Create A Budget Basics of Budgeting A budget

More information

Understanding and managing your credit

Understanding and managing your credit Understanding and managing your credit Overview Understanding how credit works and how it affects your chances of getting approved for a loan is important. In this presentation, you ll learn helpful ways

More information

Designing Your Budget

Designing Your Budget 2 Designing Your Budget Budgeting is needed to get the most mileage out of your income. It is your road map for managing your money. Planning your spending is called Budgeting. Smart investing@your library

More information

Budget Guide. The goal of this budget guide is to help You. Create a personal budget and analyze your actual expenditures. Eliminate unhealthy debts

Budget Guide. The goal of this budget guide is to help You. Create a personal budget and analyze your actual expenditures. Eliminate unhealthy debts Budget Guide The goal of this budget guide is to help You Create a personal budget and analyze your actual expenditures Eliminate unhealthy debts Set long term financial goals Meet your long term goals

More information

"People don't plan to fail, they fail to plan." Anonymous

People don't plan to fail, they fail to plan. Anonymous Cash Flow Planning "People don't plan to fail, they fail to plan." Anonymous Cash Flow Planning Money is. You must do a written plan monthly. Bounced checks are a sign of crisis living and sloppy, lazy

More information

Renovate your home your way. The FHA 203(k) Renovation Loan

Renovate your home your way. The FHA 203(k) Renovation Loan Renovate your home your way The FHA 203(k) Renovation Loan Agenda What is an FHA 203(k) Renovation Loan? Advantages of an FHA 203(k) Renovation Loan FHA 203(k) Renovation Loan: Standard vs. Streamline

More information

Build a Basic Budget:

Build a Basic Budget: Build a Basic Budget: The Five-Step Spending Plan Brought to you by: DUKE UNIVERSITY FEDERAL CREDIT UNION Ask yourself: Do you Spend more than you make? Live beyond your means? Pay yourself last? Charge

More information

Income, Expenses and Budget module

Income, Expenses and Budget module Income, Expenses and Budget module Trainer s introduction The skills to control your personal income, expenses and budget are the most basic tools that people need in their financial toolkit. But many

More information

Do you know where your money

Do you know where your money Manage Your Money Lesson 2: Where Does Your Money Go?. Do you know where your money goes? You may say, House payments, car loan, utility bills, and food. But after that, things begin to get a bit fuzzy.

More information

Money Management THEME

Money Management THEME THEME 3 Introduction Money Management Do you know people who handle money carelessly? Lots of seemingly smart people are clueless about where they stand financially. There is Beverly, a professional woman,

More information

Volume 1 Taking the first steps

Volume 1 Taking the first steps Volume 1 Taking the first steps Welcome to Your Money A guide to managing Take the first step in changing your financial future. Call InCharge Debt Solutions today at 1.877.544.7766 or visit www.incharge.org

More information

For more help on saving and paying off debt, please visit www.norwaysavingsbank.com/resources_center/calculators/

For more help on saving and paying off debt, please visit www.norwaysavingsbank.com/resources_center/calculators/ For more help on saving and paying off debt, please visit www.norwaysavingsbank.com/resources_center/calculators/ Practical Savings Tips for Every Day Saving Try take-out once a month instead of dining

More information

Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS

Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS A College Education is a Smart Investment High School Graduate $25,000 Some College $30,000 Associate s Degree $32,000 Bachelor s Degree

More information

Money Management Basics

Money Management Basics Money Management Basics The feeling that you have control over your finances is one of the greatest satisfactions you can have in life. On the other hand, worrying about digging your way out of debt, or

More information

3Budgeting: Keeping Track of Your Money

3Budgeting: Keeping Track of Your Money This sample chapter is for review purposes only. Copyright The Goodheart-Willcox Co., Inc. All rights reserved. 3Budgeting: Keeping Track of Your Money Chapter 3 Budgeting: Keeping Track of Your Money

More information

The Newlywed s Guide. To Budgeting

The Newlywed s Guide. To Budgeting The Newlywed s Guide To Budgeting How to create and manage a budget for your new life together. Congratulations! Whether you re about to be married or have been married for a few years now, I m glad that

