Principles of Personal Finance Instructor: xxxx. Objectives Define successful personal financial management and the importance of planning a financial.

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Presentation transcript:

Principles of Personal Finance Instructor: xxxx

Objectives Define successful personal financial management and the importance of planning a financial future. Examine examples of successful and unsuccessful personal financial management. Recognize the warning signs of financial trouble. Develop the necessary skills to gain control of personal finances. Explore the military pay system, allowances, and benefits.

Personal Financial Management: Make It Real for You Make the most of your money Be a smart consumer Live comfortably now Save for your Retirement Enjoy life!

Recognizing Financial Trouble Rising Debt Lost Possessions Repossession Loss of Credit Pay Garnishment Lose Clearance Lose Privileges Can’t Re-enlist Discharged/Lose Job

How to Decide if You’re in Trouble Excessive Behavior Excessive Gambling and Bad Habits Large Amounts of Credit Debt Living Outside of Your Available Means Bounced Checks and Credit Cards Letters of Indebtedness Collection Agencies and Repossessions Your Pay is Garnished

Why Manage Your Finances? Control your money and your life Live well on a small income Avoid future problems by starting to save now Avoid Financial Problems Because – Debt can creep up on you Debt can ruin your personal relationships Debt can cost you your job and your credit rating

Ways to Spend Money Wisely… Rent a house instead of buying one. Pay cash for smaller items. Stop buying LOTTO tickets. Get a low interest loan on a used car. Eat lunch out only once a week. Use credit cards wisely.

Assess Your Situation Start getting organized. Make a new budget. Set priorities. Talk to your creditors. Eliminate expenses/Don’t add to debt. Consolidate debts. Consider bankruptcy

What to Do When Debt is Out of Control? (Check all that apply) 1. Set up a new budget that focuses on paying off debt. 2. Stop spending except for absolute necessities. 3. Get a consolidation loan so you can continue your lifestyle as before. 4. Cut out any expenses you can do without.

Steps to Financial Management Planning and Goals Setting Define your personal goals. Determine where the money will come from. Fit together costs and all goals. Write it down (be specific). Budgeting Track your expenses monthly Be flexible. Cash Flow List all income and expenses. Know where all money goes. Track the totals for a few months. Look for highs and lows.

Be a Wise Consumer Make sure that your income exceeds your expenses. Resist the advertising gods. Know your legal rights by checking: Store Policy Warranties Contracts Military Base legal Service Office Credit Card State Consumer Affairs Office Other Resources

Military Pay, Allowances, and Benefits How you are paid – monthly or semi-monthly Types of Pay Base Pay Special or Incentive Pay Allowances Living Expenses Housing Travel and Moving Expenses Benefits Medical/Dental Leave Education Life Insurance/Survivor’s Benefits Retirement

Your Pay Statement: The LES Leave and Earnings Statement Personal Information Entitlements/Deductions/Allotments Leave Summary Tax Summary Pay Data Summary Remarks

Review of Objectives Defined successful personal financial management and the importance of planning a financial future. Examined examples of successful and unsuccessful personal financial management. Recognized the warning signs of financial trouble. Developed the necessary skills to gain control of personal finances. Explored the military pay system, allowances, and benefits.