Why Create a Spending Plan? •A spending plan:

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IntroductionsINSTRUCTOR S CONTACT INFO HEREw logo where BANK ON logo is Lesson resources provided by Federal Deposit Insurance Corporation andPurdue University Extension .
Objectives1 Identify strategies for stabilizing cash flowafter a drop in income2 Identify common strategies for achievingfinancial security after a drop in income.
Managing your wellbeingGrieve but don t blameTake one thing at a timeStay active and involvedEstablish a daily routine.
Take action TakeStudy your financial situation Ask yourself Does my reduced income cover all my What assets do I have What debt obligations do I have .
What family skills and resources do I have Can you make it on areduced income Determine monthly cash flowPrioritize your bills.
Don t take on new debtContact creditors before they contact you Which debts to pay first1 House related bills2 Basic living expenses.
3 Utilities4 Car and insurance payments6 Student loans Cutting backTransportation.
Increasing incomeList assets and their valueList of skills talents and hobbiesUtilize government programs and assistance Withdrawing retirement funds.
Owe more taxes or pay penaltiesWithdrawal exceptionsLong term impact Should I considerbankruptcy .
Current costFuture financingEmployment Keep track of your creditCredit Score Rating of People Impact.
Applicants will not likely300 549 Very Poor 16 7 be approved for credit Applicants may beapproved for some credit .
though rates may be550 649 Poor 34 1 unfavorable and withconditions such as largerdown payment amounts .
Applicants may beapproved for credit but650 699 Fair 18 3 likely not at competitiveApplicants likely to be.
700 749 Good 12 6 approved for credit atcompetitive rates Applicants most likely toreceive the best rates and750 850 Excellent 30 3 .
most favorable terms oncredit accounts Credit scores may vary depending on the agency providing the score Financial Checkup Setting goals.
Does my plan need improvement What action steps do I need to take Financial servicesKnow the rules and feesCredit counseling and other services.
Credit repair services Do this at homeEvaluate your monthly cash flowSet actionable goalsStay focused limit opportunities to stray.
Reward yourself Thank You INSTRUCTOR S CONTACT INFO with logo HEREInterested in another class Visit NIBOA org Lesson resources provided by Federal Deposit Insurance Corporation and.
Purdue University Extension Don’t take on new debt. You may be tempted to use credit cards, take out a home equity loan or borrow money to pay bills. Resist the urge to do this. Unless your situation turns around quickly, new debt can only create bigger problems. If you have debt, such as credit cards or a mortgage, it’s a good idea to contact your creditors first.

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