1. FINANCIAL FITNESS . . . For Everybody Workable Wellness

2. Are YOU financially fit?
Do you need a financial workout?
Do you worry about money?
Have you had a loss of income?
Would you like to better manage your finances?
Do you consider yourself to be financially fit? Or are your finances out of shape and in need of a workout? We spend a lot of time in this life earning, spending, and perhaps worrying about money. Most people need to spend more time managing their money, which would ease the worries and stresses of every day life. Perhaps you have experienced a loss of income or maybe you're just interested in doing a better job of managing your finances.
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Financial Fitness

3. Make a decision to become more financially fit
Small changes add up
Regular routine of financial fitness will provide muscle to…
Reduce debt
Save money
Spend wisely
You can make a decision to become more financially fit right now. I will be sharing tips on how to make small changes to gradually improve your financial fitness. The impact of these changes won't be evident overnight; but if you will practice this fitness routine on a regular basis, the results will become obvious. The small changes will tone your money management style and will eventually provide you with the muscle to reduce debt, save money and spend wisely.
Let's look at some of the tips that can get your finances in shape.
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Financial Fitness

4. Do you talk with your family about money?
Good communication adds to financial fitness
Discuss needs and wants
Available funds
Funding needs before wants
Do you talk with your family about money? Good communication can help prevent financial problems. Most families have a long list of needs and wants and a limited pool of funds. It may be helpful to allow each family member to state his or her needs, wants and personal feelings. But each person should understand that the needs must be taken care of each month before the wish list can be funded.
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5. Couple communication Discuss household finances Location of
bank accounts
investments
important papers
Details of paying bills
Helpful in case of an emergency
It's also important for both spouses to communicate concerning the management of household finances. Share information, such as the location of bank accounts, investments, important papers, and especially the details of paying the household bills. This basic knowledge of family finances can be extremely helpful if there is an unexpected illness, death or a divorce.
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6. What are your dreams? Write dreams in the form of goals.
Short term goals
Long term goals
Be specific
Written goals are more likely to be accomplished
Road map for your financial future
What are the dreams you have for yourself and your family when it comes to money? Would you like to take a vacation? Buy a computer? Do you need a new car? How about educating the kids? Most people don't plan to fail when it comes to achieving dreams, but they often fail to plan. Take time to write your dreams on paper in the form of goals that you would like to accomplish. Make a list of short term goals you would like to reach in a few months or years, as well as the long term goals that are many years down the road. Be specific. For example, when do you expect to accomplish that goal and how much money will it take?
Financial experts report that families who write their financial goals are more likely to accomplish them. Goals are like a road map for your financial future, providing direction and purpose for what is important to you and your family.
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7. Tracking your expenses
Write down every expenditure:
Groceries
Clothing
Meals out
Snacks, etc.
Are there any surprises?
Do you ever wonder where your money goes each day? The withdrawals from the ATM can disappear much too quickly. Try tracking your expenses for a few weeks. This is just a process of writing down every expenditure you make - groceries, clothing, eating out, snacks, etc. The large expenditures may not be a surprise, but if you look at the little expenditures, you will see how a dollar here and there spent on small items can really add up to big bucks.
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Financial Fitness

8. Have you kicked a habit lately?
Do you smoke?
Eat lunch out every day?
Buy snacks from the vending machine?
The little extras in your life?
Have you kicked a habit lately? Tracking your expenses is a good way to expose habits. A few changes in spending habits can amount to a big chunk of change. Do you smoke? Do you eat lunch out every day? Do you buy drinks or other items from a vending machine every day? Or maybe you like to pick up that special cup of coffee each morning. What are the little extras in your life?
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9. How much does a habit cost?
Lunch out 5 days a week at $5 a day - $25
Lunch out $5 a day for a month $100
Lunch out at $5 a day for a year $1200
Just how much does a habit cost?
Lunch out 5 days a week at $5 a day - $25
Lunch out at $5 a day for a month - $100
Lunch out at $5 a day for a year - $1,200
Instead of eating out every day, try eating out once or twice a week.
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10. Other spending habits Excessive spending Expensive vacations New cars
Cell phones, beepers, caller ID
Premium cable TV
Shopping sprees
Take another look at your spending habits. Have you slipped into high priced habits, such as taking expensive vacations or buying a new car every few years? Maybe it is the smaller expenses, such as the monthly charges for phone services, beepers, manicures, or eating out often. Where can you cut expenses?
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11. Spending more than you make
Credit reduces your future buying power
Credit obligations should be no more than 20% of take-home pay.
< 20%
Is credit a big temptation to overspend? Many families have developed a habit of using credit to extend their income. Credit reduces your future buying power if you carry a balance and let the finances charges build up. Financial experts advise that credit card debt and consumer installment debt should be no more than 20% of a household's take home pay. This does not include the rent or mortgage payment.
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12. Credit Trap Minimum monthly payments
Pay more than the minimum when possible
Avoid offers to skip payments
Sometimes takes years to re-pay
Avoid the credit trap of minimum payments on credit card charges. The minimum monthly payment is often just 5 percent of the loan charges. Always pay at least the minimum, but plan to pay more than the minimum when possible. Also avoid the offer to skip a monthly payment. Credit card companies are in the business of making money - they will still be charging you interest on that debt.
It can sometimes take years to pay off a large loan, costing a considerable amount in interest.
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13. Credit check-up Check your credit report
Record of your bill paying history
Used by lenders to determine credit risk
Check once a year for accuracy
If there are errors, contact the Credit Bureaus for corrections
Avoid credit repair clinics
Check your credit report. A credit report is a record of your bill paying history that lenders check to determine if you are a good credit risk. So before applying for a loan, get a copy of your report. Financial experts recommend checking your credit report once a year to make sure the information is correct. If there are errors, you should contact the credit bureaus(s) and the creditors to make corrections. Avoid credit repair clinics, which are just another credit trap to take your hard earned money.
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14. Credit Reporting Bureaus
Equifax –
Experian –
TransUnion –
There are three major credit reporting agencies. Visit these internet sites to find out how you can get a copy of your credit report. You may want to write these addresses down.
-Equifax -
-Experian -
-Trans Union -
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Financial Fitness

