Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your...

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Transcript of Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your...

Page 1: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory
Page 2: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

Income

Take Home Pay _______________

Investments _______________

(Other) ________________

(Other) ________________

Total _____________

Track your spending for 30 days. Think of the next 30 days as an examination of your spending patterns. As with any diet, prior to getting started you must look at your current eating habits, and decide what must change to reach your goals. The same concept can be applied to improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory of necessary purchases and any frivolous or impulsive buys. Cut the extraneous expenses the following week, and you'll have renewed insight into where exactly your money goes. Go on the no spend diet. For the following 30 days, challenge yourself to spend money only on the essentials. This is where the steely willpower comes in. Can you limit yourself to only the essentials? Or will the daily latte, weekly happy hours or monthly shopping sprees (aka "retail therapy") get the best of you? If you're successful, then your bank account will thank you. Automate your savings. After you've tracked your spending and then limited said spending to only the essentials, now you're ready to rock and roll. Open an account and set the amount to be saved weekly,

Page 3: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

monthly or biweekly. Ideally, the money shouldn't hit your "spending" account – it should be automatically drafted into savings.

Forbes.com

Save a Bit at a Time I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance. I am not suggesting that you can snap your fingers and have everything taken care of. What I'm telling you is to move toward your goals in steps. Rather than get lost in the big picture—"Eight months? Are you crazy, Suze? I can never do that!"—focus on what is within your power: the sums you can sock away every week or month to get closer to what you're trying to achieve. Put $50 a week into a bank savings account earning 2 percent interest, and in three years you will have saved more than $8,000. Have a Little Self-Discipline! Okay, so where do you find the money to put toward your financial goals? If you're dealing with a layoff or furlough, I know you feel

Debt Repayment

Credit Cards _______________

Car Payment _______________

Student Loan _______________

Private Loan _______________

(Other) _________________

(Other) _________________

Total _____________

Page 4: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

stretched to the limit. But often when families tell me they have no money for their goals, I look at their spending and find lots of "wants" to cut. So pull out your three most recent bank and credit card statements, circle every charge or debit that is not a necessity, and ask yourself, "Can I eliminate this cost entirely?" If not, can you scale it back 30 to 50 percent (say, opt for the less-pricey cell package)? Every time you cut expenses, you can put the money toward bigger goals.

Suzeorman.com

Primary Needs

Tithes _______________

Mortgage/Rent _______________

Electricity _______________

Water _______________

Cable _______________

Internet _______________

Groceries _______________

Gas _______________

Insurance (Car) _______________

Insurance (Home) _______________

Car Payment _______________

(Other) _______________

(Other) _______________

Total _____________

Page 5: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

The step–by–step guide below can help you develop a realistic savings plan.

Record your expenses.

Make a budget.

Plan on saving money.

Set savings goals.

Decide on your priorities.

Different savings and investment strategies for different goals.

Make saving money easier with automatic transfers.

Watch your savings grow. Bankofamerica.com

Short Term Savings

Vacation _______________

Christmas _______________

Birthdays _______________

(Other Goals) _________________

(Other Goals) _________________

Total _____________

Page 6: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

Financial Summary

Income _______________

Debt Repayment _______________

Primary Needs _______________

Short Term Savings _______________

Long Term Savings _______________

Total _______________

Long Term Savings

Retirement _______________

Emergency Fund _______________

(Other Goals) _________________

(Other Goals) _________________

(Other Goals) _________________

Total _____________

Page 7: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

“Herein lies the fundamental principle of biblical stewardship – the fundamental principle of all Christianity, in fact: We own nothing. God owns everything; we are simply managers. The Bible says, “You may say to yourself, ‘My power and the strength of my hands have produced this wealth for me.’ But remember the Lord your God, for it is he who gives you the ability to produce wealth” (Deuteronomy 8:17-18). As humbling as this sounds, we don’t bring anything to the table. It’s all God’s. This principle carries some heavy implications. First, since God owns it all, he holds the rights that come with ownership. Since we only have what we have been allowed to have, then we operate primarily in the realm of responsibilities. Hear that clearly: God has rights; we have responsibilities. God has entrusted us with certain resources, gifts and abilities. These things rightfully belong to him. Our responsibility is to live by that trust by managing these things well, according to His design and desire.”

