This document provides information on developing and following a personal financial management plan. It discusses tracking expenses, setting family goals, creating a spending plan, prioritizing debt repayment, saving money, and adjusting the plan over time. The key steps are to monitor spending, establish goals as a family, develop a budget that balances income and expenses, and regularly review and adjust the plan.
This document discusses the financial benefits of obtaining a bachelor's degree compared to an associate's degree or high school diploma. It notes that over a lifetime, individuals with a bachelor's earn between $1-3 million more. However, graduation rates are low, especially for community colleges in Chicago which average only 10%. The document encourages parents to consider graduation rates and costs when choosing a college for their child to maximize the likelihood they earn a degree. It emphasizes the importance of parental support for student success.
Inbound Federation and Zero Sign On (ZSO) by Ranjan Jain at Ping Identity Wor...Ranjan Jain
These slides were presented by Ranjan Jain, Enterprise IT Architect at Cisco Systems during the Ping Identity WorldWide User Group meet at Napa on July 7th 2013. Ranjan talked about what Inbound Federation and Zero Sign On means to enterprises like Cisco and how Cisco and Ping Identity have joined hands together to solve this problem by building cloud connector to tackle it.
This document discusses self-reflection and personality traits. It defines self-reflection as humans exercising inner thought to learn about their nature, purpose, and essence. Self-reflection can be reflection-on-action, reflection-in-action, or critical self-reflection. Reflection-on-action involves analyzing past experiences, while reflection-in-action occurs in the moment. Critical self-reflection uses provocative questions to challenge understanding of oneself. The document also discusses five personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.
White Paper: Saml as an SSO Standard for Customer Identity ManagementGigya
SAML (Security Assertion Markup Language) is an XML standard that allows secure websites and services to exchange user authentication and authorization data to enable single sign-on (SSO). It structures user identity data to create a rich user profile that can be shared across affiliated systems. While complex to implement, SAML provides a secure standard for user authentication and authorization, especially for enterprises and consumer-facing businesses. The document discusses how SAML works, provides examples of its use cases, and considerations for whether it is suitable for a given organization's identity management needs.
Concept of self reflection and peer evaluationAthira RL
This document discusses self-reflection and peer evaluation in education. Self-reflection is introspection where students examine their own values, viewpoints, communication styles, and experiences. Peer evaluation involves students providing feedback on each other's work and contributions. Some advantages are that it encourages student involvement, responsibility, and judgment skills. However, it also increases the lecturer's workload and students may feel unequipped to do evaluations.
IdP, SAML, OAuth are new acronyms for identity in the cloud. SAML is used for federated authentication between an identity provider (IdP) like Active Directory and a service provider (SP) like Office 365. The IdP authenticates the user and sends a SAML token with claims to the SP. OAuth streamlines authentication for mobile by issuing short-lived access tokens instead of passing full credentials or SAML assertions between each service. It allows authorization without passwords and tokens can be revoked, reducing risks of compromised apps. Office 365 uses Azure Active Directory as an IdP with SAML or OAuth to authenticate users from an on-premises Active Directory via federation or synchronization.
This document provides an introduction to Security Assertion Markup Language (SAML) 2.0, including:
- SAML is an XML-based standard for exchanging authentication and authorization data between parties like an identity provider and service provider.
- It defines roles like identity providers, service providers, and users.
- SAML supports single sign-on, attribute sharing, identity federation, and other use cases through protocols, bindings, and profiles.
- Liferay supports acting as an identity provider or service provider using SAML through an enterprise edition plugin, allowing configuration as an IdP or SP through properties and metadata files.
- The presentation demonstrates SAML single sign-on flows and configurations using examples
This self-paced course is designed to provide you with a basic understanding of personal financial management to help you meet life's challenges and opportunities in college and in life. Major topics covered include: financial planning; budgeting; information on the various sources of financial aid; credit use; standards of progress for financial aid eligibility; affording the loan debt that you have borrowed; using your maximum credit wisely; and retirement planning. Students will be provided with information that will enhance their knowledge and skills to assist them with making more informed decisions that are related to various practices as they pursue their education at Madison College.
This document discusses the financial benefits of obtaining a bachelor's degree compared to an associate's degree or high school diploma. It notes that over a lifetime, individuals with a bachelor's earn between $1-3 million more. However, graduation rates are low, especially for community colleges in Chicago which average only 10%. The document encourages parents to consider graduation rates and costs when choosing a college for their child to maximize the likelihood they earn a degree. It emphasizes the importance of parental support for student success.
Inbound Federation and Zero Sign On (ZSO) by Ranjan Jain at Ping Identity Wor...Ranjan Jain
These slides were presented by Ranjan Jain, Enterprise IT Architect at Cisco Systems during the Ping Identity WorldWide User Group meet at Napa on July 7th 2013. Ranjan talked about what Inbound Federation and Zero Sign On means to enterprises like Cisco and how Cisco and Ping Identity have joined hands together to solve this problem by building cloud connector to tackle it.
This document discusses self-reflection and personality traits. It defines self-reflection as humans exercising inner thought to learn about their nature, purpose, and essence. Self-reflection can be reflection-on-action, reflection-in-action, or critical self-reflection. Reflection-on-action involves analyzing past experiences, while reflection-in-action occurs in the moment. Critical self-reflection uses provocative questions to challenge understanding of oneself. The document also discusses five personality traits: openness, conscientiousness, extraversion, agreeableness, and neuroticism.
White Paper: Saml as an SSO Standard for Customer Identity ManagementGigya
SAML (Security Assertion Markup Language) is an XML standard that allows secure websites and services to exchange user authentication and authorization data to enable single sign-on (SSO). It structures user identity data to create a rich user profile that can be shared across affiliated systems. While complex to implement, SAML provides a secure standard for user authentication and authorization, especially for enterprises and consumer-facing businesses. The document discusses how SAML works, provides examples of its use cases, and considerations for whether it is suitable for a given organization's identity management needs.
Concept of self reflection and peer evaluationAthira RL
This document discusses self-reflection and peer evaluation in education. Self-reflection is introspection where students examine their own values, viewpoints, communication styles, and experiences. Peer evaluation involves students providing feedback on each other's work and contributions. Some advantages are that it encourages student involvement, responsibility, and judgment skills. However, it also increases the lecturer's workload and students may feel unequipped to do evaluations.
IdP, SAML, OAuth are new acronyms for identity in the cloud. SAML is used for federated authentication between an identity provider (IdP) like Active Directory and a service provider (SP) like Office 365. The IdP authenticates the user and sends a SAML token with claims to the SP. OAuth streamlines authentication for mobile by issuing short-lived access tokens instead of passing full credentials or SAML assertions between each service. It allows authorization without passwords and tokens can be revoked, reducing risks of compromised apps. Office 365 uses Azure Active Directory as an IdP with SAML or OAuth to authenticate users from an on-premises Active Directory via federation or synchronization.
This document provides an introduction to Security Assertion Markup Language (SAML) 2.0, including:
- SAML is an XML-based standard for exchanging authentication and authorization data between parties like an identity provider and service provider.
- It defines roles like identity providers, service providers, and users.
- SAML supports single sign-on, attribute sharing, identity federation, and other use cases through protocols, bindings, and profiles.
- Liferay supports acting as an identity provider or service provider using SAML through an enterprise edition plugin, allowing configuration as an IdP or SP through properties and metadata files.
