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Managing
my money
2
Managing my money
Actively managing my money
means regularly looking at
my income and tracking where
I'm spending it.
To manage money well, there are different options
that may better suit different money styles or
personal situations.
3
4
Managing my money
Managing money well can make a
big difference: feeling in control and
being able to plan ahead, instead of
always wondering where the
money went and having difficulty
between paydays.
A budget is one tool that can help to manage
money. It’s basically a spending plan.
It needs to be accurate, or it won’t work.
5
6
Building a budget
Here’s what we need:
• A record of day-to-day spending
• Regular expenses
• A list of annual costs
• Income
• Savings
To manage our money effectively, we add up
how much money is coming in (our income),
and how much is going out (our spending),
then work out the difference.
7
8
The result is either money
left over (a surplus) or not
enough money to cover
our spending (a deficit).
The aim is to get a surplus
so we have some money
left to save for our goals or
pay off debt more quickly.
9
With a surplus, we need to work out
how much we can save each payday.
This is called ‘paying yourself first’.
Spending less
than is coming in?
10
Spending more
than is coming in?
With a deficit, we need to
manage money to see where
our money is going.
We can also see if there are
areas where we can spend less
(or earn more).
11
When we have a surplus, we can:
• Use some of it to build an
emergency fund so you don’t need
to get into debt for unexpected
expenses
• Create saving goals.
If we find we have a deficit, we can
consider these options:
• Check for overspending
• Reduce high-cost debt first
• Find ways to increase your income.
After deciding how we want to manage our money
we need to track how it’s working in reality.
We can keep a spending diary or use an online tool
or smartphone app. We can then make
adjustments as needed.
12
It’s important to seek help whenever you need it.
The MoneyTalks helpline (0800 345 123) can help you
find local budgeting services and financial mentors.
13
Managing your money ppt.pptx

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Managing your money ppt.pptx

  • 2. 2 Managing my money Actively managing my money means regularly looking at my income and tracking where I'm spending it.
  • 3. To manage money well, there are different options that may better suit different money styles or personal situations. 3
  • 4. 4 Managing my money Managing money well can make a big difference: feeling in control and being able to plan ahead, instead of always wondering where the money went and having difficulty between paydays.
  • 5. A budget is one tool that can help to manage money. It’s basically a spending plan. It needs to be accurate, or it won’t work. 5
  • 6. 6 Building a budget Here’s what we need: • A record of day-to-day spending • Regular expenses • A list of annual costs • Income • Savings
  • 7. To manage our money effectively, we add up how much money is coming in (our income), and how much is going out (our spending), then work out the difference. 7
  • 8. 8 The result is either money left over (a surplus) or not enough money to cover our spending (a deficit). The aim is to get a surplus so we have some money left to save for our goals or pay off debt more quickly.
  • 9. 9 With a surplus, we need to work out how much we can save each payday. This is called ‘paying yourself first’. Spending less than is coming in?
  • 10. 10 Spending more than is coming in? With a deficit, we need to manage money to see where our money is going. We can also see if there are areas where we can spend less (or earn more).
  • 11. 11 When we have a surplus, we can: • Use some of it to build an emergency fund so you don’t need to get into debt for unexpected expenses • Create saving goals. If we find we have a deficit, we can consider these options: • Check for overspending • Reduce high-cost debt first • Find ways to increase your income.
  • 12. After deciding how we want to manage our money we need to track how it’s working in reality. We can keep a spending diary or use an online tool or smartphone app. We can then make adjustments as needed. 12
  • 13. It’s important to seek help whenever you need it. The MoneyTalks helpline (0800 345 123) can help you find local budgeting services and financial mentors. 13