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Mastering Money Management: Tools and Strategies for Financial Success

Join our comprehensive workshop on Money Management, where you'll learn essential tools to navigate your financial path. Discover your financial values and set SMART goals that are Specific, Measurable, Attainable, Relevant, and Time-bound. Develop a personalized spending plan and uncover techniques to handle financial shocks. Engage in the LifeValues Profile Quiz to gain awareness of your money-related values. This workshop also covers how to plan for life changes and strategies to incorporate financial education into the classroom experience.

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Mastering Money Management: Tools and Strategies for Financial Success

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Presentation Transcript

  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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