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Published byEzra Parvin
Modified over 4 years ago
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.
Budgeting Your Money Some Money Facts $ The average person spends money three times a day. $ A movie with popcorn and a soft drink can easily cost $20.
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.
Understanding the true cost of buying a home. ITT Employees Federal Credit Union.
Make Your Money Matter: Use a Budget (JAN 2013) Make Your Money Matter: Use a Budget Facilitators Name Date.
Money Management Strategy: Financial Statements and Budgeting
Mrs. Wilson Business Essentials. This lesson provides information about money management basics and the reports used to measure financial progress.
2-1. McGraw-Hill/Irwin Copyright © 2006 The McGraw-Hill Companies, Inc. All rights reserved. 2 Money Management Skills.
Building: Knowledge, Security, Confidence Setting Financial Goals FDIC Money Smart for Young Adults.
Building Bucks Budgeting Basics. Understanding Your Situation How often does this happen to you?OftenSometimesNever Not enough money for essentials Don’t.
Making Your Money Work Where Are You Now?. Objectives Determine Credit Obligations Compare Income to Expenses Determine Net Worth.
Good Debt vs. Bad Debt Middle School Financial Literacy #5.
MONEY MANGEMENT Presented by L Everette Martin November 2010.
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.
16 Money Management and Financial Planning
Income and Expenses. Income Income from work A. Wage – money paid by the hour or unit of production. B. Salary – money paid on a weekly, monthly, or yearly.
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.
16-1. Money Management Basics $100 probably seems like a lot of money to you now. In the future you will have more expenses Food, housing, insurance,
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