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Using Credit Wisely: Identifying Issues & Setting Limits Prepared by: Sissy R Osteen, Ph.D., CFP ®
If you Answered Yes to: 1-2 questions: You may be developing financial problems. 3-5 questions: You are on the edge of Financial disaster. 5-10 questions: You are in over your head.
Your Financial Situation Income Expenses Debt
Determining Income Income SourceWeeklyBi-WeeklyMonthYearly Total Salary Tips Soc. Sec. Retirement Child Support TANF Student Loans Tax Refunds Other
Determining Expenses Housing Food Clothing Transportation Childcare Medical School Expenses Entertainment Personal Items Reserve Savings* Miscellaneous
Occasional Expenses Past 12 Months Home Repairs$ School Expenses Car Maintenance Car Insurance Medical Expenses Clothing Gifts Vacations Property Taxes Total$
Reserve Account Having some means Financial Freedom Having none means Catching Up and More Debt
Defining Your Deb t LenderMonthly Payment Balance Car Loan Credit Cards Bills Loans
Is there a Debt Problem? Income minus Expenses = Amount Available for Paying Debts. - =
Sometimes looks like thi s - = - = Or this
Debt/Income Ratio Monthly Debt Monthly Income
Debt/Income Ratio 15% or Less Usually Not a Problem 15-20% Plan Carefully 20-35% Cut Back! Over 35% Seek Help!
What To Do If You Need Help Stop using your credit cards. If you have money, contact your creditors and ask for lowered payments. If you have been threatened with legal action, contact a lawyer.
H233 Consumer Management Budget Expenses. Recommended Monthly Spending.
1 2 >DO WHAT YOU LOVE …
Which one calculates Net Worth?
Chapter 3 Developing Financial Statements, Plans and Budgets Financial statements are assessments of the current status of one’s personal financial position.
Bell Ringer Write down 3 things you know your parents spend money on each month.
Creating a budget is important to ensure your financial security, monitor your income and expenses, and a way to help you save money. In order for your.
Stock Market Analysis and Personal Finance Mr. Bernstein Personal Financial Statement, pp February 19, 2015.
Financial Planning. Income Minimum Wage - $ 8.10 hourly Associates Degree – $ 40,000 Bachelor Degree – $ 50,000 Masters – $ 45,000 - $ 85,000 Doctorate.
QSR Project by: Megan Hornberger. Medical Billing & Coding $34,970 Annual Salary for Florida.
Getting Over Living Paycheck-to-Paycheck. Seven Steps.. 1.Make sure income exceeds expenses 2.Maximize 401K or other matched savings 3.Establish an emergency.
Warm-Up--What Do You Know About Budgets? Use a Word table to create a KWL Chart (or copy and paste one from an earlier activity). What do you know? What.
16 Money Management and Financial Planning
Planning a Budget CHAPTER 28 MRS. SORRELL. Money Management Money is a limited resource Money is a limited resource Most people want more goods and services.
A budget is a written record of the money that flows in and out of your household or pocket every month.
Make Your Money Matter: Use a Budget (JAN 2013) Make Your Money Matter: Use a Budget Facilitators Name Date.
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
Transportation Groceries Gas/Fuel Home Insurance Car Insurance Education Rent/Mortgage Utilities Child Care Medical Emergency Fund.
Unit 4 Creating a Budget. Objective(s) What is a budget? Activity – Pair up with someone in the room and sit with them and prepare to begin the budgeting.
Building Bucks Budgeting Basics. Understanding Your Situation How often does this happen to you?OftenSometimesNever Not enough money for essentials Don’t.
CAREER BUDGET NAME 2014 – 2015 CAREER?. CAREER Career Qualifications: Entry Level Pay: Education Loan Payment: Location: Employer: Insert Career Image.
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