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Money management
- 2. WHAT IS MONEY MANAGEMENT? Money management is the process of knowing where you are spending your money today and having a well-thought-out plan in place for where you want it to go in the future.
- 3. MONEY MANAGEMENT • Set goals • Get organized • Track spending • Build a budget • Save money
- 4. 1. SET GOALS • Take time to set goals so you can plan for the future • Goals should be specific • Example: “I will save $50 a month for the next year.” If this goal is put into action you would have $600 in savings after 12 months • Short term vs. Long term goals • Short-term goal: I will save $20 from my next paycheck • Long-term goal: I will save $5,000 in the next 5 years
- 5. GET ORGANIZED Essential for effective money management If your paperwork is organized and easily accessible, you’ll never have to waste time searching for important documents, wonder about account balances, or miss bill payment deadlines. Find a safe place to keep all money related things so you always know where to find them. Keep a calendar with due dates to be sure you are paying bills on time.
- 6. TRACK SPENDING Spend less than you earn Track your spending, see how much you are spending and what you are spending it on Write it down Keep receipts After you track your spending, examine your findings. Separate your needs from your wants Use your tracking to make sensible and reasonable changes
- 7. BUILD A BUDGET Providing a sum of money for a particular purpose from a budget. https://www.youtube.com/watch?v=hLXk0Y 7Y6UI
- 8. SAVING MONEY Example: The laptop computer you want is $800, and you would like it in six months. You have not saved anything yet. To reach this goal, you will need to set aside $133 per month ($800/6 = $133). Why? Emergencies Surprise expenses Big purchases Job security Illness The future https://www.youtube.com/watch?v=oHWt_JXOhxE
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