1. Developing a Spending Plan (Location) (Date)

2. Develoing a Spending Plan What we’ll talk about today Setting Goals Identifying Income Identifying Expenses Developing a Spending Plan Establishing Your Credit Commitment, Accountability & Tracking

3. Developing a Spending Plan Setting Goals (Short-, Medium-, and Long-term) If you won the lottery, what would you do? For example: Go on vacation, buy something, go to school. Goal Date to Achieve 1 Pay off all my bills 2 Buy a car 3 Take family on vacation 4 Send my children to college

4. Developing a Spending Plan Identifying Income What are the various sources of your income? Income Per MonthAmount Wages/Salary Tips or Bonuses Child Support/Alimony Public Assistance Supplemental Security Income Other Total Monthly Income

5. Developing a Spending Plan What are your monthly Expenses? CategoryBudget Amount Actual Amount Difference Savings$25 House Payment$300 Utilities$100 Water$35 Telephone$55 Child Care$200 Groceries$250

6. Developing a Spending Plan Establish Your Credit Pay your bills and loans on time Pay off credit card balances every month Avoid cash advances with high interest rates Stay within your credit limit Review your monthly statements Keep a list of your important financial information separate from purse or wallet so that you can report anything lost or stolen Check you credit report regularly

7. Developing a Spending Plan Establish Your Credit Your Credit Score = FICO Score

8. Developing a Spending Plan Commitment Review goals regularly Review spending plan regularly Make a commitment to yourself to stay on track Accountability Ask a trusted family member or friend to hold you accountable to your commitment Tracking Keep track of how you spend your money