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Master Your Money: Break Free from Debt Today!

Learn effective strategies to tackle debt, set SMART goals, and track spending to achieve financial freedom. Discover practical tips on saving money in daily expenses and managing credit effectively. Take control of your finances and protect your credit score.

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Master Your Money: Break Free from Debt Today!

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  1. Love Your Money: Getting out of Debt Jayne McBurney, MS Family & Consumer Sciences Agent http://johnston.ces.ncsu.edu/ 2736 NC Highway 210 Smithfield 919-989-5380

  2. Statistics 2008: The Averages • more than $8,000 in credit card debt • 2.7 bank credit cards • 3.8 retail credit cards • 1.1 debit cards • Spends $1.22 for each dollar they earn • 2010.......

  3. Double Trouble

  4. Debt in daily terms(for payoff in 3 years)

  5. The Steps STOPnew purchases ASSESS-how I got into this TRACK - write EVERYTHING down SMART goals FIND places to save FIX pay down credit or save TALK to ALL members of household

  6. TRACK your spending • Write down EVERYTHING you spend • Use a calendar with due dates • A wake up call

  7. Find $ • Cable….movie packages • Rent movies, save $25-$50/mo • Internet • If you have a smart phone, you may not need Internet/wireless service at home, save $45/mo Nails/ Haircut…can you wait a week? • Have hair and nails done every ten days, save $50/mo • Daily lunch, at a modest $5 = $100 a month • Pack Lunch 3 days a week, save $60/mo • Vending machine: 1/day @ 1.25, $25/month • Bring snacks from home in a cooler, save $50/mo • Memberships, Subscriptions, Services • Barter, Trade, Sell

  8. Fix Debt Yourself Pay down credit! GOAL: Protect Credit Score

  9. Power Pay way.... • Three repayment options: • Highest interest rate first (in sequence) • Lowest balance first • Shortest payoff term first • Can add one-time or periodic additional payments (e.g., bonus, tax refund) • Savings will vary according to length of debt, number of creditors, APRs, etc.

  10. Talk • Communicate with partner about spending issues and financial goals • How will we manage?

  11. Housing 25% - 33% of gross pay Vehicle less than 15% of gross including insurance, gas and maintenance Monthly debts Should be less than 15-20% of net *about 35% left

  12. What is my Credit Score?Score range: 300-850 • www.annualcreditreport.com • www.myFICO.com Use the Credit Education tab

  13. Fun & Helpful websites • https://powerpay.org/ • www.bankrate.com • www.Mint.com • www.feedthepig.org

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