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Money Management – Workshop Objectives

Money Management – Workshop Objectives. Direction and tools to craft your fiscal path Direction Determine your financial values Set SMART financial goals Tools Develop a Spending Plan Where am I now? Where do I want to go to meet my financial goals?

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Money Management – Workshop Objectives

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  1. Money Management – Workshop Objectives • Direction and tools to craft your fiscal path • Direction • Determine your financial values • Set SMART financial goals • Tools • Develop a Spending Plan • Where am I now? • Where do I want to go to meet my financial goals? • Techniques to deal with financial shocks • How to incorporate the study of money management into a classroom learning experience?

  2. What Motivates Your Spending? • Questions to ask yourself: • How long did I have to work to buy this item? • Why am I spending money on this item? • Why do I want this item? • What is the purpose behind this purchase? • Is this purchase trying to make up for some area of my life that is lacking? • Is there a cheaper alternative to what I want to buy? If so, why am I not willing to buy the cheaper alternative?

  3. LifeValues Profile Quiz • Acquire awareness of our money-related values • No right or wrong answers • Values may change over time • How we demonstrate our money-related values in relationships • Recognize differences in values • Share financial goals • Collaborate on a financial plan

  4. LifeValues Profile Quiz Now that you have this awareness, what can you do with it?

  5. To Plan or Not to Plan? We don’t plan to fail; we fail to plan • Why develop financial goals and a spending plan? • Which should come first?

  6. SMART Financial Goals • Specific • Measurable • Attainable & Achievable • Reasonable, Realistic, and Relevant • Time-bound

  7. Your SMART Financial Goals • Short-term (0-3 months) • Intermediate (3 months – 1 year) • Long-term (> 1 year)

  8. Create a Spending Plan • Track your money flow • Create an Anticipated Spending List • Keep an Actual Spending List • Are there “spending leaks”? • Spending Plan • Identify your income • List your expenses (from Actual Spending List) • Compare income and expense • Set priorities and make changes

  9. Life Happens… • Life-Changing Events • New job • Leave job • Expand family responsibilities • Reduce family responsibilities • Own a home • Retire • Others?

  10. Strategies for Dealing With Change • Emergency fund • Insurance • Warranties • Savings • Strategy to get back on track when change requires a detour from your plan

  11. Reflection • Strategies learned today that you can apply to manage your finances and protect yourself from potential financial problems • Strategies to incorporate the study of financial planning/budgeting into a classroom learning experience

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