- The presentation demonstrates SAML single sign-on flows and configurations using examples
This self-paced course is designed to provide you with a basic understanding of personal financial management to help you meet life's challenges and opportunities in college and in life. Major topics covered include: financial planning; budgeting; information on the various sources of financial aid; credit use; standards of progress for financial aid eligibility; affording the loan debt that you have borrowed; using your maximum credit wisely; and retirement planning. Students will be provided with information that will enhance their knowledge and skills to assist them with making more informed decisions that are related to various practices as they pursue their education at Madison College.
The document provides information to help prepare potential homebuyers for the process of purchasing a home. It discusses what homeownership entails, the importance of budgeting and saving for a down payment and closing costs, how to qualify for a loan by maintaining good credit and debt-to-income ratios, the different types of mortgage loans and programs available, and the steps involved in the home buying and closing process. The overall message is that preparation, budgeting, and financial readiness are key to navigating the process of purchasing one's first home.
Overview of college costs, aid and trends for private and out-of-state colleges. Discussion of saving towards college using 529 plans and other choices.
As we save for college, what if something unexpected were to happen to us. What if you were diagnosed with a critical, chornic, or terminal illness? What if death were to occur, would you be able to continue saving for you childs education?
This document provides information about a webinar on student loans and service members presented by the Consumer Financial Protection Bureau. The webinar covered topics like choosing a college, types of financial aid including the GI Bill, tips for repaying student debt, and special benefits for service members. It emphasized researching options thoroughly before taking on loans and highlighted available resources from the CFPB and Department of Veterans Affairs. The webinar aimed to help service members and their families make informed choices about paying for education.
The document provides advice on financial empowerment and things women should know about managing their money. It discusses that women on average leave the workforce for longer periods than men, are paid less, and have less savings and retirement funds. It then offers tips in 3 sentences or less on saving money, investing for retirement, maintaining good credit, managing debt, choosing insurance and financial advisors, and creating a financial plan.
The document provides information on credit and money management. It discusses understanding credit reports and credit scores, different types of credit cards and fees, calculating debt-to-income ratios, establishing good credit, and repairing credit. Tips are provided such as paying bills on time, keeping credit card balances low, and ordering free annual credit reports to monitor your financial health and credit standing.
This document provides an overview of a financial well-being workshop for students. It defines important financial terms, explains concepts like budgets, loans, grants and scholarships. It also discusses building credit and maintaining financial well-being. The workshop aims to help students develop skills to manage their finances and avoid unnecessary debt while in college and beyond.
This document provides five steps to becoming debt-free: 1) Learn your current financial situation by reviewing credit reports and understanding your credit score. 2) Create a realistic budget that allocates at least 10% of income to debt payments. 3) Talk to lenders about lowering interest rates or refinancing loans. 4) Look for ways to reduce discretionary spending through small lifestyle changes. 5) Prioritize paying off debts from most to least valuable assets, focusing on high-interest debts first. The overall goal is to eliminate debt payments and interest expenses to free up cash flow.
Rentry students 10 sound money management principles ppt.pptetebarkhmichale
MU/CBE/ACFN BANKING PRICIPLES AND PRACTICES Page 5
CHAPTER ONE
AN OVERVIEW OF BANKS AND THEIR FUNCTIONS
1.1 Introduction:
Modern commercial banking, in its present form, is of recent origin. Though bank is
considered to be an ancient institution just like money. Its evolution can be traced in
the functions of money lender, the goldsmiths and the merchants.
A bank has been often described as an institution engaged in accepting of deposits and
granting loans. It can also be described as an institution which borrows idle resources,
makes funds available to. It does not refer only to a place of lending and depositing money,
but looks after the financial problems of its consumers. In simple words, banking can be defined
as the business activity of accepting and safeguarding money owned by other individual and
entities, and then lending out this money in order to earn a profit.
This era is the age of specialization with the changing situation in the world
economy, banking functions have broadened.
Financial institutions which are shaped by the general economic structures of the country
concerned vary from one country to another. Banks are among the most important financial
institutions in the economy and are the principle sources of credit.
1.2 . Meaning of Banking
Here are a few of definitions given by well known scholars:
Bank is a manufacturer of credit and machine for facilitating exchanges.
A bank is a person or corporation which holds itself out to receive from the public
deposits and payable of demand by cheque.
Banks are institutions whose debts usually referred to as ‘Bank Deposits’ are
commonly accepted in final settlement of other people debts.
A bank is an establishment which makes to individuals such advances of money as
may be required and safely made and to which individuals entrust money when not
needed by them for use.
MU/CBE/ACFN BANKING PRICIPLES AND PRACTICES Page 5
CHAPTER ONE
AN OVERVIEW OF BANKS AND THEIR FUNCTIONS
1.1 Introduction:
Modern commercial banking, in its present form, is of recent origin. Though bank is
considered to be an ancient institution just like money. Its evolution can be traced in
the functions of money lender, the goldsmiths and the merchants.
A bank has been often described as an institution engaged in accepting of deposits and
granting loans. It can also be described as an institution which borrows idle resources,
makes funds available to. It does not refer only to a place of lending and depositing money,
but looks after the financial problems of its consumers. In simple words, banking can be defined
as the business activity of accepting and safeguarding money owned by other individual and
entities, and then lending out this money in order to earn a profit.
This era is the age of specialization with the changing situation in the world
economy, banking functions have broadened.
Financial institutions which are shaped by the general economic structures of the country
concerned vary from one count.
Rentry students 10 sound $ mgt principles.pptetebarkhmichale
Modern commercial banking, in its present form, is of recent origin. Though bank is
considered to be an ancient institution just like money. Its evolution can be traced in
the functions of money lender, the goldsmiths and the merchants.
A bank has been often described as an institution engaged in accepting of deposits and
granting loans. It can also be described as an institution which borrows idle resources,
makes funds available to. It does not refer only to a place of lending and depositing money,
but looks after the financial problems of its consumers. In simple words, banking can be defined
as the business activity of accepting and safeguarding money owned by other individual and
entities, and then lending out this money in order to earn a profit.
This era is the age of specialization with the changing situation in the world
economy, banking functions have broadened.
Financial institutions which are shaped by the general economic structures of the country
concerned vary from one country to another. Banks are among the most important financial
institutions in the economy and are the principle sources of credit.
1.2 . Meaning of Banking
Here are a few of definitions given by well known scholars:
Bank is a manufacturer of credit and machine for facilitating exchanges.
A bank is a person or corporation which holds itself out to receive from the public
deposits and payable of demand by cheque.
Banks are institutions whose debts usually referred to as ‘Bank Deposits’ are
commonly accepted in final settlement of other people debts.
A bank is an establishment which makes to individuals such advances of money as
may be required and safely made and to which individuals entrust money when not
needed by them for use.
MU/CBE/ACFN BANKING PRICIPLES AND PRACTICES Page 6
All the above definitions are reflect the purpose of banks and function of banks that given by
different scholars; however a single definition is needed to understand the corporate image of
different banks in one definition; so that the definition provided below is concretely elaborate,
what banking does it mean?
In simple words, banking can be defined as the business activity of accepting and safeguarding
money owned by other individual and entities, and then lending out this money in order to earn a
profit
Banking is defined as the accepting, for the purpose of lending, or investment of deposits, money
from the public, repayable on demand or otherwise and withdraw able by cheque, draft, or order.
