Taking control of your money
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Transcript of Taking control of your money
Making ends meet in hard times
Taking Control of Your Money
By: Daniel Sanchez
Workshop Presenter
928-329-0990 Ext. 114
What is a Budget? Have you ever planned to spend money
you didn’t have? (food, clothes, games, bills)
A budget is a plan for your money The key is to have a recorded plan
Six Keys to Master Your Finances
Set Goals Determine
Expenses Determine Income Record everything Use your budget Take Action
Types of Goals Short-term
Achieved in 3 years Mid-term
Achieved in 3 to 5 years
Long-term Achieved in over 5
years
Obstacles are those frightful things you see when you take your eyes off the goal. Henry Ford
Determine Expenses Fixed – Amount is the same from
month to month Variable – Amount changes from
month to month Annual/Periodical – usually occurs
once a year
KEY 3 – Determine Income Gross Income
Before any deductions Net income
After all taxes, insurance, and deductions are out.
Other income tips, rents, family help,
retirement, assistance from State or Federal Agencies, or the occasional odd job (Completed or to be Completed within the month).
Record Everything Piece of paper Calendar Checkbook Spreadsheet Word Phone app other
Just simple math. Income - fixed expenses - variable expenses – annual expenses Surplus or Deficient of income
Use you Budget
Deficit?Do not Panic! There are always options…..
Evaluate spending – Want or Need
Contact Creditors Look at taxes Find way to get more
money
Take Action
Take Action continued…
Surplus?
Reach goals
Save
Pay Off Debt
Etc.
Set yourself up for success - Set your goals
Be prepared to act – evaluate your income verses expenses
Step outside your comfort zone and use your budget!!!
Set GoalsDetermine IncomeVerify ExpensesEvaluate Results
Surplus Deficit
Determine Options
“Whether you think you can, or that you can’t, you are usually right.” Henry Ford – American industrialist (1863-1947)