Taking control of your money
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Taking control of your money



Presentation on the keys to budgeting.

Presentation on the keys to budgeting.



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Taking control of your money Presentation Transcript

  • 1. Making ends meet in hard times Taking Control of Your Money By: Daniel Sanchez Workshop Presenter 928-329-0990 Ext. 114 Dsanchez@ypic.com
  • 2. What is a Budget? Have you ever planned to spend money you didn’t have? (food, clothes, games, bills) A budget is a plan for your money The key is to have a recorded plan
  • 3. Six Keys to Master Your Finances  Set Goals  Determine Expenses  Determine Income  Record everything  Use your budget  Take Action
  • 4.  Types of Goals  Short-term  Achieved in 3 years  Mid-term  Achieved in 3 to 5 years  Long-term  Achieved in over 5 years Obstacles are those frightful things you see when you take your eyes off the goal. Henry Ford
  • 5. Determine Expenses Fixed – Amount is the same from month to month Variable – Amount changes from month to month Annual/Periodical – usually occurs once a year
  • 6. KEY 3 – Determine Income Gross Income  Before any deductions Net income  After all taxes, insurance, and deductions are out. Other income  tips, rents, family help, retirement, assistance from State or Federal Agencies, or the occasional odd job (Completed or to be Completed within the month).
  • 7. Record Everything Piece of paper Calendar Checkbook Spreadsheet Word Phone app other
  • 8. Use you BudgetJust simple math. Income - fixed expenses - variable expenses – annual expenses Surplus or Deficient of income
  • 9. Take Action Deficit? Do not Panic! There are always options….. Evaluate spending – Want or Need Contact Creditors Look at taxes Find way to get more money
  • 10. Take Action continued… Surplus? Reach goals Save Pay Off Debt Etc.
  • 11.  Set yourself up for success - Set your goals Be prepared to act – evaluate your income verses expenses Step outside your comfort zone and use your budget!!!
  • 12. Set GoalsDetermine IncomeVerify ExpensesEvaluate Results  Surplus  DeficitDetermine Options “Whether you think you can, or that you can’t, you are usually right.” Henry Ford – American industrialist (1863-1947)