This workshop discusses the basic principles of financial responsibility and budgeting

This workshop discusses the basic principles of financial responsibility and budgeting.

If you will live like no one else…

Later you can LIVE like no one else -The Total Money

Makeover3rd Edition

Keep Track of Your Fixed ExpensesFixed expenses - Costs that are the same each month/year

Rent/MortgageCar PaymentsCell PhoneChild CareCredit Card PaymentsLoan Repayments

Keep Track of Your Variable ExpensesVariable Costs – Costs that vary from week to week or month to month

GroceriesGasUtilitiesEating OutClothing

Keep track of occasional expenses

Car repairDoctor visitsPrescriptionsGiftsVacation

Budget… Budget… Budget

Budget Planning – how to budgetBudget Worksheet – itemize expensesPersonal Finance 101 – financial resourcesLiving Debt Free – how to get rid of debtFrugal Living – living within your meansMy Money – financial information

3

Be financially responsibleLive within your means - even if that means

changing the way you liveTry to save 10% of your earnings each pay

periodSave “emergency money” for that inevitable

rainy dayStart and maintain an automatic payroll

deduction plan for long-term savings

Be financially responsibleWrite a household budget and follow itTrack your expenses - know what your actual

expenses areBe careful with debt – particularly expensive

credit card debtPay off credit card debt as quickly as possibleKnow and manage your FICO (credit) scoreTake advantage of free credit reports every

yearwww.annualcreditreport.com

Thank you for participating in this workshop. Do not forget to complete and submit an Academic Enrichment Summary. Click on the Academic Enrichment Summary link on the Workshop page and complete the survey and press submit. Your participation will be documented. Handouts available upon request.