1 / 49

www.tmgov.org/tmgovu allansschweyer@tmgov.org

Financial Management Program: Course #2 – Stop Spending Leaks – Options for Resourceful Living. www.tmgov.org/tmgovu allansschweyer@tmgov.org. Stop Spending Leaks: Options for Resourceful Living. Financial Management. Celebrating USDA/NIFA’s Cooperative Extension System 1914 – 2014.

neona
Download Presentation

www.tmgov.org/tmgovu allansschweyer@tmgov.org

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Financial Management Program: Course #2 – Stop Spending Leaks – Options for Resourceful Living www.tmgov.org/tmgovu allansschweyer@tmgov.org

  2. Stop Spending Leaks: Options for Resourceful Living Financial Management Celebrating USDA/NIFA’sCooperative Extension System 1914 – 2014 March 12, 2014 Closed Captioning: http://www.fedrcc.us//Enter.aspx?EventID=2317402&CustomerID=321

  3. Learn More www.TMGovU.org

  4. Today’s Focus Learn more & prioritize actions related to • Know Your Spending Triggers • Identify Spending Leaks • Learn how to Save Money

  5. With: Susan Shockey, Ph.D. Susan Shockey, Ph.D., CFCS, CPFFE is the USDA – National Institute of Food and Agriculture (NIFA) National Program Leader, Family and Consumer Economics. Her research focuses on financial capability - attitude, behavior, and knowledge change through education and is published in the Journal of Financial Counseling and Planning, June 2004. Her research has been recognized by the American Association of Family and Consumer Sciences. As an Associate Professor with The Ohio State University and Extension professional, Shockey held numerous leadership positions. Her focus as an Extension Educator and High School Home Economics teacher has been teaching personal financial independence. She was appointed to the Ohio Personal Finance Commission by the Ohio Attorney General and State Treasurer. In 2012, Susan received the Award of Distinction presented by The Ohio State University, College of Education and Human Ecology Alumni Society. She is affiliated with the American Association of Family and Consumer Sciences, Phi Upsilon Omicron, and Kappa Omicron Nu Honor Society.

  6. What are Your Spending Triggers? Psychological Reasons: • Had a rough day? • Ask yourself “Why do I need this? • Good news – Celebrating reaching a goal • Stressed Out “Treat Yourself . . . You Deserve It” http://www.flickr.com/photos/safari_vacation/9188873971/

  7. Other Spending Triggers • Protecting our Image and Standard of Living • Receiving a Pay Raise (Living up to Income Expectations) • Need to Feel Powerful • Need for Immediate Gratification • Overcome Past Problems (Deprived early in life) • Boost Self-esteem “I Deserve It”

  8. Can You $ave Money? • Practical ideas • Creative • Some easier to do than others • Some require sacrifice • Examples are averages—no guarantees! • You will have other ideas! Results can be dramatic! http://www.flickr.com/photos/68751915@N05/6757849129/

  9. HOW TO SAVE $500 A MONTH!! Practical tips for everyday people…. http://www.flickr.com/photos/andormix/5512000985/

  10. Set a Savings Goal! • Become a saver! • Make savings a habit • Pay yourself first! • Automatic transfers & deposits • If you don’t see it, you’re less likely to spend it.

  11. How much are you spending? • Do you know your current spending habits? • Track your spending • What needs to be reduced? • Where can cuts be made?

  12. Your Tracking Toolkit • Write down all income and expenses • Record discretionary spending for at least 2 weeks • On paper (Money Management Calendar) • SmartPhone – free apps • Compare your income with your spending • On-line help: • Financial calculators

  13. University of Florida Extension Financial Calculators http://fycs.ifas.ufl.edu/younginvestor/java/index.html

  14. How do you buy? • Try not to shop when depressed, angry, hungry, etc. • Don’t touch—If you touch an item, more likely to purchase it! • Use a list—will help keep you from straying. • Use a shopping basket instead of a cart • Limit time shopping on-line. Don’t just browse….unless you have a specific need. Estimated savings $75 monthly

  15. Buying Choices…. • Purchase generic or no-name items • Purchase in bulk • Savings $20 monthly http://www.flickr.com/photos/86530412@N02/8194661881/

  16. Poll Do you know how much you spend a month on groceries/food eaten at home? Yes No I have a rough idea

  17. Factors That Influence How Much You Spend for Food • Being a “spender” instead of a “shopper” • Spender – a consumer who buys on impulse • Shopper – a wise consumer who knows exactly what he or she wants to buy • Convenience • Personal/family preferences • Food prices in the community • Income

  18. Save on Food Costs • Shop once a week $143 savings • Buy what’s on special. • Eat fruits & vegetable in-season. $7 savings • Eliminate bottled water. $15 savings • Make your own “pre-packed” foods. • Shop at bakery thrift shop $6 savings What’s wrong with this picture?

  19. Poll & Chat What is the most expensive food in your refrigerator? • Meat • Fish • Cheese & Dairy • Vegetables • Champagne/ Wine • Other

  20. Answer: The food you throw out That was a trick question!!

  21. Plan your meals for the week Look for expiration dates Clean refrigerator/freezer often Be creative with leftovers Combine unused fruits and vegetables with recipes Reduce Waste

  22. Poll How many times did you “eat out” in the past week? (include lunch and carry out) Zero Once 2-3 times 4-6 times More than 6 times

  23. Save Money on Food • Pack your lunch at least twice a week. http://www.flickr.com/photos/flakyredhead/729087471/

  24. Eating Out for Less • Eat out for special occasions. • Order glass of water, instead of drink. Save $33 month • Order from the lunch menu, rather than dinner. Save $13 monthly • Take advantage of specials & coupons. • Order an appetizer rather than entrée. Save $4

  25. Save on Food Costs • Use coupons to save on items you need. $10 savings, although this could be higher! • Shop the aisles not the ends. $3 savings monthly • Have “back up plan” – quick meal ideas so you don’t go out when you are tired, busy, etc. • Grow your own! • Buy in bulk, when it makes sense!

