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Banking & Budgeting 101 - Tyana & Nancy
Transcript of Banking & Budgeting 101 - Tyana & Nancy
Living On A
Banking & Budgeting 101
How Do Financial Institutions Make Profit?
Why Would You Use A Financial Institution?
The Little Things Add Up
You Might Need a Budget If...
You spend more than you make
You pay yourself last
You think about an emergency fund but fail to have one
You spend uncontrollably
You charge items instead of saving for them
(within the next 6 months)
(within the next 1-5 years)
(more than 5 years away)
Set 3 Types of Goals:
List All Income Sources
- Tax Refund
List All Mandatory Expenses
- Car Payment
- Loan Payment
List All Extra Expenses
- Dining Out
- School Supplies
- Athletic Events (Marathons, etc.)
5 Steps To A
Things That Drain Your Budget
Unused Gym Membership
Eating Out Frequently
Practical Money-Saving Tips
Pay yourself first!
Pay down debt. (The Debt Snowball)
Bundle insurance with one company.
Shop around for insurance and credit.
Use credit cards wisely
Only charge what you can pay in full.
Eliminate late payment fees; pay on time.
Understand terms and conditions of each card.
Building a Budget
Types of Financial Institutions
& Their Owners
Put money into savings before you budget for anything else. (Instead of budgeting everything and having nothing left over for savings.)
If you have a seasonal job or inconsistent income, you might have to do this every month.
As you're listing your expenses, be sure to list them in order of priority. Also, don't forget about annual expenses. (i.e. Taxes, Car Registration, etc.)
Tyana Grayson & Nancy Patton
Across multiple states
but not nationwide
Within a local community and few branch locations
Not to be confused with online banking
No Physical Branches
Products and Services
Safe Deposit Box
Build Your Budget
Start with your total monthly
$40 - Savings
$350 - Rent
$100 - Gas
$150 - Food
$20 - Utilites
This is how much you have left for your extra expenses
Stick to Your Budget
S - Specific
M - Measurable
A - Attainable
R - Realistic
T - Timely
This is a great outline when creating your financial goals
Balance check book
Money in envelope
Andriod: Mint, HomeBudget, My Budget Book, You Need A Budget (YNAB), Easy Envelope Budget Aid (EEBA), MoneyWise, Expense Manager, One Touch Expenser
iPhone: Mint, Spendee, Level Money, BUDGT, DollarBird, Square Cash, Pocket Expense, MoneyWiz