On the other hand a bank is a financial institution which deals with deposits and advances and
other related services. It receives money from those who want to save in the form of deposits and
it lends money to those who need it. It bridges the gap between the savers and borrowers. The
provision of deposit and loan products normally distinguishes banks from other types of financial
firms. Deposit products pay out money on demand or after some notice. Deposits are liabilities
for banks.
Vuefolio Seminar for Dare 2B Digital Conference (Feb 28, 2015)Vuefolio
This is a copy of the presentation given by Vuefolio at the Dare 2B Digital Conference at the Oracle Conference Center in Redwood Shores on Feb 28, 2015. The focus of the talk was on college costs, financial aid and saving and paying for college.
This informative and entertaining seminar will show you how to take control of your finances by learning to budget your paycheck - before you spend it.
This document provides information about paying for college, types of financial aid, the financial aid process, managing credit cards, credit reports and scores, budgeting, and benefits programs. It discusses the average costs of attending public and private colleges, the types of financial aid including loans, grants, scholarships, and work study. It also outlines the eligibility requirements for federal aid and the steps to complete the FAFSA form. The document provides tips for managing credit cards, understanding credit reports and credit scores, calculating net worth, creating a budget, budget tips, and information on benefits programs in Texas.
This document discusses strategies for successful education planning. It outlines typical college costs and savings needs, finding that the average costs are $18,000-$35,000 per year depending on school type. It emphasizes starting a savings plan early and exploring options like 529 savings plans, which provide tax benefits but have some limitations. The document warns against overestimating financial aid and notes that student loan debt can hinder graduates' ability to save for retirement or purchase a home. Overall it stresses developing a sound savings strategy to avoid debt and take advantage of all options for funding higher education costs.
The document provides information on setting financial goals and maintaining good financial habits such as organizing financial records, monitoring debt-to-income ratios, understanding credit reports and credit scores, and repairing credit. It emphasizes the importance of writing down goals, tracking spending, paying bills on time, and disputing any incorrect information on credit reports to achieve financial stability and qualify for loans and credit cards.
College loans no cosigner helps to provide the financial aid to the person finding hard to continue the higher degree because of monetary shortage issues.
This document provides information about college finances and financial aid. It discusses the four main sources of financial aid as federal, state, and college aid as well as private companies. It also outlines the four main ways to fund education through grants and scholarships, work study, and loans. The document then provides details on specific federal and state grants and loans programs. It gives tips for applying for financial aid, understanding dependency status, borrowing responsibly, budgeting, using credit, and resources for additional help.
This document provides guidance on developing bylaws for nonprofit and public boards. It discusses key elements to include such as the board's size, selection process, terms and voting procedures. For public boards, bylaws are not required but are recommended to establish standard operating rules. The document outlines relevant Wyoming statutes and differences between nonprofit and public boards. It emphasizes that bylaws should reflect the organization's mission and define duties, authority limits and standard procedures.
The document provides information to help prepare potential homebuyers for the process of purchasing a home. It discusses what homeownership entails, the importance of budgeting and saving for a down payment and closing costs, how to qualify for a loan by maintaining good credit and debt-to-income ratios, the different types of mortgage loans and programs available, and the steps involved in the home buying and closing process. The overall message is that preparation, budgeting, and financial readiness are key to navigating the process of purchasing one's first home.
Overview of college costs, aid and trends for private and out-of-state colleges. Discussion of saving towards college using 529 plans and other choices.
As we save for college, what if something unexpected were to happen to us. What if you were diagnosed with a critical, chornic, or terminal illness? What if death were to occur, would you be able to continue saving for you childs education?
This document provides information about a webinar on student loans and service members presented by the Consumer Financial Protection Bureau. The webinar covered topics like choosing a college, types of financial aid including the GI Bill, tips for repaying student debt, and special benefits for service members. It emphasized researching options thoroughly before taking on loans and highlighted available resources from the CFPB and Department of Veterans Affairs. The webinar aimed to help service members and their families make informed choices about paying for education.
The document provides advice on financial empowerment and things women should know about managing their money. It discusses that women on average leave the workforce for longer periods than men, are paid less, and have less savings and retirement funds. It then offers tips in 3 sentences or less on saving money, investing for retirement, maintaining good credit, managing debt, choosing insurance and financial advisors, and creating a financial plan.
The document provides information on credit and money management. It discusses understanding credit reports and credit scores, different types of credit cards and fees, calculating debt-to-income ratios, establishing good credit, and repairing credit. Tips are provided such as paying bills on time, keeping credit card balances low, and ordering free annual credit reports to monitor your financial health and credit standing.
This document provides an overview of a financial well-being workshop for students. It defines important financial terms, explains concepts like budgets, loans, grants and scholarships. It also discusses building credit and maintaining financial well-being. The workshop aims to help students develop skills to manage their finances and avoid unnecessary debt while in college and beyond.
This document provides five steps to becoming debt-free: 1) Learn your current financial situation by reviewing credit reports and understanding your credit score. 2) Create a realistic budget that allocates at least 10% of income to debt payments. 3) Talk to lenders about lowering interest rates or refinancing loans. 4) Look for ways to reduce discretionary spending through small lifestyle changes. 5) Prioritize paying off debts from most to least valuable assets, focusing on high-interest debts first. The overall goal is to eliminate debt payments and interest expenses to free up cash flow.
Rentry students 10 sound money management principles ppt.pptetebarkhmichale
MU/CBE/ACFN BANKING PRICIPLES AND PRACTICES Page 5
CHAPTER ONE
AN OVERVIEW OF BANKS AND THEIR FUNCTIONS
1.1 Introduction:
Modern commercial banking, in its present form, is of recent origin. Though bank is
considered to be an ancient institution just like money. Its evolution can be traced in
the functions of money lender, the goldsmiths and the merchants.
A bank has been often described as an institution engaged in accepting of deposits and
granting loans. It can also be described as an institution which borrows idle resources,
makes funds available to. It does not refer only to a place of lending and depositing money,
but looks after the financial problems of its consumers. In simple words, banking can be defined
as the business activity of accepting and safeguarding money owned by other individual and
entities, and then lending out this money in order to earn a profit.
This era is the age of specialization with the changing situation in the world
economy, banking functions have broadened.
Financial institutions which are shaped by the general economic structures of the country
concerned vary from one country to another. Banks are among the most important financial
institutions in the economy and are the principle sources of credit.
1.2 . Meaning of Banking
Here are a few of definitions given by well known scholars:
Bank is a manufacturer of credit and machine for facilitating exchanges.
A bank is a person or corporation which holds itself out to receive from the public
deposits and payable of demand by cheque.
Banks are institutions whose debts usually referred to as ‘Bank Deposits’ are
commonly accepted in final settlement of other people debts.
A bank is an establishment which makes to individuals such advances of money as
may be required and safely made and to which individuals entrust money when not
needed by them for use.
MU/CBE/ACFN BANKING PRICIPLES AND PRACTICES Page 5
CHAPTER ONE
AN OVERVIEW OF BANKS AND THEIR FUNCTIONS
1.1 Introduction:
Modern commercial banking, in its present form, is of recent origin. Though bank is
considered to be an ancient institution just like money. Its evolution can be traced in
the functions of money lender, the goldsmiths and the merchants.
A bank has been often described as an institution engaged in accepting of deposits and
granting loans. It can also be described as an institution which borrows idle resources,
makes funds available to. It does not refer only to a place of lending and depositing money,
but looks after the financial problems of its consumers. In simple words, banking can be defined
as the business activity of accepting and safeguarding money owned by other individual and
entities, and then lending out this money in order to earn a profit.