More information

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Your Own Home 2

Welcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Your Own Home 2 Your Own Home Welcome 1. Agenda 2. Ground Rules 3. Introductions Your Own Home 2 Objectives If you are a pre-homebuyer: Explain the advantages and disadvantages of renting versus owning a home Identify

More information

INSERT SECTION DAILY EXPENDITURES TRACKING SHEETS EXPENSE WORKSHEET INCOME WORKSHEET

INSERT SECTION DAILY EXPENDITURES TRACKING SHEETS EXPENSE WORKSHEET INCOME WORKSHEET INSERT SECTION DAILY EXPENDITURES TRACKING SHEETS EXPENSE WORKSHEET INCOME WORKSHEET U N D E R S T A N D I N G M O N E Y A N D C R E D I T R E F E R E N C E G U I D E 17 Record Of Daily Expenditures MONTH

More information

Home Buyer Self Pre-Qualification Workbook

Home Buyer Self Pre-Qualification Workbook Home Buyer Self Pre-Qualification Workbook Bethel Community Development Corporation Bethel Community Development Corporation 1525 Michigan Avenue Buffalo, NY 14209 (716) 886-1650, ext 225 Fax: (716) 886-2311

More information

Monthly Budget Tracker

Monthly Budget Tracker Expense Guide Monthly Budget Tracker Month Year Credit Canada Debt Solutions 2013 Credit Canada Debt Solutions. All rights reserved. No part of this publication may be reproduced or transmitted in any

More information

Creating Your Budget. Budgeting. How to Determine Income & Expenses. w w w. qcholdings. com

Creating Your Budget. Budgeting. How to Determine Income & Expenses. w w w. qcholdings. com Budgeting 101 Budgeting 101 Budgeting Budgeting 101 Budgeting 101 Budgeting Budgeting 101 Budgeting Budgeting 101 Budgeting 101 Budgeting Creating Your Budget How to Determine Income & Expenses Committed

More information

on the Brain Setting up a Savings Plan: Moving toward financial strength

on the Brain Setting up a Savings Plan: Moving toward financial strength 401(k) on the Brain Setting up a Savings Plan: Moving toward financial strength Moving toward financial strength It s tough to save for retirement. Mortgages, car loans, childcare and college tuition

More information

Table of Contents. Money Smart for Adults Curriculum Page 2 of 39

Table of Contents. Money Smart for Adults Curriculum Page 2 of 39 Table of Contents Getting Started... 3 Module 4: Money Matters Layering Table... 4 Icons Guide... 5 Module Overview... 6 Checking In... 7 Pre-Test... 9 How to Create a Spending Plan... 11 Spending Plan

More information

Charting Your Course to Home Ownership

Charting Your Course to Home Ownership Charting Your Course to Home Ownership Managing Your Family Finances: Chart Your Cash Flow After you have set your goals and organized your home office, you are ready to use the records you ve gathered

More information

Bank of North Dakota College Planning Center

Bank of North Dakota College Planning Center 2 Bank of North Dakota College Planning Center It s hard to believe that the way you save and spend money as a high school student sets the stage for your future. If you develop good habits now, you are

More information

Can You Afford to Have One Spouse Stay at Home?

Can You Afford to Have One Spouse Stay at Home? Can You Afford to Have One Spouse Stay at Home? Page 1 of 5, see disclaimer on final page Can You Afford to Have One Spouse Stay at Home? Can you afford to have one spouse at home? For many families, this

More information

PNC is a registered mark of The PNC Financial Services Group, Inc.( PNC ) 2013 The PNC Financial Services Group, Inc. All rights reserved.

PNC is a registered mark of The PNC Financial Services Group, Inc.( PNC ) 2013 The PNC Financial Services Group, Inc. All rights reserved. The seminar and/or webinar and materials that you will view were prepared for general information purposes only by Baker Tilly and are not intended as legal, tax or accounting advice or as recommendations

More information

Taking Control of Your Finances A Plan to Reduce Debt and Build Savings

Taking Control of Your Finances A Plan to Reduce Debt and Build Savings Taking Control of Your Finances A Plan to Reduce Debt and Build Savings From Credit to Debt A Slippery Slope Purchasing on credit reflects confidence in our ability to pay We often use credit to buy what

