Money Matters workshop sponsored by the Kansas City Public Library Budgeting Money Matters workshop sponsored by the Kansas City Public Library

Start Somewhere It’s impossible to map out a route to your destination if you don’t know where you’re starting from. - Suze Orman Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

What you will learn Components of a budget Snapshot of your finances Everyday savings Setting financial goals Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Taking Control What is a budget? Components of a budget Income Expenses Setting priorities Making changes Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Income Income is the money that comes into your household Different types of income Regular Irregular Seasonal Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Expenses Fixed expenses- consistent costs that do not fluctuate in amount and date Flexible expenses- constantly changing costs Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Expenses Needs: are those things you must have to live Wants: are goods and services that you desire to have but are not essential to daily living Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Test Your Knowledge : Needs vs. Wants Eating out 3 days a week Rent Child care Movies/DVD Internet Tablet Football tickets Gas Lights Transportation Shopping Magazines Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Tracking Being accountable for your spending habits Reviewing spending trends Deciding if and where changes can be made Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Not Enough Expenses outweigh your earnings Increase your income Reduce your expenses Prioritize your bills Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Savings Tips Make a shopping list before you go to the store Purchase store brand items Clip coupons Brew your own coffee Cut down on your cable bill Save your loose change Never purchase on impulse Limit credit card purchases Pay your bills on time Shop for gas Weatherproof your home Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Extra Cash Savings is money set aside to use in the future Pay off other debts Invest in other opportunities Keep an emergency fund Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Net Worth Net worth: Total asset minus total liabilities Examine your personal financial health Positive net worth is the goal Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Goal Setting Short Term: is a goal that can be achieved in a short time frame Long Term: is a goal that can be achieved in the future Reevaluating your goals Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

SMART Goals S- Specific: What do I want to accomplish? M- Measurable: How will I measure my progress? A- Achievable: How can the goal be accomplished? R- Relevant: Is this the right time? T- Time-Bound: How long will it take to accomplish this goal? Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Practice Makes Perfect Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Amount or Rate of Return Needed to Reach Goal My Goal Goal Time frame On hand Needed Amount or Rate of Return Needed to Reach Goal Account/Investment Down Payment for my new car 12 months $0.00 1500 $ 1500 ( $125 a month) Savings account at the credit union   Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Stick It Out: Five R’s of Budgeting Remember: Start small and continue to make changes Realistic: Make your budget and financial goals realistic Repetition: It takes a few months to perfect your budget Rebound: Get back on track if you make an error Reminder: Keep in mind why you have a budget Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Review Account for your monthly income Track your expenses Identify items that can be purged Continue paying for your needs Set financial goals Reevaluate Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Resources FDIC Consumer Finance Protection Bureau FINRA www.fdic.gov/consumers/consumer/moneysmart/ Financial curriculum based on building financial skills Consumer Finance Protection Bureau www.consumerfinance.gov Submit complaints and financial tools FINRA www.saveandinvest.org Information on debt control, financial basics, and financial tools Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

Savings Tips Everyday Savings Tips: Bank of America America Saves https://www.youtube.com/watch?v=I02SvLeUIzo America Saves http://www.americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money About Money http://budgeting.about.com/od/how_to_save/a/25-Tips-To-Save-Money-In-Your-Daily-Life.htm Latoya Woods Women's Employment Network p:816-595-1302 email: lwoods@kcwen.org

H&R Block Business & Career Center At the Kansas City Public Library 3rd floor of Central Library, 14 W. 10th St. 816-701-3717 www.kclibrary.org/business-career Books on personal finance, job hunting, small business development Personal finance: Budgeting, credit, investing, real estate, identity theft Personal finance website (Sign up for more workshops on this website) Computers with software for resume and business plan writing Resources for nonprofit development

Financial Opportunity Centers Women’s Employment Network 920 Main St, Suite 100 Kansas City, MO 64105 P: 816-595-1302 Guadalupe Centers Inc. 2600 Belleview Kansas City, MO  64108 P: 816- 472-4120 Prosperity Center 5151 Troost Avenue, Suite 100 Kansas City, MO 64110 P: 816-501-4239 Community Services League 404 N Noland Rd Independence, MO 64050 P: 816-254-4100 Ask Me: How I Can Help? One-on-one counseling Financial Coaching Budgeting Setting future financial plans Tools for rebuilding credit Accountability