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Understanding Personal Finance

Understanding Personal Finance. Needs vs. Wants. Setting and Achieving Your Goals. Create—Stick to it! Evaluate Short-term vs. long-term. Set SMART Goals. S: Specific M: Measurable A: Attainable R: Realistic T: Time Bound. Set SMART Goals. “ I want to go on vacation. ”.

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Understanding Personal Finance

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  1. Understanding Personal Finance

  2. Needs vs. Wants

  3. Setting and Achieving Your Goals • Create—Stick to it! • Evaluate • Short-term vs. long-term

  4. Set SMART Goals S: Specific M: Measurable A: Attainable R: Realistic T: Time Bound

  5. Set SMART Goals “I want to go on vacation.”

  6. Set SMART Goals “My spouse and I want to go to Japan for a week next May, so I will need to save $300 a month over the next year for my portion of the trip.”

  7. Making Your Budget Income Evaluate/Re-Evaluate Your Budget Expenses Put It Together Pay Yourself First

  8. Improving Your Budget • Sweat the small stuff. • Eliminate unnecessary expenses. • Sell unneeded items. • Examine your insurance. • Create an emergency fund.

  9. Establishing a Safety Net Build it. Keep it. Review it.

  10. Parting Words Money is better than poverty, if only for financial reasons. —Woody Allen

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