Budgeting

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Helpful Terms & Tools

Budgeting Helpful Terms & Tools

Budgeting

Budgeting

Saving Hacks

Helpful Terms
& Tools

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!
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