creative budgeting october 2014. setting a monthly budget developing financial goals reviewing...

CREATIVE BUDGETING

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• setting a monthly budget • developing financial goals• reviewing credit reports • understanding spending vs.

savings• being aware of identity theft

There Are Many Topics When it Comes to Financial Fitness

Workshops

workshops are dry and boring residents feel that they have

no money so why participate we cannot motivate

participation

Residents are Not Excited About Financial Fitness

Workshops

Common Forms Of Motivation Gift cards Bonus for attending all

sessions Matching funds

But……attendance is almost always low no matter what

we do.

How can we make Financial Fitness Workshops more exciting?

How can we motivate participation?

We Need To Get Creative!

• Birthday Gifts on a Budget• Couponing / Couponing Club• Discounted Entertainment• Holidays on a Budget • Book / Magazine Swaps• Green Cleaning on a Budget• Spring Cleaning and How to Make Money • Herb Gardens at HomeEach of these workshops is unique and fun and you can

include valuable budgeting skills within each one.

Creative Workshop Ideas

Let’s talk about how to incorporate budgeting into these

programs.

How to Get Started Wit this Workshop Ask residents to create a list of birthday gifts they need to

purchase for the year. Put a value to each gift. Total the amount at the bottom.

(you can provide a pre-made excel spreadsheet for this exercise)

Have a Discussion About Gifts and Budgets Is the gift absolutely necessary or will a card suffice? Is the value placed on the gift realistic based upon the

overall budget. Are adjustments necessary?

Gift Ideas Discuss some inexpensive gift ideas. Discuss purchasing vs. making gifts. Cost savings. Make an inexpensive gift during the workshop.

Birthday Gifts on a Budget Workshop

Birthday Gifts On A Budget

Brownies in a Jar Homemade Jams & Jellies Handmade Hats or Scarves Framed Artwork Created by You Painted Picture Frames A Basket of Fresh Herbs From

Your Garden Handmade Note Cards An Herb Wreath

Birthday Gifts On A Budget

Does anyone have anyother ideas?

Couponing Workshop / Coupon Club

Hold a Couponing Workshop at your location and start a weekly coupon exchange.

Couponing is a great way to stretch a budget.

Couponing Workshop

How to Get Started Educate yourself on the world of couponing. There are many websites out there for you to review. Create a PowerPoint presentation. Invite your residents to a Couponing Workshop.

Couponing Workshop

At the Workshop Encourage residents to think about how much they

spend ongroceries each month.

Provide residents with a tracking sheet to take home.

Present your PPT presentation. Schedule a coffee and coupon exchange approx.

one week later.Ask residents to bring the coupons they have collected.

Review their spending and begin the process of tracking how much they are saving.

Discounted Entertainment Workshop

Getting Started Research free or reduced community concerts,

events and entertainment. Create a list and invite your residents to a

community meeting where you share your ideas.

Give your workshop a unique name such as, “Around San Diego for Free”.

Entertainment in San Diego can be expensive. Help your residents

to save by doing a little research for them. This is a perfect budgeting topic.

Discounted EntertainmentIdeas Free summer concerts in the park Free museum Tuesdays at Balboa Park Museum passes that can be checked out at

the library Scholarships for kids at the YMCA and

Community Recreation Centers for camps, classes and athletics

Check community recreation centers for special events

Holiday Gifts On A Budget

Brownies in a Jar Homemade Jams & Jellies Handmade Hats or Scarves Framed Artwork Created by You Painted Picture Frames A Basket of Fresh Herbs From Your

Garden Handmade Note Cards An Herb Wreath Holiday gift tags

Books and Magazines

Other Book and Magazine Saving Ideas Start a book club Check books out at the library Educate residents about free copies of books for

eReaders. Show residents how to get the news on the

Internet Start your own reading library on site

Books are expensive and so are magazines. Organize a book swap where you invite residents

to share books and enjoy some coffee in the community room.

Green Cleaning On A Budget Workshop

Cleaning supplies can be expensive. There are many alternatives to store

bought cleaning supplies. You can make your own with

everyday items that you have on hand in your house.

Homemade cleaning supplies are less expensive.

Homemade cleaning supplies are usually safer.

Green Cleaning On A Budget

Invite your residents to a “Green Cleaning on a Budget” workshop.

Ideal for Earth Week. Have supplies available so residents can make

some samples. Talk about the prices of your supplies. Compare the costs of homemade vs. store

bought. Combine this workshop with other Earth

friendly workshops offered during the same week.

Green Cleaning On A Budget

Recipes for homemade cleaning supplies can befound on the internet. The most common

ingredientsinclude:

Distilled white vinegar Baking soda Olive oil Borax Essential oils Microfiber cleaning cloths Newspaper Hydrogen Peroxide Lemons

Herb Gardens At Home

How to Get Started Invite residents to an indoor gardening

workshop. Show samples of some herbs they can grow. Discuss what these fresh herbs cost at the store. Provide the supplies and have them plant some

herbs to take home (basil works well). Hold a cooking demonstration. Make pesto with

some basil to show them how to use their herbs.