More information

Making a Budget and Sticking to It

Making a Budget and Sticking to It Budgeting and money management Making a Budget and Sticking to It Do you cringe when you hear the word budget? Sure, a budget involves a bit of work on your part, but the payoff is financial discipline

More information

Managing Cash Flow for your Startup. Alan Wainer & Eli Palachi Partners Soberman LLP, Chartered Accountants

Managing Cash Flow for your Startup. Alan Wainer & Eli Palachi Partners Soberman LLP, Chartered Accountants Managing Cash Flow for your Startup Alan Wainer & Eli Palachi Partners Soberman LLP, Chartered Accountants Why are financial goals important? Provides focus and direction Sets targets Realize full potential

More information

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application Loan Application What to Know About Loans What do I need to know about applying for a loan? A loan is used to help you pay for something that you want to buy, like a car, college tuition, school trip or

More information

2013 Eagle Mountain International Church Inc. aka Kenneth Copeland Ministries. All rights reserved.

2013 Eagle Mountain International Church Inc. aka Kenneth Copeland Ministries. All rights reserved. Top 10 Debt-Freedom Strategies John Copeland and Pastor George Pearsons A. Debt-Freedom Strategy #1: Get a Plan 1. Write a vision statement with short-term financial goals and long-term financial goals.

More information

Money Management 101 - A Guide to Smart Budgeting

Money Management 101 - A Guide to Smart Budgeting Summit Branches are conveniently located in Rochester (8), Seneca Falls (1), Buffalo (2), Syracuse (5) and Cortland (2) Money Management 101 - A Guide to Smart Budgeting Presented by The Summit Federal

More information

MONEY MANAGEMENT WORKBOOK

MONEY MANAGEMENT WORKBOOK MICHIGAN ENERGY ASSISTANCE PROGRAM MONEY MANAGEMENT WORKBOOK Life is a challenge. As the saying goes, just when you're about to make ends meet, someone moves the ends. While it can be a struggle to pay

More information

THE ABC S OF VEHICLE FINANCING CURRICULUM. Counting Your Money

THE ABC S OF VEHICLE FINANCING CURRICULUM. Counting Your Money Counting Your Money Section Objectives Counting your money and managing your money wisely is the most important part of your trip on the road to personal financial success. It is a critical step in achieving

More information

A GUIDE TO PERSONAL BUDGETING

A GUIDE TO PERSONAL BUDGETING When it comes to improving your overall finances and economic wellbeing, there is nothing more important than knowing where your money is coming from and how you spend your income. The best way to attain

More information

Four Steps to Reduce Your Debt

Four Steps to Reduce Your Debt Four Steps to Reduce Your Debt Overview Simple steps you can take to reduce your debt. Admit that you have a problem and commit yourself to fixing it. Stop debt spending. Make a spending plan. Pay down

More information

Budgeting Can Be Easy: What You Need To Know

Budgeting Can Be Easy: What You Need To Know BUDGETING MADE EASY A free publication provided by Consolidated Credit Counseling Services of Canada, Inc., a registered charitable credit counselling and debt management organization. Consolidated Credit

More information

Dimes to Riches Money Management for Teens in Grades 7-12

Dimes to Riches Money Management for Teens in Grades 7-12 Dimes to Riches Money Management for Teens in Grades 7-12 s e e r t n o row g t n s e o yd e n o M t a! h k t n a w b o n a k t u n By now yo Your parents are & Life is getting busy and you need cash for

More information

budgeting Budgeting Money planning to meet your financial goals Inside... What is a budget? Making a budget Getting help

budgeting Budgeting Money planning to meet your financial goals Inside... What is a budget? Making a budget Getting help budgeting Budgeting Money planning to meet your financial goals Inside... What is a budget? Making a budget Getting help What is a budget? A budget is a plan for the money you expect to receive and how

More information

Instructor Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum

Instructor Guide Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum Your Own Home Building: Knowledge, Security, Confidence FDIC Financial Education Curriculum TABLE OF CONTENTS Page Module Overview 1 Purpose 1 Objectives 1 Time 1 Materials and Equipment Needed to Present

More information

Retirement Income Planning Worksheet

Retirement Income Planning Worksheet Retirement Income Planning Worksheet Build a comprehensive plan A straightforward resource to help gather the data you need Use this simple worksheet to get started on your retirement income plan Your

More information

Faculty and Staff Home Buyer s Guide

Faculty and Staff Home Buyer s Guide Faculty and Staff Home Buyer s Guide Table of contents Welcome Welcome Should I buy or rent? Renting vs. Buying Comparison Pre-approval Process Mortgage Programs 3 4 5 6 7 The University Housing & Relocation

More information

How much do you spend on food in a typical month?

