Managing Money

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Managing Money
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What do you use money for?

• Money is for the things that you need
• Money is for the things that you want
• Money is for unplanned expenses

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Making a Budget

• Budget a plan for using your money
• Doesnt give you any more money, but helps to
  best use the money you have
• Before starting a budget
• Make a list of your needs and wants
• Need something you can not live without
• (food, shelter, clothing, etc)
• Want Something that is not needed to sustain
  life
• (brand new car, designer clothing, etc)

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• 2. Next you set priorities (which needs and wants
  are most important)
• 3. Figure out your income.
• Income money you take in and have available to
  spend
• 4. Keep a record of your spending

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• Expenses things your spend your money on
• Fixed expenses that you need to pay at costs
  you have no choice paying
• Flexible expenses that dont stay the same (ex.
  Going to the movies).

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• 5. Define the goals for your plan
• What are you saving for?
• Short term within 6 months
• Intermediate 6 months to a year
• Long term A year or more
• PYF Pay yourself first
• You should always put away a certain just for
  unexpected expenses
• 6. Stick to the plan and re-evaluate
• Not every plan will work the first time, if
  something isnt working, change it!

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Tips to Managing Your Money

• If you rely on your budget, you will find it
  useful
• If you are on target with income and expenses
  your budget should be accurate, dont forget to
  update!
• If the budget isnt working, revise, revise,
  revise!
• Remember, you are the person in charge of
  managing your money!