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Building Bucks

Building Bucks. Budgeting Basics. Understanding Your Situation. Spending Plan. Which 3 things do you feel are the most important to pay first and regularly every month? A spending plan helps you track your spending and examine available money Stretch dollars Work toward goals

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Building Bucks

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Presentation Transcript

  1. Building Bucks Budgeting Basics

  2. Understanding Your Situation

  3. Spending Plan • Which 3 things do you feel are the most important to pay first and regularly every month? • A spending planhelps you track your spending and examine available money • Stretch dollars • Work toward goals • Spend wisely • Set aside money each month as savings

  4. Building a Spending Plan • Income • Wages, salaries, profits, and other earnings • Debts • Determine who your creditors are • Know the terms and interest rates • Pay off debt with highest interest rate first • Regular Monthly Expenses • Fixed: stay the same from month to month • Variable: vary from month to month • Occasional Expenses • Tax season, insurance premiums, property taxes, holiday expenses

  5. Financial Priorities and Goals • Recognize your financial priorities and prioritize your goals

  6. Saving Money • Savings Accounts • Short term savings • Goals within the next 5 years • Long term savings • Goals 5 years or longer into the future • Retirement savings • IRA • 401(k) • Emergency Funds • Work on saving an amount equal to one month’s spending of regular expenses • Try to keep 3-6 months of your basic monthly living expenses in an emergency fund

  7. Achieving Your Financial Goals • Tracking your spending will help you be more aware of your spending habits • Small changes add up over time • Find your spending “leaks”, and think about where you can cut back • When making purchases, consider: • How can I buy it cheaper? • How can I make it last longer? • How can I use it less?

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