This era is the age of specialization with the changing situation in the world
economy, banking functions have broadened.
Financial institutions which are shaped by the general economic structures of the country
concerned vary from one count.
Rentry students 10 sound $ mgt principles.pptetebarkhmichale
Modern commercial banking, in its present form, is of recent origin. Though bank is
considered to be an ancient institution just like money. Its evolution can be traced in
the functions of money lender, the goldsmiths and the merchants.
A bank has been often described as an institution engaged in accepting of deposits and
granting loans. It can also be described as an institution which borrows idle resources,
makes funds available to. It does not refer only to a place of lending and depositing money,
but looks after the financial problems of its consumers. In simple words, banking can be defined
as the business activity of accepting and safeguarding money owned by other individual and
entities, and then lending out this money in order to earn a profit.
This era is the age of specialization with the changing situation in the world
economy, banking functions have broadened.
Financial institutions which are shaped by the general economic structures of the country
concerned vary from one country to another. Banks are among the most important financial
institutions in the economy and are the principle sources of credit.
1.2 . Meaning of Banking
Here are a few of definitions given by well known scholars:
Bank is a manufacturer of credit and machine for facilitating exchanges.
A bank is a person or corporation which holds itself out to receive from the public
deposits and payable of demand by cheque.
Banks are institutions whose debts usually referred to as ‘Bank Deposits’ are
commonly accepted in final settlement of other people debts.
A bank is an establishment which makes to individuals such advances of money as
may be required and safely made and to which individuals entrust money when not
needed by them for use.
MU/CBE/ACFN BANKING PRICIPLES AND PRACTICES Page 6
All the above definitions are reflect the purpose of banks and function of banks that given by
different scholars; however a single definition is needed to understand the corporate image of
different banks in one definition; so that the definition provided below is concretely elaborate,
what banking does it mean?
In simple words, banking can be defined as the business activity of accepting and safeguarding
money owned by other individual and entities, and then lending out this money in order to earn a
profit
Banking is defined as the accepting, for the purpose of lending, or investment of deposits, money
from the public, repayable on demand or otherwise and withdraw able by cheque, draft, or order.
On the other hand a bank is a financial institution which deals with deposits and advances and
other related services. It receives money from those who want to save in the form of deposits and
it lends money to those who need it. It bridges the gap between the savers and borrowers. The
provision of deposit and loan products normally distinguishes banks from other types of financial
firms. Deposit products pay out money on demand or after some notice. Deposits are liabilities
for banks.
Vuefolio Seminar for Dare 2B Digital Conference (Feb 28, 2015)Vuefolio
This is a copy of the presentation given by Vuefolio at the Dare 2B Digital Conference at the Oracle Conference Center in Redwood Shores on Feb 28, 2015. The focus of the talk was on college costs, financial aid and saving and paying for college.
This informative and entertaining seminar will show you how to take control of your finances by learning to budget your paycheck - before you spend it.
This document provides information about paying for college, types of financial aid, the financial aid process, managing credit cards, credit reports and scores, budgeting, and benefits programs. It discusses the average costs of attending public and private colleges, the types of financial aid including loans, grants, scholarships, and work study. It also outlines the eligibility requirements for federal aid and the steps to complete the FAFSA form. The document provides tips for managing credit cards, understanding credit reports and credit scores, calculating net worth, creating a budget, budget tips, and information on benefits programs in Texas.
This document discusses strategies for successful education planning. It outlines typical college costs and savings needs, finding that the average costs are $18,000-$35,000 per year depending on school type. It emphasizes starting a savings plan early and exploring options like 529 savings plans, which provide tax benefits but have some limitations. The document warns against overestimating financial aid and notes that student loan debt can hinder graduates' ability to save for retirement or purchase a home. Overall it stresses developing a sound savings strategy to avoid debt and take advantage of all options for funding higher education costs.
The document provides information on setting financial goals and maintaining good financial habits such as organizing financial records, monitoring debt-to-income ratios, understanding credit reports and credit scores, and repairing credit. It emphasizes the importance of writing down goals, tracking spending, paying bills on time, and disputing any incorrect information on credit reports to achieve financial stability and qualify for loans and credit cards.
College loans no cosigner helps to provide the financial aid to the person finding hard to continue the higher degree because of monetary shortage issues.
This document provides information about college finances and financial aid. It discusses the four main sources of financial aid as federal, state, and college aid as well as private companies. It also outlines the four main ways to fund education through grants and scholarships, work study, and loans. The document then provides details on specific federal and state grants and loans programs. It gives tips for applying for financial aid, understanding dependency status, borrowing responsibly, budgeting, using credit, and resources for additional help.
This document provides guidance on developing bylaws for nonprofit and public boards. It discusses key elements to include such as the board's size, selection process, terms and voting procedures. For public boards, bylaws are not required but are recommended to establish standard operating rules. The document outlines relevant Wyoming statutes and differences between nonprofit and public boards. It emphasizes that bylaws should reflect the organization's mission and define duties, authority limits and standard procedures.
This document discusses financial issues in later life. It begins by listing references on topics like retirement planning strategies, creating retirement income, and managing retirement savings. It then discusses the importance of financial resilience to withstand life events. Some common financial challenges in later life like unemployment, health issues, death of a spouse, and investment losses are outlined. Strategies to increase financial resilience such as maintaining emergency savings, keeping skills sharp, and practicing healthy habits are provided. The document also discusses catch-up retirement planning strategies for those who got a late start on saving. Creating a regular "retirement paycheck" through withdrawal strategies, annuities, reverse mortgages or continued part-time work is presented as a way to manage finances in
Will you go over budget this holiday season? How will you know? Learn how to budget for periodic expenses. Learn how to track spending so you know how much you have to spend.
The proper methods and considerations involved in passing on personal items are often missed in estate planning. Who will get Dad's pipe or Mom's china set? Some guidelines to assist in passing personal property in Wyoming.
After a person passes away, their family, attorney, and personal representative have many legal steps to complete to close out the deceased's affairs. This can take months or years depending on the complexity of the estate. The personal representative must navigate federal and state laws to complete tasks like reporting the death, locating important documents, canceling subscriptions, protecting assets, paying debts and benefits, filing probate documents, settling with creditors, and filing a final report to close out the estate. Completing all of these steps properly is required by law.
This document provides an introduction to estate planning. It discusses key estate planning tools like wills, durable powers of attorney, healthcare directives, trusts, and beneficiary designations. The document outlines how property is transferred when a person dies with or without a will, and explains important legal requirements for wills in Wyoming. It also summarizes procedures for probate, appointing guardians, and distributing remains. The document aims to explain major considerations and options for estate planning.
This document provides guidance for parents on helping their children find summer jobs and earn money through chores. It recommends websites for finding summer job opportunities, developing a resume and reference list, and preparing for interviews. Tips are provided on starting an allowance system for younger children through chore charts and increasing responsibilities. The document also covers tax obligations, opening a savings account, and establishing good financial habits from an early age.
The document discusses the role and responsibilities of a personal representative, who is appointed to carry out the directions in a will and settle an estate according to the deceased person's wishes. As a fiduciary, the personal representative has numerous legal and financial duties, including notifying beneficiaries, collecting assets, paying debts and taxes, and distributing the remaining estate. It is important to carefully choose a personal representative who has the time, skills, trustworthiness and willingness to take on these responsibilities.
