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Building: Knowledge, Security, Confidence

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jacie
0 diapositives · 124 Views · Jul 07, 2014

Discover how to effectively manage your finances with the FDIC Money Smart program designed for young adults. Learn to prepare a personal spending plan that helps you identify practical ways to decrease your spending and boost your income. This program empowers you with the knowledge and confidence needed to tackle the budgeting dilemma. Should you make a budget or not? Find out the best approach for your financial journey and set yourself up for a secure financial future.

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Building: Knowledge, Security, Confidence
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  1. Setting Financial Goals FDIC Money Smart for Young Adults Building: Knowledge, Security, Confidence
  2. Purpose Learn how to manage money by preparing a personal spending plan Identify ways to decrease spending and increase income
  3. To make a Budget or to NOT Make a Budget?
  4. What is a Budget? Budgeting is: An important step to financial security About choices – choosing how to make and spend money
  5. Why Budget? Usually for 1 month
  6. Preparing a Budget Budgeting is about: Choosing how to use your money Knowing what your income and expenses are every month
  7. Four Steps to Preparing a Budget Keep track of your daily spending Determine what your monthly income and expenses are the month before they are due Decrease spending Increase income
  8. Step 1: Keep Track of Daily Spending Many people spend all their money—Do you know where your money goes each month? Have you ever had any money and then spent it? Do you remember exactly what you bought? Control Your Money! Know where your money goes Keep a personal spending diary
  9. Set Your Goals Consider them when planning a budget: Be realistic Be specific Have a time frame Say what you want to do Have milestones
  10. Daily Spending Diary Watch Spending Closely Use a daily spending diary or log Know where your money goes Cut expenses to save for goals
  11. Step 2: Income Income comes in the form of: Allowances Wages from a job Miscellaneous work (like cutting grass) Interest and dividends from investments
  12. Step 2: Expenses Expenses: items you pay for each month Eating out or other entertainment Educational costs Housing and car payments Insurance Food and clothing Utility bills Personal, child or pet care
  13. Expenses Expenses: Everything you pay for in a time period There are three types of expenses: Fixed Flexible Periodic
  14. Expenses (continued) Fixed Expenses do not change Car payment Rent Flexible/ Variable/ or Discretionary Expenses might change Electricity Food Clothing or entertainment Periodic Expenses occur regularly but not frequently Insurance Subscriptions Warranties/ Service Agreements License renewals
  15. Step 3: Find Ways to Decrease Spending
  16. Step 3: Find Ways to Decrease Spending You can decrease spending by: Carrying little cash and controlling your credit card use Not shopping “for fun” Remembering your savings goals Buying only what you need Paying your bills on time to avoid extra fees and charges
  17. Step 4: Find Ways to Increase Income Get a second job or a job that pays more to increase income Use certain tax credits that can help you increase your income (or pay fewer taxes so that you get more in your paycheck)
  18. Budgeting Tools These help you manage your budget: Monthly payment schedule Monthly payment calendar Computer system
  19. Budgeting Tools (continued) We will focus on two: Monthly payment schedule Monthly payment calendar These help you: Record income in advance Plan ahead to pay your bills
  20. Monthly Payment Calendar
  21. Help! I Can’t Pay My Bills! Scenario: You add up your bills and the total is $900, but your income is only $600…. What do you do? Think about the bills that would be the most important!
  22. Help! I Can’t Pay My Bills! (continued) If you have to choose, think of major obligations first:
  23. CONCLUSION: To make a Budget or to NOT Make a Budget?