Budgeting and Savings with ING Driect and ACCION USA
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Budgeting and Savings with ING Driect and ACCION USA

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Make sure to look out for the next workshop that ACCION and ING wil host at http://www.accionusa.org/home/small-business-loans/financial-education-resources/workshop-calendar.aspx ...

Make sure to look out for the next workshop that ACCION and ING wil host at http://www.accionusa.org/home/small-business-loans/financial-education-resources/workshop-calendar.aspx

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  • Group discussion
  • Offer examples of these benefits: To pay for unexpected expenses Repair a vehicle Medical expenses Pay out an insurance deductible To take advantage of opportunities Build assets Use savings for homeownership or a business Take a vacation Pay for school (your own and/or your children) Prepare for retirement
  • Use Example Daily Expense Tracker Offer useful resources – Quicken, mint.com, Excel spreadsheet, Google Docs, Smart phone applications, Notebook
  • Talk more in-depth about Decrease Expenses Needs vs. Wants Clip coupons Shop on sale Barter/swap Do without Reduce/Reuse/Recycle


  • 1. Budgeting and Savings Plans Designing, creating and maintaining a budget plan in 2012
  • 2.
    • Learn the importance of setting financial goals to make budget and savings plans more successful
    • Create budget and savings plans for the new year
    • Maintain successful money management throughout 2012
  • 3.
    • The end result of specific actions we take
    • Personal or professional opportunities for growth
    • A task that we can achieve and be better off for it
    • Aspirations and desires we have for/of ourselves
    Specify classification and audience (e.g. ING DIRECT Confidential) What are Goals? Goals are the final piece of the puzzle to achieving financial success.
  • 4.
    • To channel time and efforts
    • To build confidence and self-esteem
    • To plan ahead and be prepared for opportunities
    • To enhance accomplishments once achieved
    Specify classification and audience (e.g. ING DIRECT Confidential) Follow us on Benefits of Goal Setting
  • 5.
      • Do it for yourself
      • Be your own measure of success
      • Write down goals specifically
      • Remain optimistic
      • Identify people to help you achieve goals and how
      • Analyze costs and benefits of goals
      • Identify obstacles and develop strategies to overcome them
      • Be willing to change the method of achieving your goal
      • Keep an eye on your progress
      • Determine if you are committed to achieving your goals
    Ten Goal Setting Tips
  • 6.
    • What is the goal? How will you achieve it? Why is this important to you?
    • Can you determine whether each step/task ‘is’ or ‘is not’ completed? If you can’t measure it, you can’t manage it!
    • Given the available resources, is this goal (and POA) realistic? Are you up to the mental, financial and physical demands required to achieve this goal?
    • What are the benefits of achieving this goal? How will you reward yourself as you make progress?
    • When do you begin? When do you plan to accomplish this goal?
    The S.M.A.R.T Approach S pecific: M easurable: A ttainable: R ewarding: T imed:
  • 7. Goal Activity
  • 8. What are Savings?
  • 9. Benefits of Savings Ability to satisfy financial obligations comfortably The difference between “getting by” and “getting ahead” Capacity to achieve financial goals
  • 10.
    • Track spending so you can identify opportunities to save
    • Develop a savings plan
      • Pay yourself first
    • Seek alternatives for the things you need
    • Put savings in liquid, interest-bearing account
    • Set aside a portion when you have extra money
      • Income Tax Refund
      • Bonus
    Money Saving Tips
  • 11.
    • www.mint.com – provides personal budgeting tools
    • www.bankrate.com – provide rates offered by lenders on everything from autos to retirement vehicles
    • www.fool.com – tips on investing
    • www.americasaves.org – tips on saving money
    • www.freecycle.org – allows you to give away and obtain items in your specific living area. No barter/swapping etc…you must give it away and the person who wants it, must pick it up
  • 12. Budgeting Activity
  • 13.
    • Common reasons budgets fail
      • We don’t set goals
      • We don’t budget on regular basis
      • We fail to face reality
        • You can’t manage what you don’t measure
      • We don’t account for unexpected expenses
    Spending ≠ Spending Plan
  • 14.
    • Peace of mind
    • Ability to weather unexpected expenses
    • Freedom to take advantage of opportunities
    • Ability to satisfy obligations
    Benefits of a Spending Plan Expenses: Fixed; Variable; Periodic Savings: Goals; “Life Happens” Income: Salary; Public benefits; Child Support/Alimony
  • 15.
    • Income: wage/salary; public benefits; child support/alimony
    • Gross income: Income before taxes and deductions. Your salary or hourly wage.
    • Net income: Commonly referred to as your “take home pay.” This is your income after federal, state, and local taxes, and any deductions, such as medical insurance or retirement savings.
  • 16. Expenses Fixed expense is a set amount of money that is to be paid at a regular time, usually on a monthly basis Flexible expense is one that you can change Periodic expense are those that are not paid on a regular monthly basis
  • 17.
    • Pay Yourself First
      • Before you pay a single bill or make a purchase, set aside something for yourself (emergencies, goals, etc.)
    • Automate Your Savings
      • If your employer offers direct deposit, consider splitting your pay check into checking and savings accounts. Otherwise, set up an automatic savings plan.
  • 18. The Beginnings of a Budget
      • Identify current income and spending habits by diligently tracking income and expenses
      • Decide how you want to spend your money so that you meet financial obligations and goals
      • Identify income increasing and expense cutting opportunities to achieve #2
      • Continue ‘tracking’ to measure progress
  • 19.
    • Bank statements
    • Receipts
    • Copies of bills
    • Credit card statements
    • Pay stubs
    Track—Where is your money going?
  • 20. Tracking Your Expenses Activity
  • 21. Directing Your Funds Income $2000 Housing $600 Transportation $360 Debt $200 Food $280 Household $140 Savings $200 Misc. $220 Total $2000
  • 22. Maximizing Your Spending Plan How do your expenses stack up against your income? Do you need to increase your income? Do you need to decrease your expenses? What changes are you willing to make to your spending plan?
  • 23. Achieving Financial Success
    • Set Goals
      • Take the S.M.A.R.T approach
    • Maximize Your Savings Plan
      • Explore ways to increase income and reduce expenses
    • Budget and Track Expenses
      • Account for every penny earned and spent
      • Is your budget working? Review your tracked expenses and align with your spending plan.
  • 24. Questions?