Personal money mgmt living on your own

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Is your student heading off to college soon, then this presentation is for them. Help them learn the basics of starting out on their own. Part of Floyd Saunders' Personal Money Management seminar, covering the cost of moving, renting, signing a lease, living on a budget. It is all here.

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Personal money mgmt living on your own

  1. 1. Unit Two: living on your own Off To College and On Your Own June 2012Saunders Learning Group, LLC, Andover, KS
  2. 2. Topics The cost of moving Budgeting for First Timers Signing that first lease Tracking Your SpendingSaunders Learning Group, LLC, Andover, KS
  3. 3. Training from Saunders Learning Group Saunders Learning Group provides a variety of training programs, workshops and seminars targeted to the financial services industry. Programs are available in a wide range of topics, and we are specialists in developing custom programs that are targeted to your needs. Contact the founder, Floyd Saunders at 316-680-6482 or at floyd@floydsaunders.com for more information. Saunders Learning Group, LLC, Andover, KS3
  4. 4. Welcome IntroductionsSaunders Learning Group, LLC, Andover, KS
  5. 5. the costs of moving moving-in costs can include:  Rent for first month  Rent for last month  Cleaning deposit  Security deposit  Utilities deposit  Telephone deposit moving costs can include:  Renting a truck  Hiring movers  Packing suppliesSaunders Learning Group, LLC, Andover, KS
  6. 6. moving budgetwhen preparing your budget, keep in mind: Your personal and financial goals Your income Your lifestyle Your fixed expenses Your flexible expenses Moving costs Moving-in costs The cost of setting up houserule of thumb: You should spend no more than 40% of your net income on rent or mortgage payments.Saunders Learning Group, LLC, Andover, KS
  7. 7. budgeting to move income Job #1 $ Job #2 $ Total income $ fixed expenses Rent $ Car Insurance $ Car Payment $ flexible expenses Savings $ Food $ Utilities $ Clothing $ Entertainment $ Household items $ Personal items $ Tuition $ School expenses $Saunders Learning Group, LLC, Andover, KS
  8. 8. budgeting to move (continued) flexible expenses (continued) Transportation $ Bus fare $ Gas and oil $ Parking and tolls $ Repairs $ total monthly expenses1 $ moving-in costs Rent for first month $ Rent for last month $ Cleaning deposit $ Security deposit $ Utilities deposit $ Moving costs $ Other $ total cost to move in2 $Saunders Learning Group, LLC, Andover, KS
  9. 9. budgeting to move (continued) cost of furnishing and equipping an apartment Bedroom #1 $ Bedroom #2 $ Living Room $ Dining Room $ Kitchen $ Bathroom $ Other $ total cost3 $ summary Total cost for first month (1+2+3) $Saunders Learning Group, LLC, Andover, KS
  10. 10. first time lease agreement1. Parties/Premises:This Lease is made this 27th of August, 2008, by and between Alice Chan (herein referred to as“Landlord”) and Tim Baker (herein referred to as “Tenant”). Landlord hereby leases to Tenant certainreal property situated in the City of San Francisco, State of California, commonly known as 123 MainStreet and described as Two Bedroom Apartment (hereinafter called the “Premises”).2. Term:The term of this Lease shall be for one year commencing on September 1, 2008, and ending onSeptember 1, 2009.3. Rent:Tenant shall pay to Landlord as rent for the Premises the sum of $850.00 dollars per month, on thefirst day of each month. Rent shall be payable without notice or demand at the address as theLandlord may designate to Tenant in writing.4. Utilities:Tenant shall make all arrangements and pay for all gas, heat, light, power, telephone, and otherutility services supplied to the Premises and for all connection charges.5. Hold Harmless:Tenant shall hold Landlord harmless from and against any and all claims arising from Tenant’s use oroccupancy of the Premises. Except for Landlord’s willful or grossly negligent conduct, Tenant herebyassumes all risk of damage to property or injury to persons in or about the Premises. Saunders Learning Group, LLC, Andover, KS
  11. 11. a lease agreement (continued) 6. Default: If Tenant shall default and breach any covenant or provision of the Lease, then the Landlord, after giving the proper notice required by law, may re-enter the Premises and remove any property and any and all persons therefrom. 7. Holding Over: If Tenant, with the Landlord’s consent, remains in possession of the Premises after expiration of this Lease, such possession shall be a tenancy from month-to-month at a rental in the amount of the last month’s rent. Tenant must notify Landlord in writing at least thirty days prior to evacuating the Premises. All other provisions remain the same. 8. Waivers: No waiver by Landlord of any provision hereof shall be deemed a waiver of any other provision hereof. Landlord by: Tenant by: Alice Chan Tim Baker signature signatureSaunders Learning Group, LLC, Andover, KS
