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Five steps to increase your bottom line

Five steps to increase your bottom line. Roxie Rodgers Dinstel Tanana District Extension Home Economist. 5 steps. Know your debt Where does your money go? Set financial goals Develop a spending plan Review. Know your debt. Good vs. bad debt Get the numbers Snowball your debt.

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Five steps to increase your bottom line

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  1. Five steps to increase your bottom line Roxie Rodgers Dinstel Tanana District Extension Home Economist

  2. 5 steps • Know your debt • Where does your money go? • Set financial goals • Develop a spending plan • Review

  3. Know your debt • Good vs. bad debt • Get the numbers • Snowball your debt

  4. Snowball method • $500 on Lowes @ 24%--$25 minimum • $2000 on Visa @16%--$60 minimum • $8000 on ed. Loans @ $200 per mo—5% • $200 to Sears @15%--$20 minimum You can find an additional $50 in your budget, what do you pay first? Calculator at https://powerpay.org

  5. Where does your money go? • Take an accounting of your checking account • What about that cash?

  6. Set some financial goals • What do you care about? • Ask yourself three questions- • If you had all the money you needed to achieve your dreams, how would you lead your life? • If you learned you had only five years to live, how would you spend the time? • If you had only a week to live, what would be your biggest regrets? Is this how you are spending your money?

  7. Set up a spending plan • Gather every financial statement • Record sources of income • Create list of monthly expenses • What’s fixed? What’s variable? • Total income and expenses • Adjust to expenses • Review monthly

  8. Review, Review, Review • Check to see how your plan is working • If you get a windfall, think about where it should go rather than spending it.

  9. 5 steps • Know your debt • Where does your money go? • Set financial goals • Develop a spending plan • Review

  10. Getting a deal? • Aim for purposeful spending • Pinching pennies—What do you do?

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