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Making ends meet with a budget
- 1. Making ends meet in hard times Taking Control of Your Money By: Daniel Sanchez Workshop Presenter 928-329-0990 Ext. 114 Dsanchez@ypic.com
- 2. What is a Budget? Have you ever planned to spend money you didn’t have? (food, clothes, games, bills) A budget is a plan for your money The key is to have a recorded plan
- 3. Six Keys to Master Your Finances Set Goals Determine Expenses Determine Income Record everything Use your budget Take Action
- 4. Types of Goals Short-term Achieved in 3 years Mid-term Achieved in 3 to 5 years Long-term Achieved in over 5 years Obstacles are those frightful things you see when you take your eyes off the goal. Henry Ford
- 5. Determine Expenses Fixed – Amount is the same from month to month Variable – Amount changes from month to month Annual/Periodical – usually occurs once a year
- 6. KEY 3 – Determine Income Gross Income Before any deductions Net income After all taxes, insurance, and deductions are out. Other income tips, rents, family help, retirement, assistance from State or Federal Agencies, or the occasional odd job (Completed or to be Completed within the month).
- 7. Record Everything Piece of paper Calendar Checkbook Spreadsheet Word Phone app other
- 8. Use you Budget Just simple math. Income - fixed expenses - variable expenses – annual expenses Surplus or Deficient of income
- 9. Take Action Deficit? Do not Panic! There are always options….. Evaluate spending – Want or Need Contact Creditors Look at taxes Find way to get more money
- 10. Take Action continued… Surplus? Reach goals Save Pay Off Debt Etc.
- 11. Set yourself up for success - Set your goals Be prepared to act – evaluate your income verses expenses Step outside your comfort zone and use your budget!!!
- 12. Set Goals Determine Income Verify Expenses Evaluate Results Surplus Deficit Determine Options “Whether you think you can, or that you can’t, you are usually right.” Henry Ford – American industrialist (1863-1947)