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Budget Tips

WHY BUDGET?
Tracking your expenses gives you a strong sense of where your money goes and can help you reach your financial goals.
SUCCESSFUL BUDGETING
Termine budget categories
• Identify all sources and amounts of income
• Identify how dollars are spent today
• Calculate budget amounts
• Set goals and make adjustments

DETERMINE BUDGET CATEGORIES
•Common mistake: Fit your spending into
somebody else’s categories
•Successful budgeting includes categories that reflect the way you spend money
IDENTIFY INCOME
•Review all sources and amounts of income
(after-tax) for past three months.

IDENTIFY EXPENSES
•Review all bills and expenses for the last three months to determine monthly expenses
•Examples:Recurring Expenses Recurring Expenses
«Variable Expenses
«Yearly Expenses

FIXED VS DISCRETIONARY EXPENSES FIXED VS. DISCRETIONARY EXPENSES
FIXED VS DISCRETIONARY EXPENSES FIXED VS. DISCRETIONARY EXPENSES
• Rent
• Cell phones
• Groceries
• Restaurants
• Utilities
• Car Insurance
• Cable TV
• Haircuts
• Vacations
•Takeout
• Laundry
• Designer SET GOALS AND MAKE ADJUSTMENTS
•Set goals that reflect your true financial picture
• Two types of financial goals:
«managing your money
«spending your money
•Monitor budgeting process for two months to identify areas where you can save
EMERGENCY FUNDS
• Emergency funds are an absolute necessity!!
• Emergency funds = 3 – 6 months of basic living expenses
• Emergency funds should be kept separate froma savings account that is used primarily forlarge, planned purchases

MONEY LEAKAGE
´ Dinner out every Saturday night:
´ $1920 per year
´ One tall Starbucks coffee per weekday:
´ $780 per year
´ Wendy’s #2 Combo + tax twice a week:
´ #2 Classic Double with Cheese Combo
´ $364 per year

BENEFITS OF BUDGETING
´ Less reliance on credit
´ More buying power
´ Better credit scores
´ Ability to obtain credit any time
´ Lower credit costs (prime rate)

WHY BUDGET?

 

 

MONEY LEAKAGE
´ Dinner out every Saturday night:
´ $1920 per year
´ One tall Starbucks coffee per weekday:
´ $780 per year
´ Wendy’s #2 Combo + tax twice a week:
´ #2 Classic Double® with Cheese Combo
´ $364 per year

BENEFITS OF BUDGETING
´ Less reliance on credit
´ More buying power
´ B tt dit Better credit scores
´ Ability to obtain credit any time
´ Lower credit costs (prime rate)

LOAN EXAMPLE- MINIMIZE BORROWING
´ Loan Balance: ´ Loan Balance:
$30,000.00
´ Monthly Loan
´ Loan Balance:
´ $28,000.00
´ Monthly Loan Payment:$345.24
Cumulative Payments:
$41 428 91
Payment:$322.22
´ Cumulative Payments: $41,428.91
´ Total Interest Paid:
$11 428 91
´ Cumulative Payments:
´ $38,666.99
$11,428.91 ´ Total Interest Paid: Total Interest Paid:
$10,666.99
If you borrow only $2 000 00 less during your education If you borrow only $2,000.00 less during your education,
you will save $2,761.92 and $23.02 per month in
payments.

LOAN EXAMPLE- EARLY REPAYMENT
´ Loan Balance: $22,000.00
´ Loan Interest Rate: 6.80%
´ L T 15 Loan Term: 15 years
Monthly Loan Payment:$195.29
´ Number of Payments: 180
Cumulative Payments: $35,152.34
´ Total Interest Paid: $ Total Interest Paid: $13,152.34

LOAN EXAMPLE- EARLY REPAYMENT
´ Loan Balance: $22,000.00
´ Loan Interest Rate: 6.80%
´ Loan Term: 10 years
´ Monthly Loan Payment:$253 18 Monthly Loan Payment:$253.18
´ Number of Payments: 120
Cumulative Payments: $30,381.04
´ Total Interest Paid: $8,381.04
´ You save $ You save $4 771 13 4,771.13 in real money This savings in real money. This savings translates into a guaranteed, tax-free, average annualreturn of 6%.

CREDIT CARD EXAMPLE A
´ Charge $1,000.00
´ Interest 17.99%
´ Minimum Payment $20.00
´ At this payment rate, ? How long will it take to repay?
´ 93 months (7.75 years)
´ How much interest was paid?
´ $861.02 or 86% of the initial loan amount

CREDIT CARD EXAMPLE B
´ Charge $1,000.00
´ Interest 17.99%
´ Minimum Payment $20.00
´ Monthly Payments Made $25.00
´ At this payment rate, how long will it take to pay off the balancethe balance?
´ 62 months (5 16 years) 62 months (5.16 years)
´ How much interest was paid?
´ $538.07 or 54% of the initial loan amount

What ever reason you have found this website and page.

If you follow a few guide lines you will see the changes in your life in all areas. Money issues do reach every part in life. This is for everyone poor or rich. Good money managing advise is packed in this page. To know better is to do better.

Pay attention day to day. You can apply this in your life, It works.

If a short term loan is something that is needed. Any action that gets things heading the right direction for you is a good action. One thing is for sure, you will need to take action or the worse financial problems can compound costing you even more.

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