analyzing your paycheck personal finance. types of pay your pay can be calculated in a number of...
TRANSCRIPT
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Analyzing Your Paycheck
Personal Finance
![Page 2: Analyzing Your Paycheck Personal Finance. Types of Pay Your pay can be calculated in a number of ways – make sure you know which way it is being calculated](https://reader030.vdocuments.us/reader030/viewer/2022032702/56649cab5503460f9496d15e/html5/thumbnails/2.jpg)
Types of Pay Your pay can be calculated in a number of
ways – make sure you know which way it is being calculated.
Types of Pay:
Salary: Set amount of money earned per year – or another set time.
Wages: Set amount of paid per hour or day or item of work. Piecework: Usually involves manufacturing/ assembly
items
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Types of Pay Commission: Fixed percentage or amount of
profit given for making a sale Sales, Marketing, Real Estate, Retail jobs
Bonus: Sum of money paid in addition to regular pay for job performance/meeting goals.
Tips: Money given to employee by customer in exchange for a service
Waitresses, Bartenders, Hair stylists, Caddies
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Regulations Affecting Pay Fair Labor Standards Act – standards governing
employee payment and compensation.http://www.dol.gov/elaws/flsa.htm
Equal Pay FSLA forbid employers from paying one person less
than another person for the same work. Work in same establishment Work under same/similar conditions Perform work requiring skill, effort, and responsibility
Often used to prevent discrimination against women, minorities, and older workers.
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Regulations Minimum Wage: Lowest hourly rate employer
may legally pay most workers. Raised periodically for inflation. (Just raised)
http://www.dwd.state.wi.us/dwd/publications/erd/pdf/erd_9247_p.pdf
Subminimum Wage: A wage paid under certain conditions to certain categories of workers, such as trainees, that is less than the established minimum wage.
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Over Time
Work in excess of 40 hours per week. Usually 1.5 times normal wage For example $8.00 * 1.5 = $12.00/hr
Not paid to salaried employees – weigh the loss of overtime pay before changing to salaried position.
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Where Does My Money Go? Almost 31% of an individual’s paycheck is
deducted Taxes are the largest expense most
individuals will have Therefore, it is important to understand the
systematic deductions U.S. tax system operates on an ongoing
payment system Taxes are immediately paid on income
earned
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Reading a Paycheck
Family Economics & Financial Education
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Paycheck Stub
Paycheck Stub A document included each pay period which
outlines paycheck deductions
On-The-Go
EmployeeBeakens, Joe
SSN201-92-4856
Check #164
Check Amount$1,102.98
Employee Address293 Michael GroveBillings, MT 59102
Pay Type-Gross Pay
Deductions Current Year-to-date
$1,353.33 Federal WithholdingState WithholdingFed OASDI/EE or Social SecurityFed MED/EE or MedicareMedical401K
$106.00$40.82$83.91$19.62$0.00$0.00
$503.46$117.72$636.00$244.92$0.00$0.00
Totals $250.35 $1,502.10
Pay Period 6/11/2004-7/11/2004
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Personal Information
Personal Information States the employee’s full name, address, and Social Security
number Always check to ensure this information is correct
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
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Pay Period
Pay Period The length of time for which an employee’s wages are calculated; most
are weekly, bi-weekly, twice a month, or monthly The last day of the pay period is not always payday to allow a business to
accurately compute wages
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
![Page 12: Analyzing Your Paycheck Personal Finance. Types of Pay Your pay can be calculated in a number of ways – make sure you know which way it is being calculated](https://reader030.vdocuments.us/reader030/viewer/2022032702/56649cab5503460f9496d15e/html5/thumbnails/12.jpg)
Gross Pay
Gross Pay The total amount of money earned during a pay period before
deductions This is calculated by multiplying the number of hours worked by the
hourly rate If a person is on salary, it is the total salary amount divided by the
specified time period
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
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Net Pay
Net Pay The amount of money left after all deductions have
been withheld from the gross pay earned in the pay period
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
![Page 14: Analyzing Your Paycheck Personal Finance. Types of Pay Your pay can be calculated in a number of ways – make sure you know which way it is being calculated](https://reader030.vdocuments.us/reader030/viewer/2022032702/56649cab5503460f9496d15e/html5/thumbnails/14.jpg)
Deductions
Deductions The amount of money subtracted from the gross pay earned for
mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
![Page 15: Analyzing Your Paycheck Personal Finance. Types of Pay Your pay can be calculated in a number of ways – make sure you know which way it is being calculated](https://reader030.vdocuments.us/reader030/viewer/2022032702/56649cab5503460f9496d15e/html5/thumbnails/15.jpg)
Federal Withholding Tax
Federal Withholding Tax The amount required by law for employers to withhold from earned wages to pay
taxes The amount of money deducted depends on the amount earned and information
provided on the Form W-4 Largest deduction withheld from an employee’s gross income
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
![Page 16: Analyzing Your Paycheck Personal Finance. Types of Pay Your pay can be calculated in a number of ways – make sure you know which way it is being calculated](https://reader030.vdocuments.us/reader030/viewer/2022032702/56649cab5503460f9496d15e/html5/thumbnails/16.jpg)
State Withholding Tax
State Withholding Tax The percentage deducted from an individual’s paycheck to assist
in funding government agencies within the state The percentage deducted depends on the amount of gross pay
earned
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
![Page 17: Analyzing Your Paycheck Personal Finance. Types of Pay Your pay can be calculated in a number of ways – make sure you know which way it is being calculated](https://reader030.vdocuments.us/reader030/viewer/2022032702/56649cab5503460f9496d15e/html5/thumbnails/17.jpg)
