Setting financial goals

Building: Knowledge, Security, Confidence Setting Financial Goals

Does this sound familiar……?

Today, we will… ,[object Object],[object Object],[object Object]

After today… ,[object Object],[object Object],[object Object],[object Object],You will be able to:

What is a Spending Plan? Having a Spending Plan is: ,[object Object],[object Object]

Why have a Plan? Usually for 1 month

Preparing a Spending Plan Having a Spending Plan is about: ,[object Object],[object Object]

Set Your Goals Want to save for a new car or a fantastic vacation? Consider your goals when planning a budget: ,[object Object],[object Object],[object Object],[object Object],[object Object]

Four Steps to Preparing a Spending Plan ,[object Object],[object Object],[object Object],[object Object]

Step 1: Keep Track of Daily Spending Many people spend all their money… and have no clue where it went! ,[object Object],[object Object],[object Object]

Daily Spending Diary Control Your Money! Watch your spending closely by using a spending diary or log: ,[object Object],[object Object]

Activity 1: Daily Spending Diary ,[object Object],[object Object],[object Object],[object Object]

Step 2: Your Income & Expenses Income comes in the form of: ,[object Object],[object Object],[object Object],[object Object]

What You REALLY Earn: Income ,[object Object],[object Object]

Gross Income: Total income without deductions Net Income: Gross income after deductions or subtractions, such as Social Security and other taxes What You REALLY Earn: Income (cont’d)

Expenses Expenses: Everything you pay for in a time period ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Expenses (cont’d)

Expenses : items you pay for each month ,[object Object],[object Object],[object Object],[object Object],[object Object],Step 2: Your Income & Expenses ,[object Object],[object Object],[object Object]

ATM Fees Computerware Parties Cosmetics Online Services Nail Services Sneakers Cell Phones Dating Ice Cream Parking Fees CDs Gifts Bottled Water Bounced Checks Clubs Cigarettes Greeting Cards Tanning Haircuts Videos Cable TV Late Payment Fees Dinners Out Gasoline Books Fast Food Attacks Dry Cleaning Car Wash Lottery Tickets Magazines Movie Rentals Sports Lunches Out iTunes Gambling Prescriptions Household Items Pet Costs Licenses Speeding Tickets Cash Advance Fees Munchies Vending Machines Souvenirs

Activity 2: Monthly Income & Expense Worksheet ,[object Object],[object Object],[object Object]

Step 3: Find Ways to Decrease Spending

What are some ways we can decrease our spending? Step 3: Find Ways to Decrease Spending

[object Object],[object Object],[object Object],[object Object],[object Object],You can decrease spending by: Step 3: Find Ways to Decrease Spending

What are some ways we can increase our income? Step 4: Find Ways to Increase Income

Step 4: Find Ways to Increase Income ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Your Spending Plan Tools These tools will help you manage your spending plan: ,[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Spending Plan Tools (cont’d)

Activity 3: Monthly Payment Schedule ,[object Object],[object Object],[object Object]

Activity 4: Monthly Payment Calendar ,[object Object],[object Object],[object Object],[object Object],[object Object]

Monthly Payment Calendar Month: June 2010 Sunday Monday Tuesday Wednesday Thursday Friday Saturday 1 2 $300 paycheck $25 savings $20 expenses 3 $100 car insurance 4 5 $25 interest 6 $50 cell phone 7 8 9 $300 paycheck $25 savings $20 expenses 10 $25 gas 11 12 $ 20 haircut 13 14 15 16 $300 paycheck $25 savings $20 expenses 17 18 $150 car payment 19 20 $20 gift card 21 22 23 $300 paycheck $25 savings $20 expenses 24 $25 gas 25 26 27 $20 Sun Pass 28 $40 entertain-ment 29 ,[object Object],[object Object],[object Object]

Help! I Can’t Pay My Bills! Scenario: You add up your bills and the total is $900, but your income is only $600…. What do you do? Think about the bills that would be the most important!

Help! I Can’t Pay My Bills! (cont’d) If you have to choose, think of major obligations first:

Activity 5: A Hole in Todd’s Pocket Can we come up with 6 ideas to help Todd?

Setting Financial Goals ,[object Object],[object Object],[object Object],[object Object],Congratulations! You have learned:

Knowledge Check ,[object Object],[object Object],[object Object],[object Object],[object Object]

Thank you! ,[object Object],[object Object],[object Object]

Setting financial goals

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