Managing Money Managing Money The Source of Money

  • Slides: 13
Download presentation
Managing Money

Managing Money

Managing Money: The Source of Money Problems • Most money problems result from spending

Managing Money: The Source of Money Problems • Most money problems result from spending more than is available Copyright © Houghton Mifflin Company. All rights reserved. 2

Managing Money: The Solution to Money Problems • Don’t spend more than you have

Managing Money: The Solution to Money Problems • Don’t spend more than you have Copyright © Houghton Mifflin Company. All rights reserved. 3

Three Steps to Financial Independence • Tell the truth about how much money you

Three Steps to Financial Independence • Tell the truth about how much money you have and how much you spend • Commit to spend no more than you have • Apply suggestions for earning more and spending less Copyright © Houghton Mifflin Company. All rights reserved. 4

Make more money • • • Focus on your education Work while you’re in

Make more money • • • Focus on your education Work while you’re in school Do your best at every job Start saving now Invest carefully Save on insurance Copyright © Houghton Mifflin Company. All rights reserved. 5

Spend less money • • Cut big-ticket items Cut small-ticket items Consider the life

Spend less money • • Cut big-ticket items Cut small-ticket items Consider the life energy you’re spending Do comparison shopping Be aware of quality Cook for yourself Consume alcohol consciously Copyright © Houghton Mifflin Company. All rights reserved. 6

Spend less money • • • Conserve energy Pay cash Fix things yourself Postpone

Spend less money • • • Conserve energy Pay cash Fix things yourself Postpone purchases Notice what you spend on fun Don’t compete with big spenders Copyright © Houghton Mifflin Company. All rights reserved. 7

Take Charge of Your Credit • • • Scrutinize credit card offers Avoid cash

Take Charge of Your Credit • • • Scrutinize credit card offers Avoid cash advances Check statements against your records Pay off the balance each month Use one credit card Get a copy of your credit report Copyright © Houghton Mifflin Company. All rights reserved. 8

Take Charge of Your Credit • Choose schools with cost in mind • Shop

Take Charge of Your Credit • Choose schools with cost in mind • Shop around for loans Copyright © Houghton Mifflin Company. All rights reserved. 9

Money for the Future • Start saving now – Save for short-term, mid-term, and

Money for the Future • Start saving now – Save for short-term, mid-term, and longterm goals – Save for emergencies • Build a “nest egg” equal to 6 months of living expenses • Save 10 percent of your take-home pay Copyright © Houghton Mifflin Company. All rights reserved. 10

Money for the Future • Invest after you have a cushion – Be safe

Money for the Future • Invest after you have a cushion – Be safe – Do your homework – The sooner you start the better • Save on insurance • Be careful with contracts • Use credit wisely Copyright © Houghton Mifflin Company. All rights reserved. 11

If You’re in Trouble… • Get specific data on: – How much you earn

If You’re in Trouble… • Get specific data on: – How much you earn – How much you spend • Be honest with creditors • Consider credit counseling • Change your spending patterns Copyright © Houghton Mifflin Company. All rights reserved. 12

You Can Pay for School • • • Loans Military funds Scholarships Social security

You Can Pay for School • • • Loans Military funds Scholarships Social security Company assistance • • Grants Relatives Personal savings College work study Copyright © Houghton Mifflin Company. All rights reserved. 13