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Saving – Points to Ponder
• Saving rates in the U.S.
• “Pay yourself first”
• Make savings part of the budget
• Save to achieve all goals – short, medium, long-term
Set Goals to Guide You
• Characteristics of goals– How much?– How long?– Measurable?– Reasonable and realistic?
• Write them down and read them often
Budgeting Basics and Assumptions
• All family income comes into family budget
• Plan once each year
• Work it weekly
• Modify as needed
Saving Begins with Budgeting
• Budgeting outline – Income, expenses, debts
• Budgeting worksheet– Annual budget– Income log– Monthly expense log– Weekly income and what to pay this week– Periodic expense charts
Annual Budget• Write in November or December
• Review amount spent on items in previous year
• Set goals
• Include family members
• Spend to achieve your goals
• Create balanced budget
What to Pay this Week• Plan out a couple of months
• Stick to it – week in and week out
• Cross off as you pay
• Some expenses will be listed every week
• Check off monthly expenses log as you pay
Managing Periodic Expenses
• Budget killers
• Examples – entertainment, car repair, house repair, gifts, vacation, clothes
• A way to save to make purchases
• Make them a monthly expense
Managing Periodic Expenses
• Use credit cards to pay for expenses
• Tracking – keep receipts and ID expense category
Going Forward
• Make the commitment – Go for it!
• Make it one of your routines
• Expect setbacks
• Be flexible