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Financial Fitness: Living Within a Realistic Budget
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The Presenter
Steven ShagrinSteven Shagrin, better known as “Shags”, is a coach, educator,
and trainer who works with individuals and professionals seeking change in their financial situation from a practical, behavioral, and
connectedness perspective. Dedicated to lifelong learning and educating others, Shags brings a unique background to his
coaching and training business.
With degrees in accounting and law, Shags worked for two decades with Wall Street brokerage firms, then as a “fee-only”
independent financial planner, before finding his calling as a coach and educator. His professional credentials include Certified Money
Coach (CMC) ® and Master Coach/Trainer, CERTIFIED FINANCIAL PLANNER® professional, Chartered Retirement Planning Counselor®, and Certified Retirement Counselor®.
He is President of Steven S. Shagrin Company in Walnut Creek, CA, providing money coaching and financial wellness services.
Shags is also Vice President of The Money Coaching Institute in Novato, CA, providing money coaching training workshops and
classes, as well as personal finance education classes.
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• Develop a realistic budget that will allow your money to work for you
• Identify common money mistakes
• Discuss practical tips for living within a budget
Learning Objectives
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• Beliefs about money from childhood
• Emotional spending
• Commitment to improving your situation
• Knowledge level about money in general
• Knowledge level concerning the allocation of your funds
Aspects Affecting Your Budgeting Ability
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• Stick with your new budget
• Believe that your financial success is possible
• Be willing to give up some money
• Realize all that you have
How to Work for Your Budget
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Poll
How financially fit are you?
A. I don’t have a budget
B. I’m working on developing a budget
C. I adhere to my budget
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“A budget tells us what we can’t afford, but it doesn’t keep us from buying it.”
~William Feather
Quote
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• Match your needs
• Allow room for the unexpected
• Avoid feeling deprived
• Leave money for savings
• Allow yourself to reach your goals
Keep the Reality in Your Budget
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Long-term – 10+ years
Examples: Have money in 10 years for child’s college education
Have money for retirement in # years
Intermediate – 3 to 9 years
Examples: Have money for a house in five years
Pay off student loan in eight years
Short-term – within 2 years
Examples: Save three months of income for emergencies in one year
Pay off credit card debt in two years
Financial Goals
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• Guides you in the direction you want to go
• Allows you to better manage your money
• Helps you meet your savings goals
• Prepares you for emergencies
• Reveals areas where you can cut expenses
Good Reasons to Budget
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1. Total your income
2. Compile your expenses
3. Subtract expenses from income
4. Rework your budget(repeat as needed until you reach a balance)
Creating Your Budget
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Principles to Guide Your Budget
Make automatic savings contributions
Establish spending priorities
Pay down expensive debt
Create a safety net
Live within your means
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Formula for Financial Fitness
Your Budget Debt ReductionSavings and Investment
+ +
The Road to Total Financial Fitness
to
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Review expenses
and income monthly
Frequently adjust
expenses to stay in balance
Evaluate goals
every six months
Re-evaluate Often
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Common Mistakes
• Making an unrealistic budget
• Ignoring the income versus expense connection
• Continuing unchecked spending
• Not understanding your credit report
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Poll
Budgets never work. Something always happens to throw it off and it’s so hard to get back into a budget after that.
A. I agree
B. I disagree
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No-Win Situations
• Omitting fun
• Sporadically saving
• Relying on credit
• Paying only minimums
• Ignoring an emergency fund
• Spending beyond means
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Make It Fun!
• Learn to cook gourmet, not pay gourmet
• Learn when your local museums, parks, and other places of interest offer free or discount days
• Be creative
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Keep It Simple, Keep It Practical
• Clean out and sell unwanted/unused items
• Hunt for bargains for clothing, electronics, housewares, etc.
• Focus on buying only what you need, not what you want
• Re-use and re-purpose what you already have
• Don’t fight over finances
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Using Your Money Wisely
Invest
Plan ahead when making large purchases
Access EAP resources
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“But, my friends, haven’t I always said that when it comes to your money, it’s not about doing what’s
easy—it’s about doing what’s right?”
~Suze Orman
Quote
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Thank You!
Questions?
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Works Cited
Brainy Quote. (n.d.). William Feather quotes. Retrieved January 21, 2015, from http://www.brainyquote.com/quotes/quotes/w/williamfea130795.html
Britt, D. (2011, October). Create a budget and stick to it. Retrieved January 21, 2015, from http://source.southuniversity.edu/create-a-budget-and-stick-to-it-56693.aspx
Orman, S. (2009). Suze Orman's 2009 action plan: Keeping your money safe & sound. New York City: Spiegel & Grau
Vohwinkle, J. (n.d.). 11 ways budgeting can improve your life. Retrieved January 21, 2015, from http://financialplan.about.com/od/budgetingyourmoney/a/11-Ways-Budgeting-Can-Improve-Your-Life.htm
Vohwinkle, J. (n.d.). How to create a budget. Retrieved January 21, 2015, from http://financialplan.about.com/od/budgetingyourmoney/ht/createbudget.htm