After determining spending patterns and needs, setting well-thought-out financial goals is important. Goals are determined by our values and circumstances. Values influence the choices we make about money. Knowing your values makes it easier to create a financial plan and set goals. Goals should be specific, measurable, attainable, realistic, and time-bound to be effective. Both short-term and long-term goals are important to consider when planning finances.
This document provides information to help consumers protect themselves from various types of fraud. It discusses common fraud scams like phishing emails, lottery scams, work-from-home scams, and investment scams. The document outlines warning signs of fraud and tips to avoid becoming a victim, such as being suspicious of unsolicited offers that promise prizes, keeping financial documents secure, and not providing personal information to unknown callers. Consumers are advised to properly research any business or investment opportunity to verify it is legitimate before agreeing to anything.
The document provides guidance for mediators on effectively facilitating the mediation process, including gathering information from parties, setting up the physical space, preparing supplies, handling unexpected attendees, knowing the mediation process, appearance and greetings, and providing an opening statement that orients parties to the purpose and process. The mediator is advised to use open-ended questions to understand each party's perspective and issues, establish ground rules, and work towards developing a list of issues and potential solutions.
This document provides an overview of strategic planning for boards. It defines strategic planning as a deliberative process to make fundamental decisions that guide an organization. The key components of strategic planning include developing a mission, values, vision, and SWOC analysis. Goals and objectives are created at the strategic, tactical, and operational levels. An implementation plan and monitoring system are also important parts of the strategic planning process. The overall process helps organizations address challenges and enhances learning to effectively achieve their missions.
Choosing Your Estate Personal RepresentativeBill Taylor
This document discusses the role and responsibilities of a personal representative (PR), who is responsible for settling a deceased person's estate. It explains that choosing a PR is important as it can mean the difference between a smooth or problematic estate settlement. The duties of a PR include locating important documents, notifying relevant parties, managing assets, paying debts and taxes, and distributing assets to beneficiaries. Qualities of a good PR include availability, trustworthiness, and relevant skills. The document provides questions to consider when choosing a PR and recommends notifying your chosen representative.
This document provides a 3-step process for having difficult conversations:
1. Gain clarity by thinking carefully about the message and removing feelings.
2. Overrule avoidance by asking if the conversation will help the other person and ensure the message is consistent with your reputation.
3. Execute the message with directness and sensitivity by stating issues as "I" messages rather than accusations and getting straight to the point.
1. The Wyoming Open Meetings Law requires that meetings of public agencies be open to the public, with certain exceptions. The purpose is to ensure government business is conducted openly.
2. The law applies to state and local government bodies and agencies receiving public funds. A meeting is defined as an assembly of a quorum called to discuss or take action on public business.
3. Actions taken in violation of the open meetings law are null and void. The law specifies requirements for notice, minutes, executive sessions, and violations.
This document discusses best practices for recruiting and onboarding new members to advisory boards. It emphasizes the importance of board diversity and representing the community served. Current board members should share information about open positions and skills needed. The recruitment process involves finding candidates through various channels and establishing criteria. New members require full orientation on the organization's mission, roles, and activities. Annual board and member evaluations help determine recruitment needs and strengthen performance.
This document summarizes a presentation on conflict management. It discusses that conflict is natural and inevitable, and outlines what typically happens during a conflict such as emotions rising and communication decreasing. It also notes some benefits of conflict like problem identification and organizational growth. The document then discusses various approaches to handling conflict, including different responses like avoiding, fighting, or negotiating issues. It provides tips for managing conflict through tools like separating people from problems and focusing on interests rather than positions. The presentation emphasizes generating options for mutual gain and using objective criteria to resolve conflicts.
The document discusses seven principles of waterwise landscaping:
1) Plan and design comprehensively by considering slope, exposure, soils and existing vegetation.
2) Evaluate and improve the soil if needed through testing, shaping, filling, fertilizing and adding organic matter.
3) Grade slopes to allow water to soak in and group plants according to water needs.
4) Choose appropriate plants like native grasses that require less water and use mulches to reduce evaporation.
The document provides information on selecting and maintaining turfgrass varieties. It discusses key terminology used to identify grass parts. Several cool-season and warm-season grass varieties adapted to Wyoming are described, including their characteristics, water needs, and seeding rates. The steps for establishing a new lawn from seed or sod are outlined, including soil preparation, planting, watering, and initial mowing. Ongoing maintenance recommendations are provided for the different seasons, such as mowing height, watering, fertilizing, and controlling pests.
1. The University of Wyoming is an equal opportunity/affirmative action institution.The University of Wyoming is an equal opportunity/affirmative action institution.
WHERE DOES ALL MY
MONEY GO?
Bill Taylor
University of Wyoming
Northeast Area Community
Development Educator
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Impacts
When our financial world is out of
alignment, so are our decisions
Impact on lifestyle, relationships, and
ability to reach important goals
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Wealth Distribution
‘giving it to your chosen ones’
Wealth
Accumulation
‘giving it to yourself’
Estate
Planning
Basic
Wealth
Protection
‘quit giving it to
others’
Children’s Education
Retirement Planning
Building Long Term Wealth:
planning financial future, goal setting,
regular savings plan
Home Ownership
Investments
Cash Management: record keeping, spending plans, emergency cash
reserve,
regular savings plan, net worth and income-expense statements
Financial Management Pyramid
Credit Management: wise credit use, avoid
credit abuse, debt reduction
Tax Management:
reduce income taxes
Risk Management:
protection against
economic loss
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Practice good
management skills
Successful financial managers –
set goals and priorities
involve everyone who will be directly affected
know their strengths, work on their
weaknesses
plan carefully
work at carrying out their plans
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Involve family members
Increased
awareness
commitment
participation
*VIDEO: Dollar
Decision$ - through
computer method
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Know income patterns
Regular - on a weekly/monthly basis
Erratic – various amounts at various times
Lump – large amounts widely spaced
Expenses should be coordinated to
income as much as possible
Time
Income
regular
erratic
lump
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Other Assistance and Resources
Community Garden
WIC
Energy or Heating
Assistance
Children’s Health Insurance
Program (CHIP)
Faith-based organizations
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Identify expense categories
Fixed
insurance
mortgage/rent
credit payments
car payment
savings
Variable
clothing
food
utilities
transportation
recreation
medical
education
childcare
Which of these do you have the most flexibility to change in order to
balance your budget?
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Monitor types of
expenses
Essential
Necessities
food
clothing
utilities
insurance payments
Mortgage/rent payments
medical payments
Discretionary
Can be delayed or reduced in
amount
food
clothing
recreation
transportation
gifts
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Needs Versus Wants
Needs are necessary to live
Wants are the extras that are nice to have
Before making a purchase ask yourself:
Why do I want it?
Do I really need it?
*WORKSHEET
Needs Versus Wants
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STEP 1: Find out where you
are spending your money
Know where your money goes
Keep a record of expenses
Set up listing for each expense category
Date Food &
grocery
Auto &
mainten.
Clothing Medical &
health
Home mort. &
mainten.
Utilities Recreation &
entertain.
