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Money Management

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by

Brent Shibla

on 31 October 2013

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Transcript of Money Management

Money Management
Spending Habits
The way you are used to paying money for things, the things you pay money for, and how much you are used to paying, all of which is very hard to change.

Spending Habit
Good Spending Habit
Spending a certain amount of money each month to pay for food and other groceries.

Bad Spending Habit
Buying a new pair of shoes monthly for fashion purposes.

Difference Between “Wants” and “Needs”
Want
:
Things that make life more interesting and fun but you can get by without.

Need:
Things that are essential to your health and security.
Values
A person's principles or standards of behavior; one's judgment of what is important in life.

Types of values

Dependable
,
Reliable
,
Loyal
,
Committed
,

Open-minded
,
Consistent
,
Honest

Today you will figure out a plan to achieve personal financial
goals.

Financial Goal
Financial target or an objective which is expressed in or based upon money.
Examples:
Debt reduction, savings, sufficient wealth to retire or minimization of tax.

Is the goal
SPECIFIC
?
What do I need to save for?
(My car needs new tires)
Is the goal
MEASURABLE
?
How many actions will it take?
1. Find out how much new tires will cost.
2. Save the money to buy tires.
3.Schedule an appointment to replace tires.
(Do you need to buy the tires with great tread or do you need normal car tires.)

Is the goal
ATTAINABLE
?
Is it possible for me to afford this?
(I have money saved and I have a job so I can afford normal tires. I can also shop for the best price)
Is the goal
RELEVANT
?
Is this meaningful and worthwhile for me?

(I need the tires because I risk blowing one out or being stranded on the
side of the road- It’s a safety issue)

Is the goal
TIME-BOUND
?
When does this goal need to be achieved?
(I need to get these tires replaced by the end of this month to prevent an incident)

Plan Ahead, Delay Spending
Short-Term- Up to 3 months.
Medium- 3 months to a year.
Long Term- More than a year.

Create at least one financial goal either short term, medium or long term
you want to achieve for yourself that is SMART.

Today you will practice strategies to help you be mindful about major spending decisions
Financial Decisions
There are Apps saving money at various places.
Amazon mobile for scanning
Foursquare for check-in discounts
Old Navy’s Snap App
Seventeen
Red Laser
ShopKick
Groupon
LivingSocial
QR code


When buying something,
DECIDE
to make a sensible decision.
D
efine your goal.
E
stablish criteria for an acceptable outcome.
C
hoose two or three good options.
I
dentify pros and cons of the options.
D
ecide the best option that matches criteria.
E
valuate the results.

Do companies influence our spending decisions?
What types of things influence our spending decisions?
http://www.spendster.org/
Today you will learn the parts of a spending plan (Budget) and how to create one.
Building a Budget For Yourself

What are the goals?
How long will the plan be used?
How much income is available?
What are the anticipated expenses?
How does the plan need to be adjusted?
Predict Your Income
Types of Income:
Pay
Allowance
Interest
Gift money
Sales

Tips to Predict:
Use what is known:
Pay
Regular allowance
Average interest earned
Be conservative:
When estimating, aim lower rather than higher
Don’t count on windfalls

Estimate Your Expenses
Types of Expenses
Fixed
: Known, regular payments (Rent or Mortgage)
Variable
: Known but irregular payments that can change each payment (Groceries)
Periodic
: Known but occasional payments (Oil Change for your car)

What might happen if you don't have a budget?
May come up short on money before the next paycheck or allowance payment
More likely to not reach long-term spending goals
Added stress if struggling to keep up with payments
May need to give up something you planned if money needs to be used for unexpected emergencies
Give up independence if you need to rely on others for financial help
Full transcript