Keeperofthehome.org

Page 8: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory
Page 9: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

Income

Take Home Pay _______________

Investments _______________

(Other) ________________

(Other) ________________

Total _____________

Track your spending for 30 days. Think of the next 30 days as an examination of your spending patterns. As with any diet, prior to getting started you must look at your current eating habits, and decide what must change to reach your goals. The same concept can be applied to improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory of necessary purchases and any frivolous or impulsive buys. Cut the extraneous expenses the following week, and you'll have renewed insight into where exactly your money goes. Go on the no spend diet. For the following 30 days, challenge yourself to spend money only on the essentials. This is where the steely willpower comes in. Can you limit yourself to only the essentials? Or will the daily latte, weekly happy hours or monthly shopping sprees (aka "retail therapy") get the best of you? If you're successful, then your bank account will thank you. Automate your savings. After you've tracked your spending and then limited said spending to only the essentials, now you're ready to rock and roll. Open an account and set the amount to be saved weekly,

Page 10: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

monthly or biweekly. Ideally, the money shouldn't hit your "spending" account – it should be automatically drafted into savings.

Forbes.com

Save a Bit at a Time I get so frustrated when people tell me it's unrealistic to create an eight-month emergency savings fund, or have money saved for a home down payment, or pay off their $5,000 credit card balance. I am not suggesting that you can snap your fingers and have everything taken care of. What I'm telling you is to move toward your goals in steps. Rather than get lost in the big picture—"Eight months? Are you crazy, Suze? I can never do that!"—focus on what is within your power: the sums you can sock away every week or month to get closer to what you're trying to achieve. Put $50 a week into a bank savings account earning 2 percent interest, and in three years you will have saved more than $8,000.

Debt Repayment

Credit Cards _______________

Car Payment _______________

Student Loan _______________

Private Loan _______________

(Other) _________________

(Other) _________________

Total _____________

Page 11: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

Have a Little Self-Discipline! Okay, so where do you find the money to put toward your financial goals? If you're dealing with a layoff or furlough, I know you feel stretched to the limit. But often when families tell me they have no money for their goals, I look at their spending and find lots of "wants" to cut. So pull out your three most recent bank and credit card statements, circle every charge or debit that is not a necessity, and ask yourself, "Can I eliminate this cost entirely?" If not, can you scale it back 30 to 50 percent (say, opt for the less-pricey cell package)? Every time you cut expenses, you can put the money toward bigger goals.

Suzeorman.com

Primary Needs

Tithes _______________

Mortgage/Rent _______________

Electricity _______________

Water _______________

Cable _______________

Internet _______________

Groceries _______________

Gas _______________

Insurance (Car) _______________

Insurance (Home) _______________

Car Payment _______________

(Other) _______________

(Other) _______________

Total _____________

Page 12: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

The step–by–step guide below can help you develop a realistic savings plan.

Record your expenses.

Make a budget.

Plan on saving money.

Set savings goals.

Decide on your priorities.

Different savings and investment strategies for different goals.

Make saving money easier with automatic transfers.

Watch your savings grow. Bankofamerica.com

Short Term Savings

Vacation _______________

Christmas _______________

Birthdays _______________

(Other Goals) _________________

(Other Goals) _________________

Total _____________

Page 13: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

Financial Summary

Income _______________

Debt Repayment _______________

Primary Needs _______________

Short Term Savings _______________

Long Term Savings _______________

Total _______________

Long Term Savings

Retirement _______________

Emergency Fund _______________

(Other Goals) _________________

(Other Goals) _________________

(Other Goals) _________________

Total _____________

Page 14: Income - sincerelyyoursshadel.files.wordpress.com€¦ · improve your financial health. Track your spending habits for 30 days. On a weekly basis review your spending, and take inventory

“Herein lies the fundamental principle of biblical stewardship – the fundamental principle of all Christianity, in fact: We own nothing. God owns everything; we are simply managers. The Bible says, “You may say to yourself, ‘My power and the strength of my hands have produced this wealth for me.’ But remember the Lord your God, for it is he who gives you the ability to produce wealth” (Deuteronomy 8:17-18). As humbling as this sounds, we don’t bring anything to the table. It’s all God’s. This principle carries some heavy implications. First, since God owns it all, he holds the rights that come with ownership. Since we only have what we have been allowed to have, then we operate primarily in the realm of responsibilities. Hear that clearly: God has rights; we have responsibilities. God has entrusted us with certain resources, gifts and abilities. These things rightfully belong to him. Our responsibility is to live by that trust by managing these things well, according to His design and desire.”

Keeperofthehome.org