May 2
May 5
May 6
150.25
80.36 22.50
24.56
36.00
25.00
100.45
37.50
43.00
*HANDOUT
Household Spending Record
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Methods to Track Expenses
Receipt
Envelope
Calendar or Notebook
Checkbook
Computer
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Receipt Method
Keep all receipts; if
you do not get one,
make a receipt
Put receipts in a box,
envelope, or other
container
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Envelope Budgeting
Label envelopes with
category, amount and date
due
Divide cash into envelopes
Save unused money
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Calendar or Notebook Method
List income on the
date received
Write in bills and
expenses on date
due
Mark off bills as they
are paid
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Checkbook Method
Use checks or debit card for all bills
Record check or debit card transaction in
check register
Total all spending categories at the end of
each month
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Computer Method
Use personal finance software or a
spreadsheet
Regularly enter transactions in categories
*VIDEO: Dollar
Decision$ - to
the end
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STEP 2: Set family goals
Difficult but essential task
Plan how you and your family can get to where
you want to go
Prioritize and write down goals with deadlines
and amounts
Road map to your
financial success*SMART Goal
handout
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Short-term
Obtainable within a
1-3 years
*purchase of a new
refrigerator
*insulating home to
cut utility bills
*paying bills on
time
Long-term
Several years to achieve
Appreciable financial
resources
*saving for the child’s
college education
*saving for retirement
*paying off the business
*special family vacation
GOALS: Set time lines
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Goal Setting
What are your
dreams?
Home?
Vehicle?
Set priorities for your
spending
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GOALS: Determine cost and
when to start
Goals Rank Amount
Needed
Buy
Date
Monthst
o Save
Starting
Date
Monthly
Savings
New
TV
2 $600 Nov. 6 May $100
*WORKSHEET: Evaluate Your Financial Goals
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STEP 3: Make a spending plan
A cash flow plan of incoming and outgoing money
Requires that you know the pattern of current expenditures
Timing is a crucial element in budgeting
Adjust expense timing to closely match expected income
A spending plan is a tool – it is flexible and
adjustable
Allow something for fun – even if a small amount
A movie, coffee with friends, etc.
Without a little fun money you’ll decide the plan is too
unpleasant to follow
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Increase Income
Get a second job
Volunteer to work overtime
Rent an unused bedroom or
garage
Have a yard sale
INCOME
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Decrease Expenses
Pay bills on time
Barter services
Buy generic or store
brands
Combine shopping trips to
save time and money EXPENSES
*HANDOUT: Make DOLLAR DECISION$ to Increase Income and
Decrease Expenses
*WORKSHEET: DOLLAR DECISION$: What Would Work For You?
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Expenses Versus Debts
Expenses
Monthly or regular costs that must be paid
Debts
Expenses that cannot be paid in one payment
Amount you owe someone others past due or
requiring more payments
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Payment of Debt: Order
of Importance
Pay off creditors who can take the quickest
action to hurt you, not those who are
calling the most often
Loudest, most persistent creditors may
have no other way to get you to pay
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Secured Versus Unsecured
Debt
Secured
Creditor has filed a mortgage or lien which gives
them the right to repossess the property that
money was loaned on or that you put up as
collateral to get a loan
Unsecured
Creditor has given you a loan without requiring
you to pledge collateral – there is nothing for them
to take back if you default (don’t make your
payment)
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Prioritize Debts:
Essential to Non-Essential
Consider your family situation:
current income
future income potential
family size
past financial history
risk tolerance
stage in life
other unique factors
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Pay Essential Debts First
In times of financial crisis
essential debt payment is highest priority
non-essential debt payment a worthy goal
Don’t pay non-essential debts at the risk of
defaulting on essential debts
Don’t let creditors harass you into paying
non-essential debt if essential debts go
unpaid
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Consequences if unpaid
serious
possibly devastating
life-threatening
Basic and essential family needs
family necessities: food, medical emergencies
home-related bills: mortgage/rent, real estate taxes,
income taxes, car loans
Essential Debts
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Non-Essential Debts
Many unsecured loans
Lowest priority until able to regain
financial health
What is essential and non-essential
depends on family’s situation
*WORKSHEETS: Debt
Decision Matrix; Plan For
Handling Debt
Obligations
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Defaulting on Essential
Secured Debt
Consequences can range from severe to devastating
Seek debt-management assistance from a reputable consumer
credit counseling service
Check out service carefully
Accredited by the National Foundation for Consumer Credit
(NFCC) www.nfcc.org
Find services near you by going to www.debtadvice.org
Closest to us: Consumer Credit Counseling Service of the Black
Hills, Rapid City – 800-568-6615; CCCS of N Colorado & SE
Wyoming, Cheyenne – 800-424-2227; CCCS of Montana, Billings
– 877-275-2227
Seek information from bankruptcy attorney before filing for
bankruptcy
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Defaulting on Non-Essential
Secured Debt
Consequences range from inconvenient
to very costly - but not devastating
Market value of property may determine
action of creditor
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Defaulting on Unsecured Debt
Creditor cannot take away defaulted property
Creditor can:
stop doing business with you
cancel credit/charge privileges
report default to credit reporting agencies
turn debt over to collection company
sue to obtain court judgment for collection
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Handling Debt Obligations
Don’t ignore the debt!
Develop a plan of action to put you in
control
Communicate with creditor
Negotiate a work-out agreement with
creditor
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$614
$3,400
$7,764
$29,775
$76,301
1 yr 5 yrs 10 yrs 25 yrs 40 yrs
Savings
Pay Yourself First – PYF
Save for emergencies
Save for your goals
Down payments
College education
Retirement
Vacation
Save $50 a month
with a 5% yield
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Charitable Donations
Learn to give to others
There are always others worse off than you
Giving to the needs of others will give you a sense
of worth and accomplishment that few other actions
can give
Even a small amount ($1 or $5 a month) can add up
to be just what someone else needs
With the segmentation of the extended family and
commercialization of our society many of us have
not learned the rewards of helping others
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STEP 4: Follow the plan – and
give it time
Implement a system of disciplined
spending
Limit expenditures to budgeted amounts
Avoid end-of-the month juggling
Give the plan enough time to see if it
works
Review the plan – and make adjustments
Hold family meetings to discuss
adjustments
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Plan of Action
STEP 1: Monitor and total your expenses
by category for 2-3 months.
STEP 2: Establish financial goals with the
family.
STEP 3: Develop a spending plan.
STEP 4: Follow your plan and adjust it as
needed.
*HANDOUT: Dollar Decision$
Question Cards
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Adding to minimum payment
Adding even a small amount to the minimum
payment will pay big dividends.
$100,000 home mortgage
7% interest for 30 years.
Payment = $665.30/mo
Interest paid = $139,508
Time = 30 years
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Adding to minimum payment
(cont.)
Same mortgage
Add $50/mo
Time = 25 yr 2 mo (reduced 4 yr 10 mo)
Interest = $113,001 (reduced $25,507)
Add $100/mo
Time = 20 yr 7 mo (reduced 9 yr 5 mo)
Interest = $89,029 (reduced $50,479)
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Adding to minimum payment
(cont.)
Credit card debt:
Owe $1000
Interest rate – 10%
Minimum payment – $15
Without adding any charges – 8 yr 2 mo to payoff
Add $15/mo
Without adding any charges – 3 yr 3 mo to payoff
Savings: $300, 4 yr, 11 mo
67. The University of Wyoming is an equal opportunity/affirmative action institution.The University of Wyoming is an equal opportunity/affirmative action institution.
IT IS TIME TO TAKE
CHARGE OF YOUR
FINANCES NOW!
ONLY YOU CAN DO IT – NO ONE
CAN DO IT FOR YOU!
