2. The Choice is YOURS!
No matter how you have managed money in the past,
new habits start now!
• Organize yourself
• Review your current situation
• Set Financial Goals
• Create a Budget
• Understand checking, savings
and credit accounts
• Create a Financial plan for
you!
3. Learn how to manage your money
by learning about yourself.
How do you think about money?
• What is the difference between
your “NEEDS” and your “WANTS”?
• What are the feelings behind your
purchases?
• What is your family’s attitude
about money?
• Do you know where your money
goes?
4. STEP 1: Organize Yourself
• Designate a place where you will conduct all your
personal financial business
• Have the right home office tools-
(such as a file cabinet to hold records and a shredder)
• Monitor your accounts daily
(this helps you track your purchases and see quickly if you have
been a victim of Identity Theft)
• Create a personal finance directory
(This should list all your account information- this can come in
handy if you lose your wallet, forget your password or are not
able to do things on your own)
5. STEP 2: Review your finances
Think about the money you have and where it goes.
What do you have?
• What is your expected monthly income?
• What is your actual monthly income?
Know where your money goes.
• List your expenses and debts
• Track your spending for one month by
saving your receipts and then review.
Are you surprised at where your money
went?
6. Most of us are so focused on today that we do not prepare for
tomorrow. Tomorrow is not going to wait for you to be ready.
STEP 3: Settingdo you get there?
What are your dreams and how
a Goal
• There are 3 goal types:
• Short-term: you can achieve in less than one year
• Mid-term: you can achieve in 2-5 years
• Long-term: you can achieve in 5 or more years
7. • Once you have listed your goals, prioritize them.
“Which goal do you want to meet first?”
“What’s most important to you?”
• Meeting your goal is easier if your goal is specific
“ I want to buy a laptop for $800 in 6 months.”
Take the amount needed and divide by the time frame and
you know you have to save $133.33 every month to meet
this goal.
8. A solid plan requires that your review and make changes
to your current spending.
STEP 4: Manage your money
Plug Spending Leaks:
• Create rules regarding how you will spend
money
• Avoid in the moment spending by adopting a
“No, not now.” rule
Avoid Money Traps:
• Check-cashing stores
• Payday Lenders
• Credit Card Debt
• Credit Repair companies
• Pawnshops and car title loans
• Gambling , drugs and alcohol
9. Be prepared to handle your
money wisely.
• Consider a bank that insures its
deposits through the federal
government (FDIC or NCUA)
• Use Direct Deposit
• Track your ATM, check or debit card
use
• Review your monthly bank
statement
10. STEP 5: Build a BUDGET
1. List and total your monthly income
2. List and total your monthly expenses
3. Subtract your expenses from your
income
4. Identify where you want to make
changes
5. Don’t forget your goals, paying
something to yourself and savings.
11. Savings help you be prepared for the unexpected!
STEP 6: Invest in your future
Save, protect, and invest your money…it will
affect your financial future.
• Having two accounts is wise- one for your
immediate goals and one for
emergencies.
• Using savings is better than getting a loan
or using a credit card.
• Invest and make your money work for
you.
Goals! Emergencies! Invest!
12. Where can you get help?
1. Financial aid, scholarships, loans, grants, tuition
reimbursement or training programs:
• Check with your school, employer and community organizations.
Many offer help to fund education goals.
2. Taxes:
• Each year when you file your taxes make sure you ask for the
educational credits available to you. This may increase your
refund.
3. Benefits and Discounts:
• Many local businesses offer discounts on purchases to students.
• Examples are CARTA and Zaxby’s. It never hurts to ask!
13. More help…
www.balancepro.net
www.scfederal.org
click on “Plan and Learn”
www.managingmymoney.com
www.balancetrack.org/moneymanagement/index
www.daveramsey.com