How much do you spend on food in a typical month? How much do you spend on food in a typical month? $ How much I spend each month in Food Stamps (EBT card benefit). $ How much I spend each month in WIC vouchers. $ How much I spend each month in cash for

More information

Financial Planning in Your 20s and 30s

Financial Planning in Your 20s and 30s Financial Planning in Your 20s and 30s Financial planning varies throughout the different stages of life. Older people are often focused on planning for a comfortable retirement, while younger people often

More information

Income Sources Recap Jot down your streams of income, even if it s just a trickle right now.

Income Sources Recap Jot down your streams of income, even if it s just a trickle right now. Income Sources Recap Jot down your streams of income, even if it s just a trickle right now. Money s fun. If you ve got some. You ve got money coming in from somewhere, right? Then write it down. This

More information

Refinancing may be an option for you to consider if your loan is adjusting to an interest rate that's higher than the current market rates.

Refinancing may be an option for you to consider if your loan is adjusting to an interest rate that's higher than the current market rates. How does an adjustable rate mortgage (ARM) work? Like many homebuyers, you may have been attracted to the low initial interest rate of an adjustable-rate mortgage (ARM). While adjustable-rate mortgages

More information

EDUCATIONAL BENEFITS GROUP Providing solutions to make college an affordable reality. Cash Flow Planning for College & Retirement

EDUCATIONAL BENEFITS GROUP Providing solutions to make college an affordable reality. Cash Flow Planning for College & Retirement EDUCATIONAL BENEFITS GROUP Providing solutions to make college an affordable reality Cash Flow Planning for College & Retirement Table of Contents Cash Flow Planning for College & Retirement Introduction

More information

Promoting the Health and Well-Being of Families During Difficult Times. Family Financial Management Planning for the Future

Promoting the Health and Well-Being of Families During Difficult Times. Family Financial Management Planning for the Future Promoting the Health and Well-Being of Families During Difficult Times Family Financial Management Planning for the Future DenYelle Baete Kenyon, Doctoral Student, Lynne M. Borden, Extension Specialist

More information

Understanding Your Finances

Understanding Your Finances Understanding Your Finances Getting a handle on your finances can be difficult, especially when you find yourself... Dealing with low credit scores, Living paycheck to paycheck, Not knowing where your

More information

Decrease Your Expenses.

Decrease Your Expenses. Decrease Your Expenses. Do you find yourself running short on cash month-to-month? The solution is easy to identify but may be challenging to execute: increase your income and/or decrease your expenses.

More information

Saving for a Residence or a Ride

Saving for a Residence or a Ride Saving for a Residence or a Ride Tami Noll Russo, CPA, CFP Noll Financial Services Middletown, Pa. Saving for a Residence or a Ride The Practical and Psychological Approach to Budgeting Saving for a Lump

More information

Kelli A. Adams, EA, CFP Counselor kadams@gwwade.com Meg Welborn, JD Associate Counselor mwelborn@gwwade.com

Kelli A. Adams, EA, CFP Counselor kadams@gwwade.com Meg Welborn, JD Associate Counselor mwelborn@gwwade.com Kelli A. Adams, EA, CFP Counselor kadams@gwwade.com Meg Welborn, JD Associate Counselor mwelborn@gwwade.com GW & Wade provides a comprehensive array of financial services to address your unique financial

More information

Debt Management: Minding Your Dollars and Sense Dollars and Sense Managing Your Finances

Debt Management: Minding Your Dollars and Sense Dollars and Sense Managing Your Finances Debt Management: Minding Your Dollars and Sense Dollars and Sense Managing Your Finances Presented by: Carlos Ayestas, Account Manager Citibank-The Student Loan Corporation February - 2008 Spending Plan

