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FINANCIAL FITNESS . . . For Everybody Are YOU financially fit? Do you need a financial workout? Do you worry about money? Have you had a loss of income? Would you like to better manage your finances? Make a decision to become more financially fit Small changes add up

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financial fitness

FINANCIAL FITNESS

. . . For Everybody

are you financially fit
Are YOU financially fit?
  • Do you need a financial workout?
  • Do you worry about money?
  • Have you had a loss of income?
  • Would you like to better manage your finances?
make a decision to become more financially fit
Make a decision to become more financially fit
  • Small changes add up
  • Regular routine of financial fitness will provide muscle to…
    • Reduce debt
    • Save money
    • Spend wisely
do you talk with your family about money
Do you talk with your family about money?
  • Good communication adds to financial fitness
  • Discuss needs and wants
  • Available funds
  • Funding needs before wants
couple communication
Couple communication
  • Discuss household finances
  • Location of
    • bank accounts
    • investments
    • important papers
  • Details of paying bills
  • Helpful in case of an emergency
what are your dreams
What are your dreams?
  • Write dreams in the form of goals.
    • Short term goals
    • Long term goals
    • Be specific
  • Written goals are more likely to be accomplished
  • Road map for your financial future
tracking your expenses
Tracking your expenses
  • Write down every expenditure:
    • Groceries
    • Clothing
    • Meals out
    • Snacks, etc.
  • Are there any surprises?
have you kicked a habit lately
Have you kicked a habit lately?
  • Do you smoke?
  • Eat lunch out every day?
  • Buy snacks from the vending machine?
  • The little extras in your life?
how much does a habit cost
How much does a habit cost?
  • Lunch out 5 days a week at $5 a day - $25
  • Lunch out $5 a day for a month - $100
  • Lunch out at $5 a day for a year - $1200
other spending habits
Other spending habits
  • Excessive spending
    • Expensive vacations
    • New cars
    • Cell phones, beepers, caller ID
    • Premium cable TV
    • Shopping sprees
spending more than you make
Spending more than you make
  • Credit obligations should be no more than 20% of take-home pay.
  • Credit reduces your future buying power

< 20%

credit trap
Credit Trap
  • Minimum monthly payments
    • Pay more than the minimum when possible
    • Avoid offers to skip payments
  • Sometimes takes years to re-pay
credit check up
Credit check-up
  • Check your credit report
    • Record of your bill paying history
    • Used by lenders to determine credit risk
    • Check once a year for accuracy
    • If there are errors, contact the Credit Bureaus for corrections
  • Avoid credit repair clinics
credit reporting bureaus
Credit Reporting Bureaus
  • Equifax – www.equifax.com
  • Experian – www.experian.com
  • TransUnion – www.tuc.com
shopping habits
Shopping habits
  • Shop with a list
  • Avoid impulse buying
  • Do your homework before buying
  • Comparison shop for the best buy
  • Shop sales for needed items
spending plan
Spending plan
  • List your monthly income
  • List your estimated expenses
  • Keep a record of how much is actually spent
  • Reallocate resources
reserve cash
Reserve cash
  • Reduces the stress of unexpected expenses.
  • 3 to 6 months of living expenses
  • Saving money adds to financial fitness, one day at a time
pay yourself first
Pay yourself first
  • Is it tough to find money for saving?
  • Instead of saving at the end of the month, try saving at the beginning
save and invest on autopilot
Save and invest on autopilot
  • Get a certain amount direct deposited into a savings or investment account
    • Convenient
    • Rewarding
  • Good way to become a disciplined saver
what can you do to get your finances in shape
What can you do to get your finances in shape?
  • Are you already practicing some of these financial fitness exercises?
  • Have you discovered other tips to add to your regular fitness routine?
  • Start by making a few changes at a time
  • Stay committed to the program
financial fitness is for every body
Financial Fitness is for Every Body!
  • Just imagine yourself…
    • Reducing the cellulite from your debt load
    • Increasing the muscle of your savings and investments
    • Getting your financial routine organized & easy to manage
  • The results will be rewarding!

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