money management & budgeting
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Money Management & Budgeting. Presented by: Angelia Shar p. About me…. Professional/Career 23 years in the Banking Industry Served in the United States Army Education University of Phoenix BS in Business Management with a Certification in Human Resources University of Phoenix - PowerPoint PPT PresentationTRANSCRIPT
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PRESENTED BY:ANGELIA SHARP
Money Management & Budgeting
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About me….
Professional/Career 23 years in the Banking Industry Served in the United States Army
Education University of Phoenix
BS in Business Management with a Certification in Human Resources
University of Phoenix Master’s of Business of Administration
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How do you Value Money?
What is your first memory of money How you viewed “money” in the past can control your
feelings for the futureHow do you organize your money
A good method is organizing in numeric orderKeeping track of your money
Thinking about how hard you work for your money in many instances can help in tracking your spending
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How Should We Budget?
10% (before tax) Church20% (before tax) yourself 70% to cover household/living expenses
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Budgeting
Establish a “REALISTIC” budget
Use electronic services to pay bills
Utilize a checking account ledger to record all transactions
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Ask is it a need or want?
Needs are things that are vital for us to survive on a daily or monthly basis (ex. food, shelter, & clothing)
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How to construct a Realistic Budget
List ALL recurring income
List ALL recurring expenses/bills
List sporadic bills Hair, concert, movies, additional clothing
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Cost Cutting Ideas
GroceriesEating out
Transportation
Entertainment
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Using a Calendar BudgetSunday Monday Tuesday Wednesday Thursday Friday Saturday
1Rent 350
2 3
4Church 5
5Gas 60Electric 50
6 7 8Pay 750Savings 25Baby Sitter 20
9 10Haircut 20
11Church 5
12 13 14 15Phone 50Cable 50Credit Card 30
16 17
18Church 5
19 20Bank Fees 5Car 250
21 22Pay 750Savings 25Baby Sitter 20
23 24
25Church 5
26(mail August rent)
27 28 29 30 31
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What is a checking account?
Account to conduct day-to-day transaction business • Keeping your money safe - Carrying too much
cash or keeping too much in your home puts you at risk that it may be lost, stolen or destroyed. Checking account balances up to $250,000 are insured by the FDIC.
• Saving time and money - Writing checks and using other services such as ATM machines gives you flexibility, and makes handling your finances easier and less expensive.
Provides a record of where you spent your money
Less expensive than money orders
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Why to establish a checking account- Benefits
Safety- Using checks/check cards are safer than carrying cash
Convenience – access to account 24/7
Provides a record of activity- budgeting your income and expenses
Helps to establish credit - To obtain credit cards and loans.
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What is Foundation Checking?
Foundation Checking is an account that helps those who have previously made errors with their bank account and have been unable to open a new checking account.
Education and controlled limits on the new account to help customers know how to handle their money and plan for their expenses.
Foundation Checking has a monthly fee of $5, limits on the amount of ATM withdrawals and POS transactions per day, and are reviewed quarterly to determine if the client is ready to graduate to a traditional account (after 6 months in a Foundations account).
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What is a FICO score and why it is important?
A FICO score is a credit score developed by Fair Isaac & Co.
Credit scoring is a method of determining the likelihood that credit users will pay their bills
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How are Credit Scores rated?
Above 719 Considered Excellent Credit
680-719 Good Credit
620-679 Lender will take a closer look at your file
585-619 Higher risk, you will not be eligible for best rate and product
Below 585 Credit products may not be available; Lenders may need to consider additional information for processing your application (possible cosigner)
Professional/Career
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God’s Plan for our Finances
Just like everything else in our lives, God has a holy purpose for our finances.
When God bless our finances we should view it from his Perspective, as good and not evil
(Timothy 6:10)
GOD wants us to be good stewards when it comes to our finances so that we are
financially stable
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In Conclusion
Give to God First (Haggi 1: 2-11) -Teaches us to put God’s house first
Save for your future (Proverbs 13: 11)-Teaches when you put money aside a little at a time it will grow
Service your debt (Romans 13:8)- -Not to leave debt outstanding except the debt to love one another
Help others when you are blessed (Timothy 6: 18-19)Teaches that we need to be rich in helping others