2. Spending Tracker Check Up
• Has everyone still been using their
spending tracker notebooks?
3. What we will need today:
•Your budget
•Your calculations for cutting back
from last class
4. Setting Financial Goals
• When you are setting a financial goal, it is
important to set a realistic goal
• A goal that you are likely to achieve, not
one that may be difficult for you
5. Setting Financial Goals
• Make a list of 3 or 4 things you would like
to accomplish
• Suggestions:
• Spend $10 less each week
• Pack a lunch instead of eating out
• Save $40 each month
• Pay an extra $20 each month towards
my debt
6. Setting Financial Goals
• Which goal do you feel is most important
to you?
• Circle or highlight that goal on your list
7. Setting Financial Goals
• What resources will you need to help you
achieve this goal?
• A savings account
• A spending tracker
• A financial advisor
• Make a list
8. Setting Financial Goals
• How long will it take you to achieve your
goal?
• 6 months
• 1 year
• 2 years
• Set a completion date
9. Setting Financial Goals
• Look at your calculations for cutting costs
from last session
• Which of these costs are you going to cut
to help you achieve your goal?
10. SAVING TIPS
• Set up an emergency fund first
• In case of unexpected expenses or the
loss of your job
• You can use your emergency fund
instead of your savings so you don’t have
to put off achieving your goal
11. SAVING TIPS
• How much should be in your emergency fund?
• It is recommended that you save between 3 & 6
months worth of your income
• eg. If you make $2,000.00 each month, you should
have somewhere between $6,000.00& $12,000
saved in case of an emergency
12. SAVING TIPS
• Pretend your savings is just another bill
• This will ensure that you pay your
savings account every month
13. SAVING TIPS
• Have your bank automatically transfer money
from your chequing account to your savings
account
• This way you don’t have to worry about
remembering to go to the bank each week or
month
14. TIPS FOR REDUCING DEBT
• Pay down the debt that has the highest
interest rate FIRST
• This will save you money in the long run
because you will have paid less in
interest
15. TIPS FOR REDUCING DEBT
• Avoid using credit cards & “buy now, pay later”
offers
• If you don’t sign up for a credit card you can’t
create debt for yourself
• “buy now, pay later” offers tend to have high
interest rates
• If you can’t afford the product now, don’t make the
purchase
16. TIPS FOR REDUCING DEBT
• Speak to creditors to ask
for lower interest rates
• If you are paying less
interest you can pay
your debt off faster and
save more
17. TIPS FOR REDUCING DEBT
• Speak to a financial advisor
about consolidating your debt
• Consolidating debt occurs
when you get one loan to pay
off all of your debts
• You can then make 1 payment
every month
• Sometimes the interest rate
will be lower than your existing
interest rates
18. Making our Goal Official
•Complete the financial goal pledge
form
•Have a friend or myself sign as your
witness
19. Milestone # 30
• Create a table to organize & compare
• This is something you should do before
making a major purchase or signing up for
a service
• Use the computers or hand draw your
charts
