four myths: z“ things bring happiness.” z“your possessions define who you are.” z“the more...

Four Myths:

“THINGS bring happiness.”“Your possessions define who

you are.”“The more you have, the more

you should spend.”“Spending is a COMPETITION.”

Current Behavior: Nothing

Total “Scale Back” Savings: $30 (thermostat) + $25 (share cell plan) + $20 (dial up internet) + $25 (limited basic cable) = $100/month!

Total “Spartan” Savings= $30 (thermostat) + $50 (no cell phone) + $20 (dial up internet) + $40 (no cable TV)= $140/month!

Finding $100

The Prudent Consumer Is:

One who enjoys the fruits of their labor yet guards against materialism.

Three Biblical Financial Principles:

Beware of idols. Guard against GREED. Be CONTENT.

When we practice MODERATION and learn contentment, we become free to be a blessing to others.

Key Question:

Are you willing to “drive your stake” lifestyle-wise?

Driving Your Stake Means:

There will be a point in time when you declare, “Enough is enough.”

You distinguish between your TRUE needs and what the culture says you need.

Tips for Mortgage/Taxes/Rent:

Consider the issue of renting vs. owning.Think PREPAYMENT of mortgage.Beware of basing a mortgage on TWO

INCOMES.Exercise caution toward equity loans.Consider an extended household.

Maintenance and Repairs:

Become a Mr. or Ms. “Fix-it”

Utilities:

Control the thermostat.Use phones wisely.Evaluate options for Internet and cable

services.

Spending Plan Application

Individual Activity:

Transportation QuizWhat is the least expensive car you can

own?

Transportation QuizWhat is the least expensive car you can

own?When is it economically wise to buy a new

(never-owned) car?

Transportation QuizWhat is the least expensive car you can

own?When is it economically wise to buy a new

(never-owned) car?What are the economic advantages to

leasing?

Transportation QuizWhat is the least expensive car you can

own?When is it economically wise to buy a new

(never-owned) car?What are the economic advantages to

leasing?What is the proper mileage at which it is

best to unload the old car?

Statistics:

Average Reliability Life = 10.2 years Mileage = 120,000

Average Trade-in Time = 4 years Mileage = 50,000

Pay Cash for Your Next Car!

.

Auto Insurance Tips:

Choose the highest deductible you can afford.

Shop for it.COMBINE policies.Look for other discounts.Consider eliminating COLLISION

coverage on an older car.

Life Insurance

Consider renewable term. Consider whether insurance is necessary.

Household/Personal

ClothingGambling

Household/ Personal and Entertainment Ideas and Spending Plan Application

Individual Activity: