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Strengthening Your Financial Situation Nancy M. Porter, Ph.D. Deborah J. Thomason, Ed.D.

Strengthening Your Financial Situation Nancy M. Porter, Ph.D. Deborah J. Thomason, Ed.D. “Some people make things happen, some watch things happen, while others wonder what has happened.”. Unknown. Income = Expenses + Credit + Savings Payments.

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Strengthening Your Financial Situation Nancy M. Porter, Ph.D. Deborah J. Thomason, Ed.D.

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  1. Strengthening Your Financial Situation Nancy M. Porter, Ph.D. Deborah J. Thomason, Ed.D.

  2. “Some people make things happen,some watch things happen, while others wonder what has happened.” Unknown

  3. Income = Expenses + Credit + Savings Payments

  4. 12 month salaried employees: Annual Income X .0192 = Total Pay Cut $30,000 X .0192 = $576over 15 pay periods $576 ÷ 15 = $38.40per pay check $38.40 ÷ 14 days = $2.74 per day *Does not include effect of taxes or rounding figures.

  5. 9 month salaried employees: Annual Income X .025 = Total Pay Cut $30,000 X .025 = $750over 12 pay periods $750 ÷ 12 = $62.50per pay check $62.50 ÷ 14 days = $4.46 per day *Does not include effect of taxes or rounding figures.

  6. Hourly employees: Income for Five Day Week = Total Pay Cut $500 if you take one week off $500 ÷ 5 = $100per day off $500 ÷ 10 days = $50 per ½ day *Does not include effect of taxes or rounding figures.

  7. Use Savings • Emergency fund? • Savings for goals (revise and adjust) ? • Suspend contributions to savings temporarily? • Suspend extra contributions to retirement accounts temporarily?

  8. Increase Income • Add up income from all sources • Time furlough • Unemployment compensation • Temporary job/consulting

  9. Reduce Expenses • Balance income and expenses • Track spending • Make a plan • Reduce spending during furlough

  10. What is your latte factor?

  11. Reduce Credit Payments • Talk to creditors • Refinance loans • Make interest only payments

  12. http://www.clemson.edu/psapublishing/pages/FYD/EC692.html http://www.extension.org/personal_finance Managing Money in Tough Times

  13. Suze Orman’s 2009 Action Plan Free book download until 12:59 AM 1/16/09 www.oprah.com/article/oprahshow/20081119_tows_bookdownload

  14. Making the Most of What You Have & Fostering Family Coping Nancy M. Porter, Ph.D. Deborah J. Thomason, Ed.D.

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