Money is not about math, it's about emotions and behavior.

1. Dr Dave Jenkins, DMIN, LMFT
Family Room Services

2. These suggestion will not apply to every
situation.
You control your finances and the choices
you make.
Prevention is still the best cure for a
financial crisis.

3. Get an assessment of your finances
Gather all your bills and statements
Determine what assets are available to
you
• Savings
• Stocks

4. Stop using them
Pay off the balance in full each month
Develop a life style without them
Save for major purchases

5. AVOID PAYDAY LOANS
Basic survival involves one of two things
• Increase your income
• Decrease your expenses

6. Couples should have a budget meeting
Singles should have an accountability
partner
 Develop a battle plan, i.e., a BUDGET
Get current on you bills

7. a. Pay everything on paper before the
month starts
b. Develop a zero balance budget sheet
 - which means at the end of the balance sheet
it should equal zero.
 (Income minus expenses)
 c. Any money left over should be applied
towards the debt snowball (see step-5)

8. Take care of basic needs first
1. Food
2. Shelter
3. Utilities
4. Transportation
 Gas
 Insurance
5. Other loans

9. What would you do for an emergency?
Your Credit Card is not your emergency
account
Should be able to cover 3 – 6 months of
expenses

10. Create a mini emergency account
Save $1,000; FAST
It is not a slush account
Do NOT start the next step until the mini
emergency account is funded

11. a. List all the outstanding debts in
ascending order
• from the lowest to highest balance
b. Pay the minimum balance due for all
debts except the first one (which should
be the lowest balance).

12. c. Any remaining money, found money, or
bonus money needs to be applied
toward paying the lowest balance off.
d. Once that balance is paid off, do not
celebrate yet. Apply all that money to
the next balance on the list.

13. If there’s an emergency
• Use the mini emergency account
• Stop the debt snowball
• Rebuild the mini emergency account

14. Once all debts are paid off
Fully fund the emergency account
3 – 6 months of expenses

15. Your retirement needs to be funded first.
Invest 15% (of own money) into
retirement
Your kid’s education will not pay for your
retirement

16. Pay off mortgage
Invest and enjoy your wealth

17. Have a yard sell to fund your mini
emergency account
Sell your services, i.e. piano lessons,
tutoring, woodworking, etc
Stop eating out, pack lunches
Temporarily decrease your TSP
contribution to 1%

18. If you typically get a tax refund,increase
your exemptions.(Consult your CPA first.)
After you have a $1,000 emergency fund,
consider increasing your insurance
deductibles.
Use the Library for renting free movies.

19. Mortgage Assistance *800-424-2246
Credit Counseling *800-685-2706
Bankruptcy Advice *800-379-0985
Child-Support Enforcement
*877-696-6775