Money Management & Budgeting

1. Money Management & Budgeting Presented by: Angelia Sharp

2. About me…. • Professional/Career • 23 years in the Banking Industry • Served in the United States Army • Education • University of Phoenix • BS in Business Management with a Certification in Human Resources • University of Phoenix • Master’s of Business of Administration

3. How do you Value Money? • What is your first memory of money • How you viewed “money” in the past can control your feelings for the future • How do you organize your money • A good method is organizing in numeric order • Keeping track of your money • Thinking about how hard you work for your money in many instances can help in tracking your spending

4. How Should We Budget? • 10% (before tax) Church • 20% (before tax) yourself • 70% to cover household/living expenses

5. Budgeting • Establish a “REALISTIC” budget • Use electronic services to pay bills • Utilize a checking account ledger to record all transactions

6. Ask is it a need or want? • Needs are things that are vital for us to survive on a daily or monthly basis (ex. food, shelter, & clothing)

7. How to construct a Realistic Budget • List ALL recurring income • List ALL recurring expenses/bills • List sporadic bills • Hair, concert, movies, additional clothing

8. Cost Cutting Ideas Groceries Eating out Transportation Entertainment

9. Using a Calendar Budget

10. What is a checking account? Account to conduct day-to-day transaction business • Keeping your money safe - Carrying too much cash or keeping too much in your home puts you at risk that it may be lost, stolen or destroyed. Checking account balances up to $250,000 are insured by the FDIC. • Saving time and money - Writing checks and using other services such as ATM machines gives you flexibility, and makes handling your finances easier and less expensive. Provides a record of where you spent your money Less expensive than money orders

11. Why to establish a checking account- Benefits Safety- Using checks/check cards are safer than carrying cash Convenience – access to account 24/7 Provides a record of activity- budgeting your income and expenses Helps to establish credit - To obtain credit cards and loans.

12. What is Foundation Checking? Foundation Checking is an account that helps those who have previously made errors with their bank account and have been unable to open a new checking account. Education and controlled limits on the new account to help customers know how to handle their money and plan for their expenses. Foundation Checking has a monthly fee of $5, limits on the amount of ATM withdrawals and POS transactions per day, and are reviewed quarterly to determine if the client is ready to graduate to a traditional account (after 6 months in a Foundations account).

13. What is a FICO score and why it is important? • A FICO score is a credit score developed by Fair Isaac & Co. • Credit scoring is a method of determining the likelihood that credit users will pay their bills

14. How are Credit Scores rated? Professional/Career

15. God’s Plan for our Finances • Just like everything else in our lives, God has a holy purpose for our finances. • When God bless our finances we should view it from his Perspective, as good and not evil (Timothy 6:10) • GOD wants us to be good stewards when it comes to our finances so that we are financially stable

16. In Conclusion • Give to God First (Haggi 1: 2-11) -Teaches us to put God’s house first • Save for your future (Proverbs 13: 11)-Teaches when you put money aside a little at a time it will grow • Service your debt (Romans 13:8)- -Not to leave debt outstanding except the debt to love one another • Help others when you are blessed (Timothy 6: 18-19) Teaches that we need to be rich in helping others