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Budgeting Deep Dive
- 1. B U D G E T I N G D E E P D I V E W I T H K AT E D O R E KATE DORE @CashvilleSky
- 5. MY STORY
- 6. FROM BURNT OUT AND BROKE TO FRUGAL AND FREE
- 7. IS YOUR FINANCIAL HOUSE IN ORDER? MINE WASN’T.
- 9. K E Y Q U E S T I O N S • How much do I earn? • How much do I spend? • What is my credit score? • How much debt • How does my debt do I have? compare to my income?
- 10. YOU NEED TO KNOW HOW MUCH IS COMING IN VS. HOW MUCH IS GOING OUT
- 11. NO ONE LIKES FACING THE NUMBERS, BUT YOU NEED TO KNOW EXACTLY WHERE YOU STAND.
- 12. BUDGET PARTY!
- 14. BANK STATEMENTS + SPREADSHEETS + WINE
- 15. BRUNCH & BUDGET
- 17. LOOK CLOSELY AT EXPENSES
- 18. ARE THERE MONEY LEAKS?
- 19. MONEY LEAKS YOU MAY NOT HAVE THOUGHT OF INSURANCE PREMIUMS MONTHLY SUBSCRIPTIONS RIDE SHARING FOOD DELIVERY BANK FEES CELL PHONE HEATING & COOLING
- 20. DID YOU KNOW NEARLY EVERY BILL IS NEGOTIABLE?
- 21. COMPANIES THAT WILL NEGOTIATE YOUR BILLS FOR YOU: • BILLFIXERS • BILLCUTTERZ BUT THEY DO CHARGE A FEE…
- 22. GOT A PROBLEM AREA?
- 23. SWITCH TO A 30-DAY CASH DIET FOR YOUR PROBLEM AREA(S)
- 26. MINT COST: FREE
- 27. YOU NEED A BUDGET (YNAB) COST: $50 PER YEAR
- 29. MVELOPES COST: FREE - $95 PER YEAR
- 30. TWO THINGS ARE CRITICAL: • 3-6 MONTH EMERGENCY FUND • KNOWING YOUR BARE BONES BUDGET
- 31. WHAT’S THE RIGHT AMOUNT FOR YOU?
- 32. Does your employer or union provide a loss of income protection plan like short or long-term disability insurance? How robust is your medical insurance plan? What is your level of fixed expenses and debt? You should still have an emergency fund of at least $1,000 if you’re dealing with debt. Does your family have additional sources of income? Do you have access to a home equity line of credit?
- 33. WHERE TO STASH YOUR EMERGENCY FUND: • CHECKING • SAVINGS • MONEY MARKET DEPOSIT • CERTIFICATE OF DEPOSIT
- 34. WHAT IS YOUR BARE BONES BUDGET?
- 35. WHAT MAKES A CREDIT SCORE?
- 36. WHAT MAKES A CREDIT SCORE? • 35% - Payment History • 30% - Total Debt & Utilization • 15% - Length of Credit History • 10% - Types of Credit in Use • 10% - New Credit
- 37. WHAT IS A GOOD CREDIT SCORE?
- 39. FICO SCORES
- 40. VANTAGESCORES
- 41. WHY DO CREDIT SCORES MATTER?
- 42. BEING APPROVED FOR CREDIT • Mortgages • Refinancing Student Loans • Credit Cards • Personal Loans • Car Loans
- 43. AFFORDABLE INTEREST RATES 30-year fixed rate mortgage for $240,000 840 - 850 score: 3.5% interest - $147,975 total 680 - 699 score: 4.375% interest - $191,382 THAT’S $43,407 EXTRA IN INTEREST!
- 45. • Your written request • Satisfying a federal court order or subpoena • Financial institution completing a credit application for a loan • Utility companies • Insurance underwriters
- 46. • Government agencies for certain licenses or government benefits • Landlords • Potential Investors • Current creditors for collections efforts • Child support enforcement • Prospective employers (only with your written consent)
- 47. Yup, 47% of employers conduct credit checks!
- 48. WHERE CAN YOU GET YOUR CREDIT SCORE?
- 49. ANNUALCREDITREPORT.COM • Free, once per year • Raw credit scores from Experian, TransUnion, Equifax
- 50. WHY MONITOR YOUR CREDIT REPORT? 1 in 4 people have an error in one of their credit reports. 1 in 20 people have a SERIOUS error in one of their credit reports.
- 51. WHERE TO MONITOR FOR FREE Credit Karma - Experian & TransUnion Quizzle - Equinox Credit Sesame - TransUnion These aren’t FICO scores, but some banks are starting to offer those for free, as well.
- 52. TACKLING DEBT
- 53. WHAT IS YOUR DEBT-TO-INCOME RATIO? GROSS MONTHLY INCOME / TOTAL DEBT
- 55. 40 - 50% DEBT TO INCOME IS RISKY 50% OR MORE DEBT-TO-INCOME CAN BE DANGEROUS
- 56. A STRONG CREDIT SCORE & LOWER DEBT-TO-INCOME RATIO EQUALS MORE OPTIONS • BALANCE TRANSFER CREDIT CARDS • LOW-INTEREST PERSONAL LOANS
- 57. BUDGETING, YOUR CREDIT SCORE, AND DEBT PAYOFF ARE TOOLS
- 58. THESE TOOLS MAKE ROOM FOR THE MOST IMPORTANT QUESTION: HOW MUCH IS AN HOUR OF YOUR LIFE WORTH?