GETTING YOUR FINANCIAL HOUSE IN ORDER MAKING YOUR PLANS WORK
Taking charge of your finances requires careful planning, organization, and execution. This guide provides practical tips and strategies to help you establish a solid financial foundation, setting you on the path towards achieving your monetary goals. From budgeting to investing, this resource covers essential aspects of managing your money effectively, ensuring that your financial future is secure and prosperous. Understand key principles, avoid common pitfalls, and optimize your financial decisions with this comprehensive guide to financial success.
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Presentation Transcript
GETTING YOUR FINANCIAL HOUSE IN ORDER MAKING YOUR PLANS WORK 1
HOMEWORK IDENTIFY AND SET GOALS LIST ALL SPENDING AND INCOME CRITICALLY EVALUATE AND MAKE ANY NECESSARY CHANGES PREPARE A BUDGET / SPENDING PLAN HOUR RULE 2
MAKING YOUR PLANS WORK CONTROLLING YOUR MONTHLY COSTS TRACKING HANDLING CHANGE
CONTROLLING MONTHLY COSTS KEEP YOUR GOAL AT THE FOREFRONT MAKE IT VISIBLE IN YOUR DAILY LIFE 4
CONTROLLING YOUR COSTS MAKE THE PLAN THE ACTUAL AS MUCH AS POSSIBLE FIXED COSTS 5
CONTROLLING YOUR COSTS MAKE THE PLAN THE ACTUAL AS MUCH AS POSSIBLE FIXED COSTS MAKE NON-MONTHLY COSTS MONTHLY AND FIXED 6
FIXING THE NON-MONTHLY EXPENSE ANNUAL TOTAL MONTHLY CAR INSURANCE (Semi-annual) 2,500 208 HOME INSURANCE (Annual) 1,200 100 CAR TAGS (Annual 450 38 CAR MAINTENANCE / REPAIRS (Varies) 600 50 VACATION (Annual) 2,000 166 CLOTHING (Periodic) 1,000 83 MEDICAL (Periodic) 750 63 GIFTS ( Sporadic) 1,200 100 TOTAL 808 7
MANAGING NON-MONTHLY TRANSFER TO SEPARATE CHECKING OR SAVINGS MINIMIZE TRANSFER ACTIVITY UPDATE LIST FOR CHANGE SETTING ASIDE KEEPS YOU FROM SPENDING IT. 8
COSTS THAT VARY EACH MONTH UTILITIES GROCERIES EATING OUT STAPLES (Non-food items) HAIRCUTS, PERSONAL CARE CLOTHING ACTIVITIES ENTERTAINMENT GIFTS 9
CONTROLLING VARIABLE COSTS LEVEL PAY PLANS MAKE A SPECIFIC MONTHLY SPENDING PLAN SHOP FROM LISTS USE THE CALENDAR 10
CONTROLS FOR VARIABLE COSTS CATEGORY CONTROL UTILITIES LEVEL PAY PLAN GROCERIES LIST AND PLAN EATING OUT PLAN AND CALENDAR STAPLES (Non-food) LIST HAIRCUTS. NAILS, PERSONAL CARE PLAN AND CALENDAR CLOTHING PLAN ACTIVITIES PLAN AND CALENDAR ENTERTAINMENT PLAN AND CALENDAR GIFTS NON-MONTHLY SE ASIDE 11
TRACKING YOUR SPENDING WHERE MOST BUDGETS FALL APART TOO HARD TO KEEP UP AND TRACK GET BEHIND AND QUIT TO COMPLICATED 12
TRACKING KEEP IT AS SIMPLE AS POSSIBLE WEEKLY UPDATE OF SPENDING USE BUDGET APPS IF HELPFUL TRACK ONLY VARIABLE ITEMS 13
MANAGING MONTHLY CASH FLOW MONTHLY INCOME 2 PAY PERIODS PER MONTH GET AHEAD ON YOUR INCOME BY 2 WEEKS TO 1 MONTH 14
UNEVEN CASH FLOW SET ASIDE FOR LEAN MONTHS BETWEEN PAY PERIODS- TOO MUCH IN 1ST HALF OF MONTH CHANGE BILL DUE DATES PAY OF MORTGAGE OR RENT WITH EACH CHECK 15
FINAL ITEMS CHANGE HAPPENS - BE FLEXIBLE ADDING BY SUBTRACTING EVERY MONTH IS DIFFERENT 16
FINAL ITEMS KEEP SOME CUSHION CONSERVATIVE ESTIMATES USE CALENDAR LEARN FROM YOUR MISTAKES HAVE AN EMERGENCY FUND 17
PROVERBS 21:5 THE PLANS OF THE DILIGENT LEAD SURELY TO ADVANTAGE, BUT EVERYONE WHO IS HASTY COMES SURELY TO POVERTY 18
