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Budgetwi$e Love your Money

Budgetwi$e Love your Money. Jayne McBurney, MS Family & Consumer Sciences Agent. http:// johnston.ces.ncsu.edu / 2736 NC Highway 210 Smithfield 989-5380. Statistics 2011: The Average BS. $23,300 student loan debt Starting salaries: $28- $ 60K Need to earn about $ 33K

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Budgetwi$e Love your Money

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  1. Budgetwi$eLove your Money Jayne McBurney, MS Family & Consumer Sciences Agent http://johnston.ces.ncsu.edu/ 2736 NC Highway 210 Smithfield 989-5380

  2. Statistics 2011: The Average BS • $23,300 student loan debt • Starting salaries: • $28-$60K • Need to earn about $33K to live and pay off debt = $15.00/hr

  3. Understand Income Gross incomevsNet Income Before taxes and deductions ‘bring home pay’ $33,000 $23,760 $2750/month $1980/month $635/wk $457/wk

  4. Financial Planning What is it??? • It is a Means to an end • It is a way of achieving goals • It is often based on making good decisions • It is getting the resources together you need to attain your goals.

  5. Five steps: • Set Goals • Analyze Information • Create a Plan • Implement the plan 5 .Monitor and Modify the plan

  6. SMART Goals • Specific: To buy a laptop in December. • Measurable: It will cost $500. • Attainable: I will save $50/month • Realistic: how will I get the $, look at spending • Time Bound: I will have a computer in December!

  7. Analyze • Write down EVERYTHING you spend • Use a calendar and mark due dates

  8. Monthly debts • Should be less than 15-20% of net income • $297-396/month

  9. Housing 25% - 33% of gross pay $688-907/month

  10. Vehicle • less than 15% of gross including insurance, gas and maintenance • $413/ month

  11. Create a plan: Budget ABC • Income • Minus fixed: the NEEDS Rent, Mortgage, utilities, insurance • Minus flexible: the WANTS Food, clothing, phone, entertainment • Anything left? Emergency / Savings

  12. Implement the plan:Find $ • Nails/ Haircut…can you wait a week? • Have hair and nails done every ten days, save $50/mo • Daily lunch, at a modest $5 = $100 a month - Pack Lunch 3 days a week, save $60/mo • Cable….movie packages • Rent movies, save $25-$50/mo • Cell phone - Internet • If you have a smart phone, you may not need Internet service at home, save $45/mo • Vending machine: 1/day @ 75¢, $15/month • Bring snacks from home in a cooler, save $30/mo • Memberships, Subscriptions, Services • Barter, Trade, Sell, FREE!

  13. Talk • Communicate with those who depend on your paycheck about spending issues and financial goals

  14. Fun & Helpful websites • www.bankrate.com • www.feedthepig.org • www.choosetosave.org • www.thedailygreen.com • www.soundmoneymatters.com

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