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Explore the connection between your past experiences with money and your current attitudes towards it. This interactive session invites participants to share their first money memories, reflect on feelings attached to money, and recognize how those early experiences shape financial behaviors today. You'll also learn about essential budgeting skills, including tracking expenses, understanding basic needs, and managing debt. Prepare to organize your financial life and prioritize your basic needs as foundational steps towards financial success.
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When I Hear the WordBudget..... What Comes to Mind?
“Our feelings about money today almost always can be traced back to an incident from our past and/or our first experience or message about money.” (SuzeOrman, Internationally acclaimed personal finance expert)
Everyone has a story about money. • We will explore our own unique money origins and discover how these experiences have shaped our current attitudes about money.
In Pairs..... • Talk about the first memories of money. • How did you get it? • How did you feel about it? • What did the grown-ups say about it? • Choose three words to describe your first experience.
What is a basic need? *Cable/satellite *Power *Cigarettes *Diapers *Speeding Ticket *Visa Bill *Groceries *Slurpees *Pet Food *Laundromat *Cellphone *Parking/Transit * Day Care *Life Insurance *Hockey Fees **Timmy’s *Vehicle Insurance *Hair dresser *Prescription *Pot *Rent *Student Loan *Internet *Gifts *Savings *Repairs to vehicles *Mortgage payment *Property Taxes *Tenant/House Insurance * Water/Sewer *Child Support *Car Payment * Restaurants *Convenience Stores * Bank fees * Donations * Booze * Swimming Fees * Rent To Own Payments * Gas * Kids Allowances *Parents Allowances *Retirement Savings *Vacation *Lottery Ticket
The Four Walls Food Lodging Clothing Transportation
BASIC NEEDS ALWAYS FIRST - the four walls
$1000.00 IN AN EMERGENCY FUND
Who? How much? Minimum Payment Visa 1000.00 100.00 MC 2000.00 100.00 Mom 3000.00 100.00 Washer 4000.00 100.00 Collections 5000.00 100.00 OR
Who? How Much? % Minimum Pmt Collections $5000.00 20 100.00 Visa $1000.00 18 100.00 MC $2000.00 16 100.00 Washer $4000.00 14 100.00 Mom $3000.00 0 100.00
COLLEGE EDUCATION
FIRST STEP..... • LETS GET ORGANIZED! • Filing • Tracking expenses • Transparency - be honest! • Think about occasional expenses – divide them by 12 • Ask for receipts...even for the small things! • Make a page for everything....
- Groceries – diapers, wipes, formula too • - Transportation –gas, oil, repairs, bus, taxi • - Restaurants – convenience store food too • - Entertainment – videos, games, bar, • - Gifts, clothing, toys, kids activities • - Laundry • - cigarettes, booze, pot, gambling • - Everything Else – hair, spas, jewellry, photos, magazines, books, hobbies, music NEED TO DO THIS FOR ONE FULL MONTH!
Remember...... • Life is a filmstrip.....not a snapshot!
A couple more tips.... • If you use credit cards, you will spend 12 – 18% more than you do if you use cash! • To get out of debt....first you have to STOP borrowing....you cannot borrow your way out!
Some websites... • Savings calculator: www.buildingfuturesnetwork.com/page.php?id=EGEC01 • Trackomatic: www.getsmarteraboutmoney.ca/managing-your-money/planning/budgeting/Pages/video • www.getsmarteraboutmoney.ca/Pages/default.aspx • 50 ways to save $1000/year: www.squawkfox.com/2008/09/02/50-ways-to-save-1000-a-year • http://www.squawkfox.com • http://www.daveramsey.com/articles/article/articleID/drive-free/category/lifeandmoney_automobiles
