Making ends meet in hard times

Taking Control of Your Money

By: Daniel Sanchez

Workshop Presenter

928-329-0990 Ext. 114

Dsanchez@ypic.com

What is a Budget? Have you ever planned to spend money

you didn’t have? (food, clothes, games, bills)

A budget is a plan for your money The key is to have a recorded plan

Six Keys to Master Your Finances

Set Goals Determine

Expenses Determine Income Record everything Use your budget Take Action

Types of Goals Short-term

Achieved in 3 years Mid-term

Achieved in 3 to 5 years

Long-term Achieved in over 5

years

Obstacles are those frightful things you see when you take your eyes off the goal. Henry Ford

Determine Expenses Fixed – Amount is the same from

month to month Variable – Amount changes from

month to month Annual/Periodical – usually occurs

once a year

KEY 3 – Determine Income Gross Income

Before any deductions Net income

After all taxes, insurance, and deductions are out.

Other income tips, rents, family help,

retirement, assistance from State or Federal Agencies, or the occasional odd job (Completed or to be Completed within the month).

Record Everything Piece of paper Calendar Checkbook Spreadsheet Word Phone app other

Just simple math. Income - fixed expenses - variable expenses – annual expenses Surplus or Deficient of income

Use you Budget

Deficit?Do not Panic! There are always options…..

Evaluate spending – Want or Need

Contact Creditors Look at taxes Find way to get more

money

Take Action

Take Action continued…

Surplus?

Reach goals

Save

Pay Off Debt

Etc.

Set yourself up for success - Set your goals

Be prepared to act – evaluate your income verses expenses

Step outside your comfort zone and use your budget!!!

Set GoalsDetermine IncomeVerify ExpensesEvaluate Results

Surplus Deficit

Determine Options

“Whether you think you can, or that you can’t, you are usually right.” Henry Ford – American industrialist (1863-1947)