1. Money Management
Dr. Sheila Washington

2. Topics for Discussion Introduction Paying tithes 2. Make a Budget
3. Save and Invest
4. Start an Emergency Fund
5. Pay off Your Debt
6. Buying a Home—A brief overview

3. First Things First Paying Tithes Proverbs 3:9-10
 Honour the Lord with thy substance, and with the firstfruits of all thine increase. So shall thy barns be filled with plenty, and thy presses shall burst out with new wine.
1 Kings 17:13-16
And Elijah said unto her, Fear not; go and do as thou hast said: but make me thereof a little cake first, and bring it unto me, and after make for thee and for thy son. For thus saith the LORD God of Israel, The barrel of meal shall not waste, neither shall the cruse of oil fail, until the day that the LORD sendeth rain upon the earth. And she went and did according to the saying of Elijah: and she, and he, and her house, did eat many days. The flour jar did not become empty, and the oil jug did not run dry, according to the word of the LORD he had spoken through Elijah.

4. Make a Budget
Everyone needs a plan/strategy for managing their finances.
Things to consider:
(1) Income, (2) Obligations (bills), and (3) Savings.
Consider how often you get paid and when your bills are due each month.
Suggested Strategy:
Open one bank account for Bills only
Open one bank account for discretionary spending
Open a separate savings account for savings and emergency fund

5. Where are you spending your money?
Bills, Bills, Bills

6. Look at your bills What can I get rid of?
Are there cheaper options available?
Are there deals that I can take advantage of?
Am I using all of the discounts available to me?
What do I have that I’m not using?
Are there future bills that I can prepare for in advance?

7. Saving and investing may seem like a challenge right now, but putting away just a few dollars a week can have a big impact.
Experts suggest that you save one- third of your income.
Example: If your monthly income is $3000, you should try to save $1000 per month. Note: $300 is a good start!
Real Estate is a good investment.
Low-risk investing (NEXT Discussion)
Save and Invest

8. Start an Emergency Fund
An Emergency Fund is a resource for unexpected situations.
It also helps you to avoid creating a debt.
In the beginning, you can combine your savings and emergency fund.

9. Pay off Debt The number one rule is avoid debt when possible.
Keep a minimum number of credit cards.
Important to pay bills on-time.
Monitor your Credit Score.
Excessive debt is a burden and causes stress.

10. Buying a Home What mortgage companies look at: Income
Debt
Time on job
Saving
Patterns of Spending
6. Number of Accounts 7. Types of Accounts 8. Account Balances 9. Late/Slow Payments 10. Length of Credit History 11. Overall Credit Score ***Shop within your means!!!!