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Managing Financial Responsibilities

In today’s financial landscape, it’s crucial to effectively manage your financial responsibilities. This guide provides insights on changing expectations and establishing multiple sources of income to better meet your needs. Learn to distinguish between needs and wants, adopt a collectivistic mindset, and explore various financial assistance programs. Discover actionable strategies for reducing fixed and variable expenses, including effective budgeting tips, shopping smarter, and utilizing community resources. Prepare for emergencies by identifying support systems and potential financial solutions.

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Managing Financial Responsibilities

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  1. Managing Financial Responsibilities Don’t Put All Your Eggs Into One Basket Kathleen E. High, M.Ed., Education and Career Consultant Dream Chasers & Goal Setters

  2. Understanding How toMeet Your Financial Responsibilities • Change Your Expectations • Establish a Source of Income • Lower Your Financial Responsibilities • Strategies and Tips for Reducing Expenses • Solutions for Emergency Situations

  3. Change Your Expectations • This Approach Is Time and Energy Consuming • Everyone’s Situation Is Different • More Than One Way To Meet Your Needs • Know Your Priorities • Change Your Lifestyle • Distinguish the Difference between “Needs” and “Wants” • Adopt a Collectivistic Mindset • For A Season and For A Reason

  4. “Needs” vs. “Wants”

  5. Establisha Source of Income • Ongoing Sources of Income • Employment • You and/or Your Spouse • Part-Time • Temporary • Rental Income

  6. Financial Aid For Students • Two Types: • Need-based • Merit-based • Types of Aid • Grants • Scholarships • Work Study • Loans • School-Sponsored Special Discount Programs

  7. Other Financial Assistance Programs • Unemployment • Severance Packages • Disability • Veteran’s Benefits • Employer-Sponsored Tuition Reimbursement Programs • Retirement

  8. Short-Term Sources of Income • Your hobbies/Interests • Selling Assets • Yard/Garage Sale • Selling Back Textbooks • Buyer’s Remorse

  9. Lower Your Financial Responsibilities • Fixed Expenses • Variable Expenses • Required/Optional Expenses • Debt Management Consultants • Refinance Loans • Downsize

  10. Strategies and Tips For Reducing Expenses • Shop Around • Coupon Shopping • Buy Less Expensive Versions • Buy Used Instead Of New • Trade/Barter • Carpool and/or Use Public Transportation

  11. Strategies and Tips For Reducing Expenses(Cont’d) • Student Support Services • Resources For Small Businesses And Non-profit Businesses • Adopt An Environmentalist Perspective • Reduce • Reuse • Recycle • When Things Need To Be Replaced • Hire Students • Entertainment • Do It Yourself

  12. Solutions For Emergency Situations • Utilize Multiple Resources • Identify Support Systems • Bankruptcy • Emergency Social Services • Lending Institutions • Living on Credit Cards

  13. Apply This To Your Life • Changing Your Perspective • Lowering Your Financial Responsibilities • Strategies and Tips For Reducing Expenses • Identify Your Support System(s)? • Solutions for Emergency Situations

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