TAKING CHARGE WILL GIVE
YOU A SENSE OF CONTROL
YOU HAVE NOT HAD BEFORE.
Managing Your Family Finances
Sources:
Federal Trade Commission, Fair Debt Collection. March 1999. http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm. February 20, 2001.
Garman, E. Thomas and Raymond Forgue, Personal Finance. Seventh Edition. Houghton Mifflin. 2003.
Income, Wealth, and the Economic Well-Being of Farm Households. Resource Economics Division, Economic Research Service, U.S. Department of Agriculture. Agricultural Economic Report. No. 812. July 2002.
Leonard, Robin. Money Troubles. Nolo.Com, Inc. January 2000.
National Consumer Law Center, Inc., Surviving Debt, Third Edition. 1999.
National Consumer Law Center, http://www.nclc.org. January 07, 2001.
Personal Finance and the Rush to Competence: Financial Literacy Education in the U.S. 2000. (Used with permission 4/5/2001).
Wyoming Division of Banking, http://audit.state.wy.us/banking. February 21, 2001.
Gail M. Gordon, Business Development and Family Economics Specialist, University of Wyoming Cooperative Extension Service, February 2001, October 2003.
In the perfect world, we have control over the decisions we make about how we manage our money to achieve our financial goals.
In the real world, external forces from different areas push at us. These external forces have the potential to push us out of alignment with our goals.
What happens when we add another person and external pressures to this model? It becomes complicated. External forces, including invisible forces, explain why smart people sometimes do “un-smart” things.
To set goals, one needs to understand the foundation of money management. One doesn’t start with estate planning before they have a solid base.
Sources of Income
To make your dreams a reality you need to know how much money you have each month and where it goes. Let’s begin by looking at how much money your household receives each month.
Income Sources:
Paycheck
Tips, commissions, and overtime
Child support and alimony
Public Assistance (TANF)
Advanced Earned Income Credit (EIC)
Social Security and Pensions
Unemployment and Disability Compensation
Veteran’s Benefits
Interest and Dividends
Other Income ____________
Other Assistance and Resources:
Now let’s look at other help you may use to make your dollars last until the end of each month.
Assistance:
Energy or heating assistance
Food Pantries
Electronic Benefit Transfer EBT (formerly Food Stamps)
Child Care Assistance (paid directly to provider)
Housing Assistance
Medicaid
Children’s Health Insurance Program (CHIP)
Emergency Assistance
Women, Infants and Children (WIC)
Resources:
Think about any other assistance you are getting, such as help paying for healthcare, food from community gardens or gleaners, meals, hand me down clothing, used furniture, baby goods, help with childcare from family members, or donated school supplies.
Needs Versus Wants
To make wise DOLLAR DECISION$ you must understand the difference between a need and a want.
On one hand, there are needs. Needs help us survive, their costs can’t be avoided and they typically fall into five spending categories—food, shelter, clothing, healthcare and transportation.
On the other hand, there are many different wants. Wants make our lives more comfortable and enjoyable, they’re far more numerous than needs and they vary from person to person.
(Optional Activity) Needs and Wants – Worksheet #2
It’s easy to spend money on wants. We may forget that a want, such as buying candy, magazines or videos on impulse at a checkout stand may prevent us from being able to pay for basic needs. To help reduce impulse splurges read the Spending Decision Card before you buy.
Before making an impulse purchase ask yourself, “Will this purchase meet one of my goals? Do I really need or want it? Would I come back tomorrow to buy this? If you keep this card in your wallet, and use it before making a purchase, it will help you reduce spending and save money.
Now that you have examined your needs and wants, we will look at ways to track expenses.
Track expenses at least 2-3 months to estimate monthly household expenses. Keep track of everything down to the pack of gum you buy. Ask for and save all your receipts. If you don’t get a receipt write it down in a pocket notepad. Daily or weekly list all the expenses you have accumulated in a categorized spending list as above. Make the categories as specific as necessary to avoid a large “Miscellaneous” column as a catch-all. At the end of 3 months, total each column and divide by 3 to obtain the average monthly expense in each category.
HANDOUT: Household Spending Record
Methods to Track Expenses
There are several ways to keep track of spending. The DOLLAR DECISION$ video shows five methods used by many families. Think about which one would work best for you.
Receipt Method
Envelope Method
Calendar or Notebook Method
Checkbook Method
Computer Method
Let’s look closely at each one.
Receipt Method
The receipt method is an easy and convenient way to track spending, but it means making sure to get a receipt every time you pay for a product or service. Label all receipts with key words, such as Food, Transportation or Clothing. Store receipts in a can, storage box, recipe file or large envelope that is divided into spending categories. Bills for utilities, insurance etc. should also be filed in the storage container after they are paid. If you use credit or debit cards, be sure to file those receipts under the appropriate spending category. If you don’t get a receipt, make one, label it and file it in the proper category. Sort the receipts at the end of each week and write down the amount spent in each category.
Envelope Method
The envelope system works well when paying for things with cash. It requires little paperwork. Label an envelope for each expense category (rent, utilities, food, etc.), then write on the envelope the cost of each item that will come out of that envelope and the date the item will be purchased or the bill will be paid. When you cash your paycheck or receive other income, divide the cash into the envelopes for each expense category. Inside each labeled envelope, put the amount of money you plan to spend in that category each month. You don’t have to record how much was spent; just replace the cash with receipts. Pay bills right away, so you won’t be tempted to spend the money for something else or receive late charges. Keep envelopes in a safe place, preferably in a locked box. Try not to shift money from one envelope to another. If there’s money left in an envelope at the end of the month, you’ll know you’ve done well. Save leftover funds for future emergencies in a savings account or envelope labeled “savings”.
Calendar or Notebook Method
Some families use a calendar or notebook to track income and expenses. They list income on the date they receive it, write in bills and expenses when they are due, and as they are paid, they mark that bill off. The calendar or notebook also provides a spending record at tax time. The notebook can also be used as a place to store bills so they are easy to find.
Worksheet 1B Tracking Tools, from the Tracking Income and Expenses CIS 1112 publication may be used to help you set up the notebook, if you choose to track expenses with this method.
Checkbook Method
The checkbook method works best when using checks or debit cards for all bills and purchases. In this system, expenses are tracked by using a checkbook register. By recording each check or debit card transaction, you will have an accurate record of what was spent. The checkbook register should include the date, check number, name of the person or business, and amount of purchase. For each entry, make a note of the spending category. At the end of the month, you can track what was spent by totaling the expenses from each category and comparing them to the amounts in your spending plan. In our second class you’ll learn how to make a spending and saving plan.
Computer Method
Tracking your expenses on a computer is an easy way to identify spending in different categories. It also supplies you with accurate records for tax-time. You can buy personal finance software, or develop your own categories on a spreadsheet. Using a computer to manage finances is relatively easy. You can quickly update your spending information. If you enter transactions often you will stay on top of your financial picture.
Goal Setting
To take control of your finances, you need to determine your goals.
What is important to you as an individual and as a family? Are you spending money on those things—or is it drifting away with purchases that don’t really reflect your goals?
Identifying goals provides purpose and direction, guides decision-making, helps set priorities and increases your chances of meeting your needs. Goals can be either immediate—to make next month’s rent—or long term—to further your education, buy a new appliance or establish savings for emergencies.
