Financial Fitness for Life Conference April 19, 2010 Bloomington IL.

Title | Intro Page Presented by Name Digging Out of Debt One Shovel at a time! Presented by Cate Williams

Before you go out …………… What tools will you need?

 Who are your subcontractors?  Why are you doing this?  What have you tried in the past?  Do you have the right tools?  Are your GOALS realistic? SURVEY THE LANDSCAPE

P.A.C.E.D. Problem- Identify Alternatives- Are there any? Criteria- What is important? Evaluate- Think it over Decide- Make a Decision

 Time spent now will ensure success Try the 10,000 foot view

Project Plan  Gather Income- (realistic numbers please)  Monthly Expenses- (what does it take to keep the doors open at your house?)  Any Cash in the register?  What do you owe? (every debt please )

Project Plan  Are you using the right tools?  Any down side to change?  Who is really in control?  How long will this take?

What Can Sink Your Efforts?  Continued spending  Under employment  Unemployment  Ever increasing expenses  Shifting cost of benefits from employer to employee  Inflation  Shifting family responsibilities

Who can Help you dig? o Sell anything? o Work more? o Credit Counseling Services o Debt Settlement Companies o Foreclosure Specialist o Legal options

So, how is the other guy doing? 65% of parents have saved less than $5,000 for college (43% have saved Zero) 30% of parents know how much to save – 3 in 10 consumers have more credit card debt than retirement savings 4 in 10 consumers don’t have one month of income in savings

So, how is the other guy doing? 23% of consumers claim they are spending “A LOT LESS” 28% of consumers not paying on time 6% of consumers have a bill in collections 65% of consumers have not obtained a copy of free credit report 1 in 3 mortgage holders were “surprised” by the terms

So, how is the other guy doing? 1 in 3 gave themselves a grade of C,D,F in financial education 84% of those receiving a refund will pay down debt or save or invest 3% took a loan against their refund 80% of consumers believe it is OK default on a mortgage

TEACH KIDS- even if they are not yours Start savings- then be an investor Give up one purchase a week Spend gift cards Invoke the 24 hour spending rule Use coupons Know the difference between CHEAP and THRIFTY Layaway Plans making a come back! Thrifty Tips

Thank you for coming Survey Evaluate Get the right equipment Re visit often Plant seeds for success

Thank You for all you do in the classrooms and helping consumers! Cate Williams Vice President of Financial Literacy Money Management International

30 Steps