Personal Finance and Budgeting & Tips for Surviving on a Low Income.
Personal Budgeting Made Simple
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Transcript of Personal Budgeting Made Simple
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Personal Budgeting Made Simple
Rod WiltroutBy PresenterMedia.com
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• Make wise money decisions• See where your money goes• Make sure everything gets paid: ON TIME!• Define essential costs vs. non-essential spending
• Get rid of your debt• Plan for the future• Plan for retirement: it will happen at some point
• You Need a Game plan!• By the way, a $3.00 latte daily is over a $1,000 out of your annual budget. Just a thought…
Why Have a Budget?
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•Married Couple•Double income•No children•College debt•Credit card debt•Car payments•Rent
Budget Parameters: Who are These People?
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Define your Income
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Define your Income
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Put in Your Expenses
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Put in Your Expenses
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Put in Your Expenses
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Put in Your Expenses
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How Much am I Spending in Each Area
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… And You Can Graph It!
ChildrenEntertainmentFoodGifts & DonationsHousingInsuranceLegalLoansPetsPersonal CareTaxesTransportation
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Put in Your Expenses
So, what d
o we do
NOW?
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• Increase Income and Decrease Expenses!• Get a second or third job• Take out the non-essentials• Sell your “stuff”• Create a Debt Reduction Snowball!
Everyone has this Problem to Some Extent!
Fixing Your Budget
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Creditors Monthly Payment Total DebtStudent Loan (10 yr.)
$450.00 $ 40,000
Credit Card #1 $ 50.00 $ 2,500Credit Card #2 $ 75.00 $ 4,000Car Repair $ 20.00 $ 350Total Debt $ 595.00 $ 46,850
Reduce Installment Debt
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On College Loan:Interest paid on Student loan
$ 13,033
With Extra $145 Payment
$ 8,873
Original Payments 118With Extra Payments
83
Payments Saved $ 4160 interest saved
35
$40,000, 10 yr., 6% LoanOn Just the Student Loan…
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Rod [email protected](559) 287-7840 cell phone
Now you have the Keys t
o
building a su
ccessf
ul
Personal b
udget!