Holiday Budgeting

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Holiday Budgeting

  1. 1. Making money sensetips and ideas to help your family prosper<br />Holiday Budgeting<br />The average American spends $941 on the holiday season.<br />It is recommended to spend no more than 1.5% of your annual income on holiday spending.<br />
  2. 2. The General Budgeting Process<br />Set personal and financial GOALS<br />Identify current sources of INCOME<br />Assess your personal and financial situation (must-haves, wants and savings) based on your VALUES and LIFE SITUATION<br />Monitor current SPENDING patterns<br />Recommended websites; these sites will track this automatically for you<br />Mint.com<br />Wesabe.com<br />Source: www.practicalmoneyskills.com<br />
  3. 3. The General Budgeting Process Cont.<br />Identify FIXED and VARIABLE expenses based on projected income<br />Compare your BUDGETED amount to what was ACTUALLY spent for the month<br />Review financial progress and revise budgeted amounts<br />
  4. 4. Must-haves, wants & savings<br />Must-haves: things we must pay no matter what<br />This should equal 50% of your take-home pay<br />(i.e.: mortgage, utilities, auto loan, etc)<br />Wants: things that are not really needed, but help make life more enjoyable<br />This should be equal to 30% of your take-home pay<br />(i.e.: cable TV, satellite radio, entertainment, etc)<br />Savings: opportunity to save toward dreams and/or money put aside for future needs, emergencies and paying off debt<br />This should be 20% of your take-home pay<br />Source: www.thriventffc.com<br />
  5. 5. Holiday expenses <br />Budget worksheet<br />
  6. 6. Source: www.betterbudgeting.com<br />Total Budget<br />Total Cost<br />
  7. 7. Holiday gift list<br />Budget Worksheet<br />
  8. 8. Source: www.betterbudgeting.com<br />Total Budget<br />Total Cost<br />
  9. 9. For more information:<br />For more great financial tips and news follow us on Twitter and facebook!<br />http://twitter.com/MyProspera<br />http://facebook.com<br />920.882.4800<br />www.myprospera.com<br />For a full presentation on budgeting see our other presentation entitled “Budgeting.”<br />

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