Budgeting

Objectives:


  • define budgeting
  • benefits of budgeting
  • setting goals and creating a budget
  • following through

What is budgeting?

evaluating your income and expenses to create a plan on how to spend your money wisely to save.

Although budgeting is extremely beneficial for peoples financial obligations not all people budget.

Why don't people budget?
  1. accountability: people don't want to be held accountable for continuing to follow through with their plan
  2. most people don't know how to conduct a budget
  3. image/denial: too proud to live on a budget, or feel they don't need to create one
  4. not making enough money to live off to save and manage to balance a budget

truth is, these are all excuses.

having a budget is simple to construct, easy to follow through, and something anyone at any financial status can and should consider.

why budget?

  • helps control your money and spending habits
  • allows you to evaluate your income and expense
  • locate and distinguish needs versus wants
  • enables balance
  • creates targets and goal setting 
  • SAVE MONEY

"Save money for a rainy day"

Budgeting may act as a security blanket. With this idea of saving money, you allow yourself to have money put up for a rainy day, when usable funds are dried up and it's time to pay an expense such as rent the money you now have saved up can step in to assist you.

also:

  • put money away for future goals, tasks, and situations
  • feel less stressed to be able to do what you want to do
  • live comfortably
  • take care of business

budgeting reduces:


  • impulse buying
  • buying too much/over spending
  • buying things that are unneeded
  • buying things you will regret
  • running into debt problems

goal setting

Goals should be realistic and attainable


S.M.A.R.T goals is a platform to think about to make goal setting easier and reachable.

  • Specific: well defined and clear
  • Measurable: can progression be tracked? (how much/how many? what stage are you at? how do you know)?
  • Attainable: goals should be realistic and reachable
  • Relevant: is the goal worth it and consistent with your other goals
  • Time: all goals should have a time frame

What to include in a budget

As you begin to plan for a budget you should always consider the following : income (money coming in) and expenses (money going out, such as: rent, bills, gas, food, clothes, miscellaneous items), retirement, college, needs/wants, and emergencies.

Next thing to consider in your budget are your targets, goals, any possible time frames.

creating a budget

1. calculate your income

2. calculate expenses

    fixed expenses: amount stays the same

    variable expenses: amount may change

3. Map out what currently needs to be taken care of

(prioritize)

4. create a goal and how to make that goal happen

creating a budget

creating a budget

After tracking your spending, setting goals, and writing them down the next step is to think into the future.

budgets only work when you prepare for what is to come. You already know your fixed expenses and you know you have various expenses that may change month-to-month, week-to-week.

follow up!

always follow up on your budgets.

check in monthly to see what is working, what's not, what can you change. assess and react to your data because if you don't you are likely to quit.
if your budget is not working you must come up with another plan to ensure your best outcome.

Create a presentation like this one
Share it on social medias
Share it on your own
Share it on social medias
Share it on your own

How to export your presentation

Please use Google Chrome to obtain the best export results.


How to export your presentation

New presentation

by trecarson

7 views

Public - 7/3/16, 9:06 PM