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Budgeting

01

Budgets

02

Saving Hacks

03

Helpful Terms & Tools

04

Snowball Method

Helpful Terms and Tools

Credit - the ability to obtain goods or services before payment, based on the trust that payment will be made in the future; also, an amount added into an account.

Debit – amount owed or subtracted from

Budget – an estimate of income (money coming to you) and expenditure (money you pay out) for a set period of time.

Need – something essential or very important (food, housing, utilities)

Want – something you have a desire to possesses; something you wish for (latest technology, designer bags, latest iPhone)

APR – Annual Percentage Rate is calculated rate of interest against a loan balance

Minimum Payment – lowers amount of money that you are required to pay on a credit card statement each month.

Did You Know

Getting rid of your car and switching to Uber or public transportation could save you $300-700 or more per month!

Tips and Tricks for Budget Sanity

Sanity Saver #1 – Budget for some Fun!

Remember to be mindful for a moment and remember all that we have to appreciate. Good friends and family are priceless, and taking time for fun with them should be a priority in life.

Manage your resources to include money for recreation and fun.

  • Do not become a Draconian person and deny yourself the simple joys of living. Just make sure you know how much activities cost you and what benefits you derive from them.
  • Challenge yourself and your family to find ways to enjoy life without spending a lot. There are many inspirational resources for this type of information online.
  • Treat yourself when warranted! It’s a real mood booster and motivator! Just be sure you do it mindfully and categorize the purchase using the tracking method you’ve chosen.

Sanity Saver #2 – Know all of your fees and Interest rates

If you know the impact of all banking fees and interest rates, you can shop around for better options.

  • Locate and write down all fees you pay, such as for a checking account, and the interest rates on all of your consumer debt. It may be painful to see—but it’s important to know!
  • Use an online interest calculator to help you see the impacts of different interest rates and pay off periods. A great calculator is available at: http://www.cardhub.com/credit-card-calculator/

Sanity Saver #3 – Save Something Now

  • Perhaps right now, you can only afford to save $10 a week. GREAT! Do it. Just do it.
  • Start the saving habit now, today. Do not wait.
  • Having some savings is something that you could never regret.

Sanity Saver #4 – Prioritize

  • Don’t try to do everything at once. For example: Prioritize paying off consumer debt, which will set you up to begin an emergency fund.
  • In fact, let’s get your priorities down on paper right now!

This Guide

01

Budgeting Part 1 - Budgets

02

Budgeting Part 2 - Saving Hacks

03

Budgeting Part 3 - Helpful Terms & Tools

04

Budgeting Part 4 - Snowball Method

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