Five steps to increase your bottom line Roxie Rodgers Dinstel Tanana District Extension Home Economist

5 steps  Know your debt  Where does your money go?  Set financial goals  Develop a spending plan  Review

Know your debt  Good vs. bad debt  Get the numbers  Snowball your debt

Snowball method  $500 on 24%--$25 minimum  $2000 on minimum  $8000 on ed. $200 per mo— 5%  $200 to minimum You can find an additional $50 in your budget, what do you pay first? Calculator at

Where does your money go?  Take an accounting of your checking account  What about that cash?

Set some financial goals  What do you care about?  Ask yourself three questions- 1.If you had all the money you needed to achieve your dreams, how would you lead your life? 2.If you learned you had only five years to live, how would you spend the time? 3.If you had only a week to live, what would be your biggest regrets? Is this how you are spending your money?

Set up a spending plan  Gather every financial statement  Record sources of income  Create list of monthly expenses  What’s fixed? What’s variable?  Total income and expenses  Adjust to expenses  Review monthly

Review, Review, Review  Check to see how your plan is working  If you get a windfall, think about where it should go rather than spending it.

5 steps  Know your debt  Where does your money go?  Set financial goals  Develop a spending plan  Review

Getting a deal?  Aim for purposeful spending  Pinching pennies—What do you do?