More information

Your Financial Action Plan 1

Your Financial Action Plan 1 FCS5204 1 Adapted by Josephine Turner and Michael Gutter 2 Overview Families today are faced with a financial puzzle. In addition to stretching their income from one paycheck to the next, they face the

More information

Mortgage Basics. What is it? Prequalification vs. preapproval. Applying for a mortgage

Mortgage Basics. What is it? Prequalification vs. preapproval. Applying for a mortgage Mortgage Basics What is it? Prequalification vs. preapproval Applying for a mortgage Mortgage brokers Private mortgage insurance Escrow account Closing costs Buydowns Mortgage life/disability insurance

More information

Home Buyer Education. Are you ready? Getting Ready to Buy a Home. Member FDIC. Homebuyer Training Guide

Home Buyer Education. Are you ready? Getting Ready to Buy a Home. Member FDIC. Homebuyer Training Guide Home Buyer Education Getting Ready to Buy a Home. Are you ready? Member FDIC 1 Topics We ll Cover Today Getting ready to buy Budgeting Buying your home Getting a mortgage loan The mortgage loan process

More information

Building Your Future. Basics in Budgeting. in BLOG. Extraco Banks is a Member FDIC.

Building Your Future. Basics in Budgeting. in BLOG. Extraco Banks is a Member FDIC. Building Your Future Basics in Budgeting Extraco Banks is a Member FDIC. f in BLOG TABLE OF CONTENTS DEBT Assessment WEALTH What is wealth? Net worth BUDGET Financial goals Budget worksheet INVEST Types

More information

LESSON 8 -- HOW DOES YOUR FAMILY SAVE??MONEY?

LESSON 8 -- HOW DOES YOUR FAMILY SAVE??MONEY? LESSON 8 -- HOW DOES YOUR FAMILY SAVE??MONEY? LESSON DESCRIPTION AND BACKGROUND This lesson uses the Better Money Habits video Easy Ways to Save on Everyday Expenses (www.bettermoneyhabits.com) to discuss

More information

Consumer Credit Counseling. Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy

Consumer Credit Counseling. Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy Consumer Credit Counseling Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy Part 1 Overview You are contemplating bankruptcy and probably have a number of questions. Is bankruptcy

More information

Take control of your money

Take control of your money Take control of your money A resource to help you learn about budgeting. Information given is of a general nature only and does not constitute personalised financial advice. While BNZ has made every effort

More information

Using Credit to Your Advantage

Using Credit to Your Advantage Hands on Banking Using Credit to Your Advantage Credit Reports, Credit Scores and Dealing with Debt The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the

More information

Military Financial Education Workbook Financial education to assist military personnel and their families prior to and returning from deployment.

Military Financial Education Workbook Financial education to assist military personnel and their families prior to and returning from deployment. financialgenius.usbank.com Military Financial Education Workbook Financial education to assist military personnel and their families prior to and returning from deployment. Index Introduction....................................

More information

Creating Your Financial Plan

Creating Your Financial Plan Chapter 3 Creating Your Financial Plan Chapter 3 helps you create a spending and savings plan. In Chapter 2 you set your goal and estimated how much you need to save each month and for how long to achieve

More information

GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1. Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide

GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1. Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1 Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 2 Contents How Does

More information

Quick-Start Budget Your first budget! It s also the simplest, so you can relax now.

Quick-Start Budget Your first budget! It s also the simplest, so you can relax now. Quick-Start Budget Your first budget! It s also the simplest, so you can relax now. It s time to get your feet wet with budgeting. This form is only one page, but it will show you how much money you need

More information

INTERACT WITH CAPITOL FEDERAL

INTERACT WITH CAPITOL FEDERAL TALK with an Associate in Capitol Federal s Customer Service Center 888-8CAPFED. EMAIL your questions to Capitol Federal securely online at capfed.com/contact. VISIT any one of Capitol Federal s convenient

More information

HOUSING CHOICE VOUCHER HOMEOWNERSHIP OPTION PROGRAM

HOUSING CHOICE VOUCHER HOMEOWNERSHIP OPTION PROGRAM HOUSING CHOICE VOUCHER HOMEOWNERSHIP OPTION PROGRAM FREQUENTLY ASKED QUESTIONS What is the Section 8 Homeownership Option Program? This program is designed to assist families in reaching the dream of homeownership,

More information

HINDS COMMUNITY COLLEGE STUDENT FINANCIAL LAB PROGRAM. An outline of the personal finance knowledge and skills that students should possess.

