introduction to budgeting. budgeting how much you earn has almost no bearing on whether or not you...
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Introduction to
Budgeting
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BudgetingHow much you earn has almost no bearing on whether or not you will build wealth and meet your financial goals.
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• How much should you spend?• How much should you save?• How much should you give?
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Setting Savings Goals• Short-term – reach in under three months• Intermediate-term – reach in three months
to one year• Long-term – reach in five years
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Set Savings Goals• Short-term – reach in under three months
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Set Savings Goals• Intermediate-term – three months to one year
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Set Savings Goals• Long-term – accomplish in five years
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ACTIVITY TIME!!!MY GOALS
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Set Spending Goals• Do you need it?• Do you want it?• Do you need something that you want?
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Wants vs. Needs
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WantsA want is something you would like to have
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Needs
A need is something necessary for survival
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ACTIVITY TIME!!!WANTS VS. NEEDS
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Saving Tips• Prioritize and keep your eye on the prize– Prize is reaching your goals for short and
long-term savings, paying back what you owe, making donations, and gifting
• Determine “your” room for improvement
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Saving Tips• Never spend more than $10 without taking
48 hours to think about it – this will help with impulsive spending
• What are some other ways you can save?
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Questions?