National Association of Black Accountants, Inc. M ney $ense Financial Goals

Financial Literacy: Knowing What You Need To Know To Achieve Your Financial Goals Financial Literacy: Knowing What You Need To Know To Achieve Your Financial Goals

Achieving Your Financial Goals

“ Most people don’t plan to fail; they just fail to plan.”

Achieving Your Financial Goals The goals you hope to achieve The goals you hope to achieve Your time frame for reaching each goal Your time frame for reaching each goal The benefits of reaching each goal The benefits of reaching each goal The obstacles that could prevent you from achieving each goal, and ways to help overcome them The obstacles that could prevent you from achieving each goal, and ways to help overcome them

Achieving Your Financial Goals Set clear goals Set clear goals Resolve to spend less Resolve to spend less Create an emergency fund Create an emergency fund Make saving a priority Make saving a priority Pay yourself first Pay yourself first

Achieving Your Financial Goals Reduce credit card debt Reduce credit card debt Evaluate your insurance coverage Evaluate your insurance coverage Think taxes Think taxes

Establish A Plan Examine your financial goals Examine your financial goals Identify your current monthly income and expenses Identify your current monthly income and expenses Evaluate your budget Evaluate your budget Monitor your budget by keeping track of actual expenses Monitor your budget by keeping track of actual expenses Set aside money for periodic & unforeseen expenses Set aside money for periodic & unforeseen expenses

Spend Less, Save More Reduce discretionary expenses Reduce discretionary expenses Refinance your home mortgage Refinance your home mortgage Reduce your housing expenses Reduce your housing expenses Sell one of your cars if you have two Sell one of your cars if you have two

Spend Less, Save More Access the equity in your home Access the equity in your home Transfer credit card balances from higher- interest cards to a low- or no-interest card Transfer credit card balances from higher- interest cards to a low- or no-interest card Review your insurance needs. Ask about insurance discounts or increasing your deductible Review your insurance needs. Ask about insurance discounts or increasing your deductible

Establishing A Financial Safety Net Having a financial safety net in place can ensure that you're protected when a financial emergency arises Having a financial safety net in place can ensure that you're protected when a financial emergency arises Set up a cash reserve of three to six months' worth of living expenses in your cash reserve Set up a cash reserve of three to six months' worth of living expenses in your cash reserve

Where to Keep Your Cash Reserve Your cash reserve should be readily available when you need it Your cash reserve should be readily available when you need it Certain fixed-term investment vehicles impose a significant penalty for early withdrawals Certain fixed-term investment vehicles impose a significant penalty for early withdrawals

Review Your Cash Reserve Periodically Your personal and financial circumstances change often Your personal and financial circumstances change often You should review it annually to make sure that it fits your current needs You should review it annually to make sure that it fits your current needs

Keys to Financial Success Always spend less than you earn Always spend less than you earn Avoid splurging Avoid splurging Invest the rest Invest the rest

Financial literacy isn’t just a matter of knowing what you have and knowing your options. It is a matter of planning for life’s milestones.

Thank You! National Association of Black Accountants, Inc. M ney $ense For more information visit

360 Degrees of Financial Literacy 360 Degrees of Financial Literacy is a national effort of the CPA profession to improve the financial understanding of Americans. It provides a comprehensive approach to financial education, focusing on the information Americans need at every life stage, from childhood to retirement. CPAs volunteer their time and expertise to educate members of their communities about financial issues. 360 Degrees of Financial Literacy is a national effort of the CPA profession to improve the financial understanding of Americans. It provides a comprehensive approach to financial education, focusing on the information Americans need at every life stage, from childhood to retirement. CPAs volunteer their time and expertise to educate members of their communities about financial issues. Visit for tools to help you make sound financial decisions. Visit for tools to help you make sound financial decisions.