HINDS COMMUNITY COLLEGE STUDENT FINANCIAL LAB PROGRAM. An outline of the personal finance knowledge and skills that students should possess. HINDS COMMUNITY COLLEGE STUDENT FINANCIAL LAB PROGRAM National Standards An outline of the personal finance knowledge and skills that students should possess. Jackson Rankin Raymond Utica Vicksburg Table

More information

$ Set Up a Spending Plan $

$ Set Up a Spending Plan $ $ Set Up a Spending Plan $ Setting up a spending plan includes: Figuring out your average monthly income Identifying financial goals Keeping track of your average monthly living expenses Figure out your

More information

Personal Financial Planning for Transition Module: Excerpts

Personal Financial Planning for Transition Module: Excerpts Excerpts from the Participant Guide: GPS Core Personal Financial Planning for Transition Instructions Handout, Online Course Lessons: Developing a Spending Plan 1 Completing the Net Income Worksheets ACTIVITY:

More information

saving for your future Saving Money to Reach Your Financial Goals

saving for your future Saving Money to Reach Your Financial Goals saving for your future Saving Money to Reach Your Financial Goals F I N A N C I A L M E N T O R I N G P R O G R A M IN THIS MODULE YOU WILL LEARN HOW TO: Create short, intermediate, and long-term savings

More information

Overview. Develop a plan Understand financial aid Be a responsible borrower Take charge of credit cards Understand your credit Prevent identity theft

Overview. Develop a plan Understand financial aid Be a responsible borrower Take charge of credit cards Understand your credit Prevent identity theft Lisa Croat and Andrea Clark Lunch provided by the Higher One Financial Literacy Counts Grant Overview Develop a plan Understand financial aid Be a responsible borrower Take charge of credit cards Understand

More information

Pay Off My Debt. By Your Name

Pay Off My Debt. By Your Name Pay Off My Debt By Your Name Table of Contents 1. What if I'm not sure how much debt I have? 2. What if I don't know how much I'm making in payments? 3. How do I get out from under all the creditors and

More information

Table of Contents. Money Smart for Adults Curriculum Page 2 of 60

Table of Contents. Money Smart for Adults Curriculum Page 2 of 60 Table of Contents Getting Started... 3 Module 10: Your Own Home Layering Table... 4 Icons Guide... 5 Module Overview... 6 Checking In... 7 Pre-Test... 10 To Rent or To Own?... 12 Steps Involved in Buying

More information

The first step is to know. coming in so you know how much money you can spend.

The first step is to know. coming in so you know how much money you can spend. Debt Management Budgeting 101 The first step is to know how much money is coming in so you know how much money you can spend. Budgeting Basics: Determine wants vs needs Determine your short term and long

More information

Table of Contents... 1. Money Smart... 2. Money Matters... 3. Why Budget?... 4. Daily Spending Diary... 5. Income and Expenses Worksheet...

Table of Contents... 1. Money Smart... 2. Money Matters... 3. Why Budget?... 4. Daily Spending Diary... 5. Income and Expenses Worksheet... $ BUDGET Table of Contents Table of Contents... 1 Money Smart... 2 Money Matters... 3 Why Budget?... 4 Daily Spending Diary... 5 Income and Expenses Worksheet... 6 Tips to Decrease Spending... 7 Increasing

More information

IN THE SUPERIOR COURT FOR THE COUNTY OF STATE OF GEORGIA. case No. DOMESTIC RELATIONS FINANCIAL AFFIDAVIT

IN THE SUPERIOR COURT FOR THE COUNTY OF STATE OF GEORGIA. case No. DOMESTIC RELATIONS FINANCIAL AFFIDAVIT IN THE SUPERIOR COURT FOR THE COUNTY OF STATE OF GEORGIA Plaintiff v case No. Defendant DOMESTIC RELATIONS FINANCIAL AFFIDAVIT Section 1 Affiant's Name Spouse's Name Date of Marriage Age Age Date of Separation

More information

CURRENT MONTHLY INCOME

CURRENT MONTHLY INCOME Client Questionnaire Section 1 - Basic Information Part A. Name and Address Name: Have you used any other names in the past eight years? No Yes If yes, please list other names used: Telephone Numbers\Email

