Breaking the Paycheck Cycle - Money Management Strategies and Budgeting Tips
"Learn effective money management strategies, budgeting tips, and how to break the paycheck-to-paycheck cycle. Identify your monthly budget items, create a budget, and plan for short and long-term financial needs. Take action to improve your financial situation today!"
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Presentation Transcript
Breaking the Paycheck Paycheck Cycle 02-04-2021 Presented by: Bimpe M. Dada Internal
Seminar Objectives Money Management Strategies Identify your monthly budget items both fixed and variable Creating a Budget Design a budget to help manage your spending and work to eliminate debt Budget Action Planning Learn how to make smart spending decisions 3 Internal
Breaking the Cycle Trap Why some people face financial challenges: Ineffective money management skills Caught in the cycle of living paycheck to paycheck Bad spending decisions 4 Internal
Money Management Strategies Know where your money is going BEFORE your paycheck comes. Have a budget PLAN! Look at short term needs and plan for long-term needs and wants. Create an emergency fund for those hiccup times. Invest in your future Retirement. 5 Internal
Creating a Budget Let s start with an activity to see how we track our spending and how we create a budget. Tip: Carry a notebook to note what you ve spent each day, then update your tracking sheet. This will help identify areas to reduce spending and redirect your money; like towards debt or savings 6 Internal
Expenses > Income? Eliminate unnecessary expenses Adjust spending as needed Seek out new sources of income Tip: Be clear on your needs and wants!!! 7 Internal
Budget Action Planning Step 1: List your sources of income Step 2: Track your expenses Step 3: Find out if you Saved or Overspent Step 4: Evaluate your financial situation Step 5: Review your budget regularly Take the Budget Action Planning worksheet home with you as "homework"! 8 Internal
Credit Card / Credit - Good to Knows TIP: It pays to be responsible 9 Internal
Resources Websites Books TD Bank Finance 101: www.tdbank.com/financialeducation Beyond Paycheck to Paycheck by Michael Rubin Free Credit Report: www.annualcreditreport.com Financial Peace University by Dave Ramsey Suze Orman: www.suzeorman.com 10 Internal
Questions? FinancialEducation@td.com Internal