FICA (Federal Insurance Contribution Act)
FICA This tax includes two separate taxes: Fed OASDI/EE or Social Security
and Fed MED/EE or Medicare These two taxes can be combined as one line item or itemized separately
on a paycheck stub
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
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Social Security
Social Security Nation’s retirement program, helps provide retirement income for elderly
and pays disability benefits Based upon a percentage (6.2%) of gross income, employer matches the
contribution made by the employee
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
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Medicare
Medicare Nation’s health care program for the elderly and disabled,
provides hospital and medical insurance to those who qualify Based upon a percentage (1.45%) of gross income
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
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Medical
Medical The amount taken from the employee’s paycheck for medical
benefits Occurs when the employer has a medical plan for employees but
does not pay full coverage for his/her benefits
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
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Retirement Plan
Retirement Plan The amount an employee contributes each pay period to a
retirement plan A specified percentage of the contribution is often matched by
the employer May be a 401K, a state, or local retirement plan
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
![Page 22: Analyzing Your Paycheck Personal Finance. Types of Pay Your pay can be calculated in a number of ways – make sure you know which way it is being calculated](https://reader030.vdocuments.us/reader030/viewer/2022032702/56649cab5503460f9496d15e/html5/thumbnails/22.jpg)
Year-to-Date
Year-to-Date Total of all of the deductions which have been withheld from an
individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
Pay Period 6/11/2004-7/11/2004
$1,502.10$250.35Totals
$503.46$117.72$636.00$244.92$0.00$0.00
$106.00$40.82$83.91$19.62$0.00$0.00
Federal WithholdingState WithholdingFed OASDI/ EE or Social SecurityFed MED/ EE or MedicareMedical401K
$1,353.33
Year-to-dateCurrentDeductionsPay Type-Gross Pay
Employee Address293 Michael GroveBillings, MT 59102
Check Amount$1,102.98
Check #164
SSN201-92-4856
EmployeeBeakens, Joe
On-The-Go
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Types of BenefitsBe sure to consider benefits when choosing a
job!!
Insurance Benefits: Group health care plans offered by employers
Other insurance plans: Vision, dental, disability, long-term care, flex plans
Savings and Retirement Benefits: Employers deduct money from the employee’s paychecks to deposit in a savings or investment account.
Some or all deducted on a pre-taxed basis Tax sheltered annuities, 401K plans
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Types of Benefits Other benefits:
Paid Holidays Vacation Days Sick Leave Flex Accounts Pay for addition education/training Paid maternity leave or money towards childcare Gym memberships Addition perks
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Unions Important Part of American History
Developed in early 1900’s Protect Worker’s Rights
Collective Bargaining: Meeting with employers and elected officials to negotiate the terms of a contract Pay Benefits Work Environment
Currently hot topic in politics
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Professional Organizations Professional Organization:
a nonprofit organization seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest.
Keep up to date with current trends in the profession
Further education or credits
Workplace or employee pays fee to belong Resources Classes Conferences
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Budgeting
Personal Finance
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Why Budget? A budget is helpful no matter how large or
small your income is. It is ALL about saving.
If created efficiently, a budget can help you:
Avoid running out of money between paychecks Evaluate your spending habits and making better
choices Set aside savings for unexpected costs (They WILL
happen!) Work toward a financial goal
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Budgeting
Although a budget can be created for any time period, most create on for a year Divided it up into months (by 12)
Creating a budget involves three main tasks: Estimating Income (Gross vs Net -- irregular) Estimating Expenses (Fixed vs Variable) Bringing the two into balance – saving
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Estimating ExpensesGroup expenses into general categories
Groceries, dining out, gas, cable bill, miscellaneous, etc.
Fixed Expenses: Regular payments that do not vary from month to month. (Rent, car payment)
Variable Expenses: Normally increase and decrease from month to month. (Groceries, Dining Out)
The MORE accurate you are – the more effective your budget.
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Estimating ExpensesYou can estimate your expenses using several
ways –
Your past spending. Information from bank statements, receipts, tax forms.
Expert recommendations Percentages of income to allow for various expenses.
National Averages Consumer Expenditure Survey – shows how consumers
spend their money. Published periodically by the Bureau of Labor Statistics
Pie Chart
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Saving Money
PAY YOURSELF FIRST!! 10% of household income – more if you can. Treat savings as another FIXED expense. Necessary to reach long-term savings goals and have
emergency fund.
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Balance Your Budget
Income – Expenses = Zero
If result is a positive number, add money to savings.
If result is a negative number, adjust your budget.
Decrease expenses, do not cut out savings.
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Adjusting Your BudgetLook at discretionary expenses – categories that
aren’t necessary. Shopping “Fun” money Add-ons to other expenses (Cell minutes, HD or Tivo,
Internet Speed)
Think of ways to trim expenses Coupons Eating in more Buy sale items
Reduce Fixed Expenses – Less expensive car, lower rent, better deal on auto insurance.
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Using Your Budget
Establish a budget – use discipline!! Monitor it each week
Compare actual expenses vs. budgeted amount Analyze if overspending – Make adjustments.
Revise budgeted amounts, if needed.