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Copy of RedSTART - Goal Setting and Budgeting

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RedSTART RedSTART

on 16 October 2014

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Transcript of Copy of RedSTART - Goal Setting and Budgeting

Effective budgeting is key to financial wellbeing

Pensions are important

The sooner and the more you save the better



3 Key Takeaways

Saving v Borrowing

Bank account pays 3% per year on your savings
Credit card charges 18% per year on your borrowings

The Danger of Compounding

50 years

10 years

What are my goals in 10 / 50 years?

Saving for a rainy day

Planning for the future

Enabling us to spend when we need to spend



Budgeting – why do we do it?

How do we budget?
Assuming contributions of £100 per month, returns of 5% and inflation of 3% per annum over the period.

Importance of saving early

Which would you rather have.....

£10,000 per day for 30 days, or
1p which is doubled every day for 30 days?

The Miracle of Compounding

or

or

5 years

2 years

What are my goals in 2 / 5 years?

Name: ...................................................

INFLATION
Eats away savings..

The lower the better,
unless you can protect against it!

RETURN
Growth rate of savings..

The higher your return, the better!

AMOUNT
How much you save..

The more you save, the better!

TIME
When you start to save..

The sooner you save, the better!

What affects your savings

Session 2 – Assets and Wealth

Goal Setting and Budgeting
Set your goals
Identify and list your sources of income
Identify and list your expenses
Adjust your expenses, income or time to achieve your goal
What are your goals?
Robert Falcon Scott
Roald Amundsen
"No, it looks as though we'd struck a streak of real bad luck; that fortune has determined to put every difficulty in our path."
“I may say that this is the greatest factor: the way in which the expedition is equipped, the way in which every difficulty is foreseen, and precautions taken for meeting or avoiding it. Victory awaits him who has everything in order, luck, people call it. Defeat is certain for him who has neglected to take the necessary precautions in time, this is called bad luck.”
Importance of saving early
Assuming contributions of £100 per month, returns of 5% and inflation of 3% per annum over the period.
Full transcript