Small, indoor gardens are a fabulous way to save on those expensive herbs we purchase at the store.

Why not grow your own instead?

Spring Cleaning & How To Make Money

Let’s face it, everyone of us has items in our household that they we are not using. They are

most likely worth some money.

How to Get Started with Your Workshop Invite your residents to a, “Spring Cleaning & How

to Make Money”Workshop.

Create a PPT presentation to include the following points: Cleaning out those closets and cupboards –

items may not mean anything to you but may mean something to someone else.

Separate items into 3 groups – To Donate , To Trash or To Sell.

Think about selling via a Consignment store, Craig’s List or Ebay.

Items donated may qualify for a tax write -off.

Now that you have your residents

interested in saving…. it’s time to have

them prepare a budget

they can live by.

The Budgeting WorkshopTopics to Include: tracking daily spending habits Preparing a personal spending plan to

include monthly income and expenses (budget)

identifying ways to decrease spending Identifying ways to increase income Identifying spending plan tools that

will help resident manage bills.

Creating a Personal Spending Plan

Use a Daily Expenditures Tracking Worksheet Do you know where your money goes each

month? Understand where your money goes by

tracking your spending. Help to create a budget.Week of: _________________________________________

Date Vendor AmountPriority Level -

Mandatory/Discretionary                                                               

Total

Creating a Personal Spending Plan

Income vs. Expenses – creating a budget you can live by. Complete Monthly Income and Expenses

worksheet. List monthly income sources & income

amounts to the left. List monthly expenses to the right. Review the bottom line. What do you need to

do?

My Monthly Income and Expense Worksheet

Income

ExpensesWages   Fixed Expenses  

Public Assistance   Rent/Mortgage  

Child Support/Alimony   Property Taxes/Insurance  

Interest/Dividends   Cable/Telephone/Internet  

Social Security   Cell Phone  

Advance EIC   Car Payment  

Other   Car Insurance  

Other   Health Insurance  

  Other Loan Payments  

  Other Loan Payments      

   Flexible Expenses  

  Savings  

  Water  

  Gas/Electric  

  Groceries  

  Eating Out  

  Transportation/Gas  

  Credit Cards  

  Day Care / Elder Care  

  Car Maintenance  

  Education  

  Personal Expenses  

  Donations  

  Other  

  Other  

  Other  Total Income Total Expenses            

Creating A Personal Spending Plan

Analyze the Completed Budget Worksheet.

Do your expenses exceed your income? Do you need to decrease your spending?

If so, brainstorm possibilities for doing so.

Are there ways you can increase your income?

Follow - Up

Schedule follow up sessions with your residents to review their situation and make changes as

necessary.

Resources For The Coordinator

TheKrazyCouponLady.comhttp://thekrazycouponlady.com/

PinchingYourPennies.com http://www.pinchingyourpennies.com/

CouponMom.comhttp://www.couponmom.com/

CouponSuzy.comhttp://www.coupons.com/couponweb/Offers.aspx?pid=13953&zidjl94&nid=10&bid=10201050ea0c983574217

I have a couponing PPT that will be added to the Dropbox for this event.

A Few Quick Notes On Budgeting

For Teens and Seniors

Teen BudgetingThere are many ways to engage teens in budgeting as they love to buy things.

Talk to teens about developing a spending plan to include:

long term savingsshort term savingsspendingcharity

Determine their short and long term goals.Develop a spending plan like the one the adults created.Talk to them about the importance of saving and giving back.

Creative Teen Budgeting Workshops

Design the ideal gaming room or bedroom Give teens a budgetCreate a wish list of itemsResearch prices of items onlineCreate an Excel spreadsheet to track their budgetCreate a schematic of their room online or via a drawing

have teens research prices of their whish list items online

Want it All vs. Need it AllFeed the Piggy

Senior BudgetingSeniors have distinctively different budgeting needs -

especially those living on a fixed income.

Prescriptions prices continue to soar. Cost of living and insurance continue to increase. Utilities continue to rise. Social security benefits are not keeping up.

Creative Senior Budgeting Workshops

Many of the same workshops outlined in the adult section pertain to the seniors including:• book swaps• creative gifts• couponing

Coordinators can educate seniors on:• reduced rate prescription plans• reduced utilities• free food opportunities at churches and community centers

• free cell phones• Free or reduced transportation• Fraud Prevention / Scams Targeting Seniors

Teen and Senior Resources

TeenFDIC – Money Smart for Youthhttps://www.fdic.gov/consumers/consumer/moneysmart/young.htmlFinancing Your Future Workbookhttps://www.ohe.state.mn.us/pdf/FYF_english.pdfHands on Bankinghttp://www.handsonbanking.org/en/

SeniorHands on Bankinghttp://www.handsonbanking.org/en/FDIC – Money Smart for Older Adultshttps://www.fdic.gov/consumers/consumer/moneysmart/

olderadult.html