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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 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.
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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.
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CAREER BUDGET NAME 2014 – 2015 CAREER?. CAREER Career Qualifications: Entry Level Pay: Education Loan Payment: Location: Employer: Insert Career Image.
BUDGETING Short and long term goals Figuring monthly income Categorizing spending.
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Creating a Budget for Mike and Jennifer. What is a Budget? Weighing how much you earn against how much you spend.
Budgeting Track-o-matic. A budget can help you: keep track of your income and expenses stay on top of your monthly bills be prepared for unexpected expenses.
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Personal Finance. Salary: Money paid to an employee on a regular basis Withheld: Money held to pay taxes. Deposit: Money that is put into your bank.
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