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Maximize Your Money: Financial Planning Made Easy

Learn how to make your money go further with expert tips from Karen Lynn Poff. Follow eight practical steps to organize, set goals, evaluate spending, and secure your financial future efficiently.

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Maximize Your Money: Financial Planning Made Easy

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  1. How to Make Your MoneyGo Further Karen Lynn Poff, CFCS, CFLE Senior Extension Agent, Family and Community Sciences

  2. Eight Steps Eight Steps to Make Your Money Go Further: • Get Yourself Organized • Determine Your Goals • Look at All Available Resources • Know How Much Money You Are Worth • Know How Much Money You Make • Know How Much You Spend • Plan Your Spending • Evaluate Your Spending Plan

  3. Get Yourself Organized • Home Business Center • Simple Filing System • Financial Notebook • Payment Calendar • Tickler File • Computer

  4. Determine Your Goals What is important to you and your family?

  5. Specific Measurable Attainable Realistic Time-Bound Determine Your Goals Goals Should Be SMART:

  6. Determine Your Goals Short Term (Example: Reduce Credit Card Balances by $1,000) Intermediate (Example: Save $5,000 for New Car Down Payment) Long Term (Example: Invest $20,000 for Child’s College Education)

  7. Look at Available Resources

  8. Know What You Are Worth

  9. Know What You Make

  10. Know What You Spend

  11. Know What You Spend

  12. Plan Your Spending

  13. Plan Your Spending Pay Yourself First! • Save at least 10% of your gross income. • Have an emergency fund equal to 3 to six months of living expenses. • Include payments toward your goals in your budget.

  14. Plan Your Spending Stick to Your Spending Plan:

  15. Plan Your Spending Living Expenses for a Sample Family: *Notice how past use of credit has affected the budget. Debt repayment is 12% of the family’s expenses (3rd highest category).

  16. Evaluate Your Spending Plan • Is this the best use of my money right now? • Will these purchases help me reach my financial goals? • Is there something else I need to use this money for? • Is this plan based on goals that are really important to me? • Is another family member or friend interfering with my ability to reach my goals?

  17. The Balancing Act Adjust Spending to Live Within Income:

  18. Eight Steps Eight Steps to Make Your Money Go Further: • Get Yourself Organized • Determine Your Goals • Look at All Available Resources • Know How Much Money You Are Worth • Know How Much Money You Make • Know How Much You Spend • Plan Your Spending • Evaluate Your Spending Plan

  19. This program is available as a presentation to community groups. Contact Karen Poff for more information. Phone: 540/459-6140 E-mail: kpoff@vt.edu How to Make Your MoneyGo Further Presented By: Karen Lynn Poff, Senior Extension Agent Family and Community Sciences Information Source: VCE Publication 354-028

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