15. Shopping habits Shop with a list Avoid impulse buying
Do your homework before buying
Comparison shop for the best buy
Shop sales for needed items
Taking control of your shopping habits is another way to get your finances in shape. When you shop:
-Make a list for the grocery store or any other shopping trip. A list will keep you focused on what you really need.
-Avoid buying on impulse. Sleep on it . Wait for a few days before you buy.
-Do your homework before you make a major purchase.
-Comparison shop for the best buy.
-Shop the sales for items you really need. Don't buy just because there's a sale.
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16. Spending plan List your monthly income List your estimated expenses
Keep a record of how much is actually spent
Reallocate resources
Do you have a plan for spending your money? Developing a plan can put you in the driver's seat when it comes to your financial future. A spending plan simply involves adding up your monthly income and estimated expenses - and then keeping a record of how much you actually spend. Some people prepare a record of their income and expenditures every month when they pay the bills. All you need is a notebook, pencil and calculator. A spending plan can be helpful in determining how to reallocate resources and save money in the future. It puts you in the driver's seat when it comes to your financial future.
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17. Reserve cash Reduces the stress of unexpected expenses.
3 to 6 months of living expenses
Saving money adds to financial fitness, one day at a time
Establish a reserve cash cushion by saving on a regular basis. A cushion is a comfort feature in your home that makes a chair more comfortable. It works the same way when you have money in reserve for emergencies that arise. It makes life more comfortable by decreasing the stress level when unexpected expenses arise. Unexpected bills are a part of life; you will be more financially fit if you have savings on hand to help cover those expenses.
Financial experts recommend saving 3 to 6 months of living expenses. If that sounds like the impossible dream, break it down into smaller goals of saving one week of expenses, 2 weeks of expenses until you have accumulated a comfortable cushion of savings. Remember that getting your finances in shape happens one day at a time.
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18. Pay yourself first Is it tough to find money for saving?
Instead of saving at the end of the month, try saving at the beginning
Pay yourself first. Do you have good intentions about saving each month, but just don't seem to have the extra money? Chances are that if you wait until the end of the month, there won't be any money left for saving. So try paying yourself first at the beginning of the month. It's a great way to accomplish your goals for saving and investing.
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Financial Fitness

19. Save and invest on autopilot
Get a certain amount direct deposited into a savings or investment account
Convenient
Rewarding
Good way to become a disciplined saver
Put your savings and investing on autopilot. This is a way of making sure that you pay yourself first. It just means that you get a certain amount of money deposited directly into a savings or investment account before you get your paycheck. This is a convenient way to save money. It is the way most disciplined savers achieve their financial goals. Plus it can be quite rewarding to watch your savings and investments grow over time.
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Financial Fitness

20. What can you do to get your finances in shape?
Are you already practicing some of these financial fitness exercises?
Have you discovered other tips to add to your regular fitness routine?
Start by making a few changes at a time
Stay committed to the program
What do you need to do to get your finances in shape? The financial fitness routine we have just been through is quite a workout. I am sure you are already practicing some of these exercises on a regular basis. Hopefully, you have learned some other tips that will be easy to incorporate into your regular routine. Start by making a few changes and stay committed to the program.
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Financial Fitness

21. Financial Fitness is for Every Body!
Just imagine yourself…
Reducing the cellulite from your debt load
Increasing the muscle of your savings and investments
Getting your financial routine organized & easy to manage
The results will be rewarding! $
As you become more financially fit, it will be easier to incorporate more detailed exercises. A disciplined approach to the program will make a big difference over time. Just imagine yourself...
-reducing the cellulite from your debt load,
-increasing the muscle of your savings and investments, and
-toning your financial management habits.
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Financial Fitness

22. For more information please refer to the Financial Fitness newsletter on your mini-CD
Discuss the disk that they have as a handout.
All newsletters are on their small disk.
All files are pdf and require Adobe Reader which is free from (most people will have this already).
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Financial Fitness

23. Thank you for coming to our Workable Wellness session today!
Financial Fitness