1. Money Management Basics

2. Complete the Picture
Your financial life can be complicated and confusing
Having the outline gives a good picture of what you are doing
Missing pieces of a puzzle can be frustrating and costly
Putting all the pieces together can give a good picture, help you save money, and reduce stress

3. Stages in Managing Money
Plan
Set Goals
Set guidelines
Make decisions
Track
Keep records
Reconcile
Change when needed
Identify new direction

4. Wealth building Protection Home buying Retirement account
Distribution
Retirement and estate planning
Wealth building
Home buying Retirement account
Protection
Debt reduction Emergency savings Insurance Wills Budgets Plans

5. For this session we will talk about the foundation layer
Distribution
Retirement and estate planning
Wealth building
Home buying Retirement account
Protection
Debt reduction Emergency savings Insurance
Wills Budgets Plans

6. Goals Provide direction Help us decide what we need to get there
Can lead to agreement and commitment
Can help with choices and decisions

7. Goals S - Specific M - Measurable, mutual, motivating A - Attainable
Need to be written and meet the SMART criteria
S - Specific
M - Measurable, mutual, motivating
A - Attainable
R - Relevant, realistic, and be reviewed and revised as conditions change
T – Include a timeline and consider tradeoffs

8. Goals, Decisions, and Money
Wants and needs or logic and emotion
Knowing the difference will improve goals, decisions, and eventually money
Let’s talk about the differences
Needs are things we cannot live without
Wants are what we think will make life better and more enjoyable

9. Plans
The plans we make in life are determined by our values, habits, and attitudes
Values are deeply held beliefs about how things should be in life
Values and attitudes can interfere with decisions about money
Differences in values and attitudes in couples and families can cause disagreements

10. Attitudes about Money
It is important to understand our attitude towards money
There is a link between our attitude and values and how we spend money
Work through this activity so you can discuss it later with anyone who would have a say in how money is spent

11. Putting Knowledge to Work
Now we will take a few minutes to actually write some goals
These will not be shared with anyone except significant others so please feel free as you work through this exercise

12. Making the Decision SUCCESS Evaluate Progress Take Action Make a plan
Compare the choices
Seek information
Goal

13. Questions and Comments

14. Set Priorities All goals cannot be met
Goals require resources like time and money
There are limits
Decisions need to be made about which are more important
Agreement is imperative

15. Questions and Comments