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Taking control of your money
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 Budget
Just 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
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 Goals
Determine Income
Verify Expenses
Evaluate Results
Surplus
Deficit
Determine Options
“Whether you think you can, or that you can’t, you are usually
right.” Henry Ford – American industrialist (1863-1947)
