Money Matters1. 2 Introductions Instructor and student introductions Module overview.

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Presentation transcript:

Money Matters1

2 Introductions Instructor and student introductions Module overview

Money Matters3 Student Introductions Your name Expectations, questions, and concerns about budgeting

Money Matters4 Purpose Money Matters will help you: Get a handle on how you spend your money. Prepare and follow a personal spending plan or budget.

Money Matters5 Objectives By the end of this course, you will be able to: Track daily spending habits. Prepare a personal spending plan or budget to estimate monthly income and expenses.

Money Matters6 Objectives (Continued) Identify ways to decrease spending and increase income. Identify budgeting tools that will help you manage your money.

Money Matters7 Agenda and Ground Rules One hour long One 10-minute break Training methods Class participation

Money Matters8 Budget A step-by-step plan for meeting expenses in given period of time. Also called a “personal spending plan.”

Money Matters9 Benefits of Budgeting Reduces money-related anxiety. Gives you control of your financial situation. Helps you build assets to improve your quality of life.

Money Matters10 How to Prepare a Budget 1.Track daily spending. 2.Determine income and expenses. 3.Find ways to decrease spending. 4.Find ways to increase income.

Money Matters11 Daily Spending Diary DayWhat did I spend my money on today? Sunday Monday Tuesday Wednesday Thursday Friday Saturday

Money Matters12 Income Wages Public assistance Child support Alimony Interest Dividends Social security Other sources

Money Matters13 Gross vs. Net Income Gross income =Total income without deductions Net income =Gross income minus SS, taxes, other deductions

Money Matters14 Social Security Benefits Social Security covers: Retirement Disability Family Survivors Medicare benefits

Money Matters15 Social Security Statement A record of: Your earnings. Social Security taxes you have paid during your working years. Estimate of monthly retirement, disability, and survivor benefits.

Money Matters16 Fixed vs. Flexible Expenses Fixed expenses =Expenses with amounts that don’t change from month to month. Flexible expenses =Expenses with amounts that may change from month to month

Money Matters17 Tax Credits Earned Income Tax Credit (EITC). Child tax credit. Credit for Child and Dependent Care Expenses. Education credits. Tax credits for retirement savings contributions.

Money Matters18 Recordkeeping Tips Keep records in a safe place. Keep files organized. Keep tax records for at least 3 years. Send your bill payments before they are due.

Money Matters19 Budgeting Tools Monthly payment schedule Monthly payment calendar Expense envelope system Budget box system Computer system

Money Matters20 Monthly Payment Calendar

Money Matters21 What To Pay First Rent or mortgage Utilities Food

Money Matters22 Loan Payment Decisions Pay off loans with the highest interest rate first. Talk to your creditors. Get credit counseling. Enroll in a debt management plan. Consider bankruptcy only as a last resort.

Money Matters23 Practice Exercise: Budget Considerations Instructions: Read the scenario. Answer the questions. Be prepared to explain your answers.