Presentation on Money Management offering tips during COVID-19 and practical ways on how to manage money. Budget, Discipline and Goal Setting are key things pay attention to in money management.

1. “Penny Wise….”
Lowenfield and Terry-Ann Alleyne

2. What We Will Cover
Importance of Managing Finance
The “B” Word
Debt Management
Financial Goal Setting
COVID-19 Financial Tips

3. Introduction
Luke 16:11 (KJV)
If therefore ye have not been faithful in the unrighteous mammon, who
will commit to your trust the true riches?
unrighteous mammon = worldly wealth
How we handle money reveals our depth of
commitment to Christ

4. ACTIVITY # 1
Worksheet 1: Your Thoughts on Money

5. Importance of Managing Finance
Financial discipline is one of the major challenges facing adults
today
Most people are overwhelmed by finances
It turns out finances are 80% behavior, 20% knowledge

6. Importance of Managing Finance
• Control our Lifestyle
• Live on less than we make
• Have a plan
• Make money behave
• Have goals
• … and FOLLOWING THROUGH
Managing finance provides FREEDOM
and not restrictions

7. The “B” Word
Luke 14:28 (KJV)
For which of you, intending to build a tower, sitteth not down
first, and counteth the cost, whether he have sufficient to
finish it?
Develop a budget
Spend every dime on paper before
the money is received

8. The “B” Word
Track actual spending to compare against budget
As far as is possible spend within the budget
In reality, a budget is very liberating
• Gives a sense of direction
• Gives hope
• Makes your money behave!
• Instant Raise!

9. Debt Management
Debt is recommended for the purchasing of assets – for e.g.
house
Shop around for rates and terms
Don’t be afraid of credit
A credit card isn’t a bad thing

10. Financial Goal Setting
Specific. Set goals you can clearly name.
Measurable. Determine the amount of time and money it will take to
reach them.
Attainable and Achievable. Given your financial situation, the amount
to set aside needs to fit within your overall budget.
Realistic. You may need to be more practical about the goal
you have set.
Time bound. Set a specific
target date.

11. ACTIVITY
Worksheet 2: Goal Setting

12. Goal Setting Example
Goal #1: Emergency Fund (a sample)
Target Date Total Cost Amount Already Saved Amount to Save Each Month
(25 months
from today)
June 17, 2022
$150,000.00
3 months’ expenses
(up to 6 months’
expenses desirable)
$10,000.00 $150,000 – $10,000 = $140,000
$140,000 ÷ 25 months = $5,600per
month
Obstacles to overcome:
• other demands for current expenses
• other goals and priorities
• current spending habits
• limited amount of money coming in each month
• an emergency fund has not been a priority before
• defining what is an emergency
Step 1: Save all loose change for the emergency fund.
Step 2: Buy items on sale and put savings into emergency fund.
Step 3: Pack lunch at least twice each week and put savings in fund.
Step 4: Direct deposit $3,000/month into savings account.

13. COVID-19 Financial Tips
Assess financial situation
Spend on needs only
Moratorium on Loans
Debt Consolidation
Use a Meal Plan
Conserve (where possible)
Set expectations (with dependents)

14. Needs, Wants, and Cupcakes
Icing and decorations represent wants, the
extra items that make our lives interesting
and enjoyable.
The cake part of a cupcake represents our
needs. They must be present and
addressed before considering any icing or
decorations (wants).
When making spending decisions, consider if your needs are met before spending
on any of your wants. What you determine to be a need versus a want will
depend on your personal values, just like your preference for different types of
cupcakes.

15. Conclusion
Separate wants from needs (cup cake illustration)
Remember the ‘B’ word
Prioritize money management
Make money behave
Use debt wisely
Practice SMART goal setting