More information

Homebuyer Education: What You Need to Know

Homebuyer Education: What You Need to Know Homebuyer Education: What You Need to Know Today s Objectives Prepare your finances for home ownership Steps to mortgage prequalification Shopping for a home- who are the major players? Choosing the correct

More information

Investing in real estate in today s market

Investing in real estate in today s market Investing in real estate in today s market Objective Module 1 Establishing your investment Defining your investment objective Advantages vs. disadvantages Managing two home loans Debt-to-income ratio Financing

More information

Math 21 Earning and Spending Money. Book 1: Budgeting. Teacher Version Assessments and Answers Included

Math 21 Earning and Spending Money. Book 1: Budgeting. Teacher Version Assessments and Answers Included Math 21 Earning and Spending Money Book 1: Budgeting Teacher Version Assessments and Answers Included Year Overview: Earning and Spending Money 1. Budget 2. Personal Banking 3. Interest 4. Consumer Credit

More information

Unlocking the Door to Homeownership

Unlocking the Door to Homeownership Unlocking the Door to Homeownership A DIVISION OF CONSUMER CREDIT COUNSELING SERVICE OF SAN FRANCISCO A first home is the single most exciting purchase many people make in their lifetime. It is also, in

More information

Personal Finance Unit 1 Chapter 3 2007 Glencoe/McGraw-Hill

Personal Finance Unit 1 Chapter 3 2007 Glencoe/McGraw-Hill 0 Chapter 3 Money Management Strategy What You ll Learn Section 3.1 Discuss the relationship between opportunity costs and money management. Explain the benefits of keeping financial records and documents.

More information

SOME IDEAS THAT MAY HELP WITH. Credit Problems and How to Get Help

SOME IDEAS THAT MAY HELP WITH. Credit Problems and How to Get Help 66308 1083 9/9/04 3:03 PM Page Cov1 SOME IDEAS THAT MAY HELP WITH Credit Problems and How to Get Help 66308 1083 9/9/04 3:03 PM Page Cov2 Table of Contents Do you have a credit problem? 1 Minor credit

More information

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i MANAGING CREDIT101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

Proper money management will help you avoid financial problems. Financial problems occur because people do not plan the use of their money wisely;

Proper money management will help you avoid financial problems. Financial problems occur because people do not plan the use of their money wisely; Welcome again to the Public Awareness column provided by the Reserve Bank of Fiji (RBF). This month s article provides you some personal budgeting guidelines and tips on how you can save money to achieve

More information

Table of Contents. Money Smart for Adults Curriculum Page 2 of 25

Table of Contents. Money Smart for Adults Curriculum Page 2 of 25 Table of Contents Pre-Test... 4 How to Create a Spending Plan... 6 Activity 1: Daily Spending Diary... 7 Activity 2: Monthly Income and Expense Worksheet... 9 Activity 3: Monthly Payment Schedule... 14

More information

Keeping Your Home - Protect your investment

Keeping Your Home - Protect your investment Keeping Your Home - Protect your investment People who plan, budget and save for successful homeownership have a much better chance of keeping a roof over their heads and building wealth as property values

More information

Financial Planning for Physicians

Financial Planning for Physicians Financial Planning for Physicians Harvard Medical School March 20, 2014 Presented by: Richard Sentnor 1 Introductions 8th year speaking at Harvard Focus: Residency to retirement Doctors all around the

More information

AFFIDAVIT IN SUPPORT OF APPLICATION FOR SETTLEMENT

AFFIDAVIT IN SUPPORT OF APPLICATION FOR SETTLEMENT Financial Service Commission of Ontario Commission des services financiers de l'ontario AFFIDAVIT IN SUPPORT OF APPLICATION FOR SETTLEMENT THE MOTOR VEHICLE ACCIDENT CLAIMS ACT R.S.O. 1990, CHAPTER M.41,

More information

Basics of Credit Reports and Credit Scores

Basics of Credit Reports and Credit Scores Basics of Credit Reports and Credit Scores What is a Credit Score? A credit score is a number lenders use to help them predict the likelihood (risk) that you will repay your debt as agreed. For this reason,

More information