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Managing your money effectively

Managing your money effectively

finlitgal
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Managing your money effectively

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  1. Managing Your Money Effectively: Overview www.lifethenfinance.com

  2. It’s a good time to summarize the most important points of managing your money effectively! www.lifethenfinance.com

  3. Budgeting • Keep track of how much you have, earn, and spend • Remember fixed, variable, and non-essential expenses • Earn more than you spend! www.lifethenfinance.com

  4. Earn More Than You Spend www.lifethenfinance.com

  5. Saving Money • Minimize your spending • Use coupons and preferred customer programs • Search for used items instead of new ones www.lifethenfinance.com

  6. The Power of Change • Use a change jar • Roll your own change, saving the fee at the grocery store machines • Some banks will transfer your change to your savings account www.lifethenfinance.com

  7. Time Is On Your Side • The earlier you start saving, the better • The interest you earn accumulates over time www.lifethenfinance.com

  8. Separation Can Relieve Anxiety • Putting the money in a place where you won’t think about it is a great way to get into the saving habit. • Out of sight, out of mind! www.lifethenfinance.com

  9. Credit Cards are Risky Business With great freedom, comes great responsibility! www.lifethenfinance.com

  10. The Score Does Matter • Things that can be affected by a low credit score are: • Ability to get a mortgage • Ability to rent an apartment • Your interest rate on loans and credit cards • Your credit limit • Cell phone service • Finding a job • Acquiring insurance www.lifethenfinance.com

  11. Debt Management • Pay off your credit cards in full every month, if possible • The best way to get out of debt is use the debt snow-ball. • Pay minimums on all debt and any extra money goes to paying off the smallest debt on your list. www.lifethenfinance.com

  12. Getting Out of Debt Credit Cards Bank Loans Mortgage www.lifethenfinance.com

  13. Paying off Your Credit Cards Effect Snowball The www.lifethenfinance.com

  14. Beware of Identity Theft • Shred all credit card bills before throwing them out • When shopping online make sure the site you use is safe and reliable www.lifethenfinance.com

  15. Credit Score • Your credit score can be lowered by: • Applying for credit cards • Not paying your bills on time • Having a high credit balance • Missing payments • Late payments www.lifethenfinance.com

  16. Making Extra Money • Utilize the internet • Sell things at flea markets, eBay, and Amazon • Provide virtual assistance online • Offer your services in your community www.lifethenfinance.com

  17. Small Transactions Add Up • Be wary of small credit card purchases • Set aside small amounts of money each week • As long as you save what you can, you’ll be on your way to a financially comfortable life www.lifethenfinance.com

  18. The Thing You ‘Need’is Often... …Just something you want! Be mindful of the difference between a NEED and a WANT www.lifethenfinance.com

  19. If you can put off the urge to buy stuff, you can discipline yourself to only buy things when you can afford them. www.lifethenfinance.com

  20. In Closing • Knowing how to handle your money will make it much easier and can lead to a more comfortable life! www.lifethenfinance.com

  21. You can do it! www.lifethenfinance.com

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