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Introductions

Introductions. Instructor and student introductions Module overview. Student Introductions. Your name Expectations, questions, and concerns about budgeting. Purpose. Money Matters will help you: Get a handle on how you spend your money.

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Introductions

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  1. Money Matters

  2. Introductions • Instructor and student introductions • Module overview Money Matters

  3. Student Introductions • Your name • Expectations, questions, and concerns about budgeting Money Matters

  4. Purpose Money Matters will help you: • Get a handle on how you spend your money. • Prepare and follow a personal spending plan or budget. Money Matters

  5. Objectives By the end of this course, you will be able to: • Track daily spending habits. • Prepare a personal spending plan or budget to estimate monthly income and expenses. Money Matters

  6. Objectives (Continued) • Identify ways to decrease spending and increase income. • Identify budgeting tools that will help you manage your money. Money Matters

  7. Agenda and Ground Rules • One hour long • One 10-minute break • Training methods • Class participation Money Matters

  8. Budget A step-by-step plan for meeting expenses in given period of time. Also called a “personal spending plan.” Money Matters

  9. Benefits of Budgeting • Reduces money-related anxiety. • Gives you control of your financial situation. • Helps you build assets to improve your quality of life. Money Matters

  10. How to Prepare a Budget • Track daily spending. • Determine income and expenses. • Find ways to decrease spending. • Find ways to increase income. Money Matters

  11. Daily Spending Diary Money Matters

  12. Income Money Matters

  13. Gross vs. Net Income Money Matters

  14. Social Security Benefits Social Security covers: • Retirement • Disability • Family • Survivors • Medicare benefits Money Matters

  15. Social Security Statement A record of: • Your earnings. • Social Security taxes you have paid during your working years. • Estimate of monthly retirement, disability, and survivor benefits. Money Matters

  16. Fixed vs. Flexible Expenses Money Matters

  17. Tax Credits • Earned Income Tax Credit (EITC). • Child tax credit. • Credit for Child and Dependent Care Expenses. • Education credits. • Tax credits for retirement savings contributions. Money Matters

  18. Recordkeeping Tips • Keep records in a safe place. • Keep files organized. • Keep tax records for at least 3 years. • Send your bill payments before they are due. Money Matters

  19. Budgeting Tools • Monthly payment schedule • Monthly payment calendar • Expense envelope system • Budget box system • Computer system Money Matters

  20. Monthly Payment Calendar Money Matters

  21. What To Pay First • Rent or mortgage • Utilities • Food Money Matters

  22. Loan Payment Decisions • Pay off loans with the highest interest rate first. • Talk to your creditors. • Get credit counseling. • Enroll in a debt management plan. • Consider bankruptcy only as a last resort. Money Matters

  23. Practice Exercise: Budget Considerations Instructions: • Read the scenario. • Answer the questions. • Be prepared to explain your answers. Money Matters

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