Taking Control of Your Cash -
Eliminating Debt
2
Happiness Is… Making Informed Financial Decisions
Although money may
not be able to buy
happiness, it is an
important part of life.
Society for Financial Awareness
3
Wants vs. Needs
Wants
Needs
Society for Financial Awareness
4
We Buy Because of Emotion, Not Logic!
From a psychological standpoint:
We purchase an item we mistakenly believe will make us
happy.
The item loses its value to us over time.
We look for the next item to make us happy, and then another,
and so on.
Society for Financial Awareness
5
Changing Your Perspective
Your self-worth has
nothing to do with
your net-worth.
Money does not
make the person - it
is who they are on
the inside that
defines their lives.
Society for Financial Awareness
6
You Shouldn’t Live in Fear of Your Finances
Your financial dealings are serious; however, you are in control, even if it
doesn’t always feel like it.
You can control your savings, expenses, and even your earnings; however, you
have to adopt the mindset to do so.
As you begin to build up your feelings of self-worth and develop a positive
attitude about yourself and about money, you'll be able to function positively
and effectively.
There is no point in waiting for your situation to improve before you tackle
your money issues.
Society for Financial Awareness
7
What Makes You Happy?
It’s often been said that
the best things in life
are free, and it’s true.
Unfortunately, some
people convince
themselves that they
don’t deserve
happiness and accept
their circumstances far
too easily.
Society for Financial Awareness
8
You Have to be Willing to Sacrifice to Achieve Goals
There are no secrets
to success. It is the
result of preparation,
hard work, and
learning from failure.
Colin Powell
Society for Financial Awareness
9
Take Control of your Circumstances
Before setting out to achieve a goal, look how others have achieved something
similar and find out how they did it.
Find someone who's on the path you want to pursue and have a conversation
with them.
Following a well-defined path often makes it easier to bring about change. In
doing so, you create accountability.
You need to be able to walk before you can run, and taking small steps if you’re
contemplating significant changes can dramatically improve your chances for
success.
Society for Financial Awareness
10
Developing Your Plan
Evaluating the current situation: “Initial Spending Assessment”
Identifying “wants” and “needs”
Discussing options and adjusting spending accordingly
Tracking spending - Creating a Comprehensive Budget
Establishing and implementing short- and long-term goals
Reviewing and modifying your plan when necessary
Society for Financial Awareness
11
Society for Financial Awareness
Building an Emergency Fund
Plan for life’s unexpected emergencies by setting up an Emergency Savings fund.
Set aside at least 3-6 months worth of expenses to help cope with life's emergencies.
Emergencies can happen to anyone, anytime! Seek conservative savings vehicles that keep pace with inflation.
12
Become a “Financial Guru”
There are thousands of
not-for-profit agencies that
offer the public free
financial analysis.
Speaking with a certified
credit counselor will help
you establish an initial
game plan, as well as
identify the information
you need to know for your
financial situation.
Society for Financial Awareness
13
Credit Card Debt
One of the biggest
problems credit
counselors see regularly
is uncomfortably high
credit card debt, which
can really devastate a
family’s budget.18% Interest 29.99% Interest
$24,000
$34,000$14,000 Credit Card Balance
Society for Financial Awareness
Society for Financial Awareness
14
Getting Out of Debt
Debt Snowball Method
Modified Snowball Method
Credit Counseling
15
Life on a Debt Management Program
Bills which can be included in a Debt Management Program include Credit Cards, Personal Loans (unsecured), Personal loans secured by household items, Past-due balances on telephone bills, cellular phone bills, electric bills, etc., Collection Accounts, Lines of Credit, Disconnected Utilities, Medical Bills, and Repossessions (unpaid remaining balances).
Debt Management Program participants typically enjoy: One Convenient Monthly Payment Lower Monthly Payments Reduced Interest Rates Elimination of Late and/or Over Limit Fees Ongoing Education Access to Nationally Certified Credit Counselors Full Support of Our Customer Care Associates
Society for Financial Awareness
Thank you for your time!Please complete your program
evaluation.We are happy to answer any questions you
may have now or in the future!