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Budgeting

What Is Budgeting? Budgeting is the process of forming a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do.

5 Purposes For Budgeting. 1. Control Your Spending. 2. Get Out of Debt. 3. Wealth Building. 4. Achieving Your Dreams. 5. Reduce Your Stress.

Ways To Save Money! Unplug Electronics • Even when your electronics are in the “off” position, they still leech electricity, which costs extra each month. Invest in an energy saving power strip for your TV, computer, and other equipment, to automatically cut off power when not in use. Look for used first • If you need something — I mean really need it, not just want it — see if someone you know has one that they don’t use or need anymore. Send out an email to family or friends, or just ask around. Thrift stores, Tag Sales, Facebook and Craigslist are also great places to buy used. Eat out less. • One of the biggest expenses in our daily lives is eating out — the average person spends well over $2, 000 a year on eating out. Restaurants are expensive, including fast-food (not to mention the health hazards). It’s much cheaper to cook your own food. Quit Smoking! • Not only is it terrible for your health but its bad for your wallet as well. Cigarettes are expensive! Stop online impulse buys • Also don’t save your payment info on websites. Don’t shop! • Don’t go to the mall or other shopping area or department store to look around and shop. Go to a store if you know what you need, and then get out. Many times people go shopping, with a vague idea of what they want, and get caught up buying much more. Or they go just for fun, as a form of entertainment. That ends up costing a lot.

More Ways to Save! Eliminate Unnecessary Costs • Try rethinking what the word “utility” really means to you. It should be reserved for things you truly require in order to live. • Can you cut your home phone and use cellphones instead? Can you get rid of your expensive cable package in favor of cheaper Internet-based TV services, such as Netflix, Hulu, or Amazon Prime? • Use the library. Instead of buying books, check them out. The library often also has a great selection of DVDs (depending on your area), saving you even more. You can also borrow e. Books and audiobooks as well as take free classes through your library website. • Use coupons and compare deals when buying food. • Combine coupons with store sales to save even more money. • Never buy name brand anything.

How To Make Budgeting FUN! 1. Make it Pretty! - Find colorful, simple, and engaging budgeting books that keep your interest, so you're not just staring at some plain black book. 2. Make it Easy! - Create a schedule, organize yourself, less complicated = less stress. 3. Pinpoint your Goals! - if you identify the financial goals you want to achieve, and recognize that budgeting will help you get there, you can make budgeting a much more tolerab task. 4. Reward Yourself! -If you have a reward or treat to look forward to, you’ll trick your brain into enjoying budgeting. And yes, you can reward yourself on a budget, choose Something you like to do, or would like to have, and ENJOY!

Pros and Cons of Saving Money and Having a Savings Account CONS PROS § Not being able to spend your money the way you want. § Not having access to your money. • Having money in the bank. • Having a rainy day fund. • Save up to get your own things, such as a house, apartment, car, or go on vacation. • Paying your bills.

The ABLE Act was signed into law by the federal government in 2014 to create tax-free savings accounts, and Connecticut has now joined a multistate partnership to empower people living with disabilities. Residents of Connecticut can now enroll in the ABLE CT program, which offers a highquality, low-cost ABLE CT savings and investment plan and a full checking account feature. https: //savewithable. com/ct/home. html

Benefits Counseling ensures that you get accurate information so that you can make good decisions about your vocational goals, your potential earnings and your health insurance needs. https: //portal. ct. gov/Agingand. Disability/Content. Pages/Programs/Benefits-Counseling

How to Survive on a Low Income Budget Here is a link to How to Survive on a Low Income Budget Here a few things I learned from the article: Lower or cancel the cable bill. Cook most of your meals at home. Cancel subscription services you no longer need.

Did You Know? • You can get Amazon Prime for half price with your EBT ( Connect Card) or your Medicaid card? • Please go to this website for more info and to sign up: https: //rb. gy/d 43 gzp

RESOURCES: https: //portal. ct. gov/Agingand. Disability/Content-Pages/Programs/Benefits-Counseling - Benefits Counseling https: //savewithable. com/ct/home. html - Able Account https: //rb. gy/d 43 gzp - Amazon discount with EBT https: //www. brighthub. com/money/personal-finance/articles/45546/ -5 purposes for Budgeting