  26. Poll Do you know how much you spend each month on transportation? Yes No I have a rough idea

  27. Transportation • Keep tires properly inflated. Save $4 monthly • Keep car engine properly tuned. Save $5.50 monthly • Drive sensibly Save $25 monthly • Car pool to work.

  28. Transportation • Ditch the 2nd or 3rd car! Save $662 monthly • Sign up for your company’s transportation reimbursement account, if offered. Save $80 • Drive Less Save up to $500

  29. Transportation • Avoid speeding/traffic fines. Savings $12 monthly • Raise the deductible on your auto insurance. Savings $8 monthly • Shop around for car insurance. Savings $50 monthly • Pay auto insurance bill annually or semi annually rather than monthly. Savings $10 monthly

  30. Poll Do you know how you spent on utilities last month? Yes No I have a rough idea

  31. Utilities • Adjust thermostat settings. Savings $26 monthly • Install a programmable thermostat. Savings $20.50 • Caulk or weather strip around drafty windows and doors. Savings $20 monthly • Maintain heating and cooling systems

  32. Utilities • Switch to compact fluorescent light bulbs. Savings $2 - 4.60 monthly • Check toilet and faucets for leaks. Savings $3-15 monthly • Insulate water heater or replace with more energy efficient unit. Savings $3 monthly

  33. Utilities • Eliminate land phone line. Savings $25 monthly • Combine or “bundle” utilities. Get an all-inclusive cell phone plan Savings $15 - $50 monthly

  34. Financial • Avoid checking account fees. Maintain the necessary balance or get “free” checking. Savings $10-14 monthly • Pay bills on-line. Save the cost of postage and sometimes envelopes! Savings $4.60 monthly

  35. Financial • Only use ATM’s at your financial institution. Avoid that $2.00-4.50 non bank ATM fee. Twice monthly=$6 average savings • Late fees/Overdraft fees on credit cards/bank accounts can really add up! Eliminate One per month=$45 savings • Don’t pay interest on credit cards. Pay total bill every month. Average savings= $30

  36. Financial Remember to Use PowerPay.org to create debt elimination plan.

  37. Financial • Shop around for all loans. • Always read the fine print before signing contracts. • Check your credit report for errors and fix if needed. Visit www.annualcreditreport.com • Be properly insured, not over-insured.

  38. Financial • Do save for the future but check out fees involved for different investments. • If your organization has 401K with match, max it out – it’s free money! • Take advantage of tax-free and tax deferred savings plans if appropriate. • Enroll in tax-advantaged plans at work Savings 41.66

  39. Entertainment • Use library for internet, movies and educational programs. • Have family fun nights. • Use coupons. • Visit parks and beach. • Visit theme parks in off season for better deals. • Plan a “staycation” instead of out of town trip. • Visit friends and relatives when traveling (make sure you invite them to visit you).

  40. Which of these saving strategies would work for you?

  41. Chat If you tried half of the ideas presented, how much do you think you might save? • $250/Year • $400/Year • $500/Year • $750/Year • More than $750/Year

  42. How to Save $500 If you did ALL the tips presented, you would save $1935 WOW!! If you did everything EXCEPT get rid of 2nd/3rd car, you would save $1273

  43. How Will You Save Money? • Track spending. • Review family goals. • Include family in decision-making if possible. • Make the easy cuts first. • Work to change habits that cost you money. • Review often and look for more ways to reduce spending and increase saving. Remember – not spending isn’t the same thing as saving until you actually save it!

  44. Contact Susan Shockey, PhD, CFCS, CPFFE National Program Leader Family & Consumer Economics sshockey@nifa.usda.gov 202-690-2674

  45. Additional Resources • Visit these USDA/NIFA Family & Consumer Economic Websites: http://www.nifa.usda.gov/financialsecurity http://www.extension.org/personal_finance https://powerpay.org Rutgers Cooperative Extension Small Steps to Health and Wealth™ Challenge Web site at http://rutgers.ancc.net/Enroll in the Challenge titled “2014 America Saves Challenge”. Registration: http://goo.gl/Lsqb7A For more information, http://goo.gl/dDooq6 • Other Websites: http://www.annualcreditreport.com http://www.americasaves.org http://www.bankrate.com

  46. Stop Spending Leaks Resources Ohio State University Extension http://www.youtube.com/watch?feature=player_detailpage&v=tX1YZd2qycw New Mexico State University Extension http://aces.nmsu.edu/pubs/_circulars/CR593.pdf ‎

  47. We would love to hear from you! Stay connected with us on Twitter, LinkedIn, and Facebook @OPEDAUSDA or email OPEDA@dm.usda.gov for more information OPEDA (Organization of Professional Employees, U.S. Department of Agriculture) is an association of professional employees with the mission to enhance the effectiveness of members in the performance of their duties. OPEDA works closely with several professional and employee organizations and national coalitions to support positive workplace initiatives and to pursue matters of material interest to its members. Membership is open to all USDA employees and retirees.

  48. University of Florida Upcoming Webinars12:30 pm – 1:30 pm (EST) • March 18  Money Saving Vacation Tips Register at http://bit.ly/vacatips • April 1 -   Don’t be April Fooled--Smart Shopping Tips-tricks & gimmicks  at http://bit.ly/SmartShop2014

  49. Financial Management Program: Course #3 – "Obstacles, Resources, and Attitudes Toward Money: Develop Your Budget and Spending Plan" March 27, 2014 12:00-1:00pm ET www.tmgov.org/tmgovu allansschweyer@tmgov.org

More Related