  12. 12. rights and responsibilities of a tenantTenant’s rights: Withholding rent if the landlord doesn’t make repairs in reasonable amount of time. Safe and sanitary premises. No changes in terms and conditions for the length of the lease.Tenant’s responsibilities: Paying rent on time. Using the rental for the purpose stated in the lease. Taking reasonable care of the property. Notifying the landlord if any major repairs are needed. Giving notice if leaving at the end of the lease. Giving notice if leaving before lease is up and paying rent for balance of lease if landlord can’t find new tenants. Paying for any damage to the walls, floors, and furniture. Not making alterations that the landlord must fix later. Giving landlord a new set of keys if you change the locks. Paying all of rent if roommates move out and you stay college – lesson 2 - slide 2-ESaunders Learning Group, LLC, Andover, KS
  13. 13. rights and responsibilities of landlordslandlord’s rights: Charging extra if rent is late (amount specified in lease agreement). Keeping part or all of the security deposit if you leave before the lease is up (as specified in the lease). Charging rent through the length of the lease even if you aren’t living on the premises. Keeping all or part of security deposit if you damage walls, floors, or fixtures, or if you make alterations that have to be fixed after you move out. Keeping all or part of the cleaning deposit if you don’t leave the premises clean when you move out.landlord’s responsibilities: Making repairs in a reasonable amount of time. Keeping premises safe and sanitary. Entering premises only at agreed-upon time to make repairs (unless there is an emergency), or to show the apartment to potential renters if you are moving out. Paying interest on deposit money. Collecting rent. Maintaining exterior grounds of building. college – lesson 2 - slide 2-F Saunders Learning Group, LLC, Andover, KS
  14. 14. the art of budgetingSaunders Learning Group, LLC, Andover, KS
  15. 15. preparing a budget for the first timephase 1: Assess your personal and financial situation (needs, values, life situation).phase 2: Set personal and financial goals.phase 3: Create a budget for fixed and variable expenses based on projected income.phase 4: Monitor current spending (saving, investing) patterns.phase 5: Compare your budget to what you have actually spent.phase 6: Review financial progress and revise budgeted amounts.Saunders Learning Group, LLC, Andover, KS
  16. 16. goal-setting guidelines well-written personal and financial goals SHOULD:  be realistic I you are working part-time is not likely to be able to afford a new car every couple of years.  be specific “I want to save $5,000 for a down payment to buy a house.”  have a timeframe “I want to pay off my credit card within the next 18 months.”  state the action to be taken “I want to start an automatic deposit savings account with monthly withdrawals from my checking account.”Saunders Learning Group, LLC, Andover, KS
  17. 17. setting up and maintaining a budget income budget actual difference Job #1 $ $ $ Job #1 $ $ $ Other $ $ $ total monthly $ $ $ income expenses budget actual difference fixed regular expenses Rent $ $ $ Car insurance $ $ $ Car payment $ $ $ Credit card $ $ $ fixed irregular expenses Savings $ $ $ Food $ $ $ Utilities $ $ $Saunders Learning Group, LLC, Andover, KS
  18. 18. setting up and maintaining a budget(continued) expenses budget actual difference transportation Bus fare $ $ $ Gas and oil $ $ $ Parking and tolls $ $ $ Repairs $ $ $ other Medical expenses $ $ $ Clothing $ $ $ Entertainment $ $ $ Household items $ $ $ Personal items $ $ $ Tuition $ $ $ School expenses $ $ $ total monthly $ $ $ expenses Saunders Learning Group, LLC, Andover, KS
  19. 19. QuestionsSaunders Learning Group, LLC, Andover, KS
  20. 20. Post Workshop Action Plan  Complete the Post Workshop Action PlanSaunders Learning Group, LLC, Andover, KS 20
  21. 21. About the Presenter  Floyd Saunders has worked on Wall Street with both Bank of America and JPMorgan, where is was a vice president in global financial systems. He has worked across the industry in retail, commercial, and investment banking.  He has taught courses in Money and Banking, Principles of Banking, Managerial Finance and extensively for the American Institute of Banking and various colleges.  As a consultant, he developed and taught a wide range of banking and investing courses.  He authored three programs for the American Bankers Association: Banking on Mutual Funds and Annuities, Introduction to Securities Markets and Investing in Securities.  He is the author of “Figuring Out Wall Street, a consumer’s guide to financial makets”  Look for his next book, “Family Financial Freedom” available as an e-book soon.Saunders Learning Group, LLC, Andover, KS

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