Every household will have different goals, depending on what’s most important to its members. It’s a good idea for families to sit down together and talk about goals and to update them as your needs change. When goals are achieved, set new ones.
Making a Spending and Saving Plan
Once you have tracked your income and expenses, the next step is to develop a plan for future spending. Making a spending and saving plan puts you more in charge of your money. It helps you
stretch dollars and get more for your money
make the money last longer than the month
spend wisely and work toward your goals
pay your bills on time
set aside money each month for savings and emergencies
Making a spending plan or budget is the first step toward reaching you financial goals. Use the Income and Expense Worksheet 2 A from the Making a Spending and Saving Plan publication. CIS 1113
1. List your monthly income and total it.
2. Add all of your fixed expenses for one month.
3. Subtract your fixed expenses from your monthly income. The remainder is what you have left for flexible expenses.
4. Add your flexible expenses and total at the bottom of the flexible expense section.
5. Subtract the flexible expenses from the total you have left after paying your fixed expenses.
6. How much do you have left at the end of the month? The amount you plan to spend monthly should not be greater than your monthly income.
This slide shows an example of how the Income and Expense worksheet can be used.
Increase income:
Not having enough money for savings or regular monthly expenses creates stress and uncertainties. In the DOLLAR DECISION$ video we saw that everyone must make spending choices.
When you have more expenses than income, you have two choices; either increase income or decrease expenses. This slide lists four ways to increase income. What are some other ways to increase income?
Decrease expenses
Another way to balance our spending plan is to decrease expenses. On this slide we list four methods. Think about other things you can do to reduce expenses.
Are there way you might simplify your life, share items with others or use cost saving substitutions?
Pay Debts in Order of Importance
First, pay off creditors who can take the quickest action to hurt you, not those who are calling the most often. Oftentimes, the loudest and most abusive are doing so only because that is the only control they have over you.
Prioritize Debts: Essential and Non-essential
To analyze the consequence of not paying a debt, you must prioritize your debts as essential and nonessential according to your own situation:
current income and future income potential
family size
past financial history
tolerance for risk
stage in life
and other factors that are unique to each individual and family
Pay Essential Debts First
During times of financial crisis, paying essential debts is a high priority and paying non-essential debt is a worthy goal.
Do not make payments on nonessential debts until you have made payments on the essential ones. In other words, do not pay non-essential debts at the risk of defaulting on essential debts.
For example, if, due to harassment by a creditor, you made full payment on a delinquent credit card bill rather than paying your car loan, you could risk having your car repossessed.
Essential Debts
Essential debts are those that carry more serious, possibly devastating or life-threatening, consequences if not paid.
For most families, household necessities and some home-related bills are essential. These include food, mortgage or rent, basic utilities, unavoidable or emergency medical expenses, real estate and income taxes, and car loans.
Next in order of priority are other secured debts in which the consequence may not be as severe. There may be a fine line between essential and non-essential debts depending on the situation of the family.
For example, if you are having difficulty paying a loan on a vehicle that is not considered to be essential for your job, repossession of that vehicle might not have as severe a consequence as repossession of a vehicle that is essential to your job
Non-essential Debts
Unsecured loans or debts such as credit card debts, dues, subscriptions, and other debts which did not require a signed security agreement take lower priority.
Again, depending on the situation, a credit card may be essential to a family that is dependent on the card to make payment on an upcoming medical operation. Therefore, continuing to make minimum monthly payments on the card would be essential to this family.
Defaulting on Essential Secured Debt
Consequences of defaulting on an essential secured debt can range from severe to devastating. There are some options available to one in this situation. Consider selling the property or other tangible assets to pay creditor. Seek debt-management counseling from a consumer credit counseling service. When choosing one, make sure that it is accredited by the National Foundation for Consumer Credit (NFCC). Consumer Credit Counseling Service (CCCS) is the oldest credit counseling service in the country. It actually is made up of many credit and debt counseling agencies affiliated with the NFCC. For more information about National Foundation for Credit Counseling go to www.nfcc.org.
As a last resort, if the financial situation is so dire that the debt exceeds income and you do not see any hope of ever paying off the debt, seek information and guidance from a bankruptcy attorney. This option has serious consequences and should be considered very carefully.
Defaulting on Non-essential Secured Debt:
Consequences of defaulting on a non-essential secured debt range from being inconvenient to very costly — but they are not devastating.
Depending on the market value of the property, the creditor may try to repossess the property. To avoid repossession of a property such as a car or furniture, you can try to sell the item, using the sale money to pay the creditor. If the sale of the property is less than the outstanding balance, you will owe the remaining balance.
Defaulting on Unsecured Debt
Consequences of defaulting on an unsecured debt are not as serious. Because these are unsecured debts, creditors cannot take away your car or home or repossess the property over which you defaulted.
Creditors of unsecured debts can do the following:
Stop doing business with you including canceling credit or charge privileges.
Report the default to the credit reporting agencies. Depending on the amount owed, they may have already done this by the time they contact you.
Turn your debt over to a third party collection company, which legally cannot do anything more than the creditor can do to collect the debt. Depending on the amount at issue, creditors may avoid this option because it costs them and it may/may not result in your payment of the debt.
Sue you to obtain a court judgment to collect the debt. Depending on the amount at issue, creditors may avoid this option because of the cost in time and money. This process involves serving papers, having a trial, and getting a court judgment.
Handling Debt Obligations
Do not ignore the debt. Creditors will not forget a bill just because you try to ignore it. They will persist, either by hiring a credit agency or by turning the issue over to an in-house collection bureau. During times of financial trouble, you are better off if you strategize how you are going to take control of the situation.
Develop a plan of action to put you in control
Communicate with the creditor
Negotiate with the creditor, which might include a work-out agreement.
Savings
Savings should be a fixed expense. Pay Yourself First (PYF) means that when you get a paycheck, place money into savings for emergencies, goals and future needs, before paying routine expenses.
“Pay yourself first” ensures that savings isn’t just the amount left over at the end of the month. Make saving for emergency expenses and family goals part of your spending plan.
One savings need is an emergency fund – cash that you can easily access in case of an emergency such as an accident, illness, or unexpected repairs. A guideline is to have an emergency fund equal to two to six months of expenses.
Another saving need is for future expenses. It is important to save for payments that are due infrequently (e.g. car registration) so the money is available when the payment is due.
Saving money by reducing expenses will require motivation and self-discipline. Some individuals find it difficult to save. Many interviewees in the DOLLAR DECISION$ video saved by removing change from their pockets or wallet at the end of each day and placing it into a savings jar. Another method is to have money automatically deducted from their paycheck and put into a savings account. They never missed the money they did see. Whatever method you use, start saving today! Small amounts saved regularly can add up to large amounts. By saving as little as $50 per month, we can build considerable savings.
Recent research has proven that those that make charitable donations or engage in other philanthropy tend to generate more income for themselves.
Develop a spending plan that will address the needs in the various spending categories and will spend less than anticipated income.
Develop a plan of action
Develop a plan of action as soon as you realize that you are going to have trouble paying your debts. This puts you in control rather than the creditor — or at least you will not feel so powerless.
Determine monthly household net income.
Determine total debt (essential and non-essential).
Decide how much money you can apply each month toward your debts.
If you don’t have enough monthly net income to make minimum monthly payments towards all of the essential debts, prioritize the most essential debts.
Determine on which debts you can continue paying the minimum monthly payments, which ones will receive a portion of the minimum amount, and which ones will need to go unpaid for a period of time.