Don't go broke
Where do I start?
keep it simple
Live within your means
Create a Budget
check in with your future self
simple tools to help out
Don't worry...there's an app for that!
Old school paper and pen budgeting is out and digital tracking is in. Mobile budgeting apps make it easier than ever to stay on track and keep your spending and saving in line. Check out these apps for your budgeting needs.
Top 5 Reasons
Maybe money and your role in the economy never made sense.
Here's your own video tutor!
simple rules of money managemenT
(in black and white)
But what if you do go broke?
Here's a google search that delivers several ways to approach the problem
A National Endowment of Financial Education Resources
To Teach about Financial literacy
It's Free!
number crunching time
If we're talking about money we have to do the numbers
Rule of
50-30-20
Rule of
50-30-20
50% of your income goes towards essentials:
housing, food, phone, transportation
30% of your income goes towards lifestyle:
dating, eating out, giving to charity, hobbies
20% of your income goes towards financial:
paying down debt(credit cards, student loan)
& savings (retirement, emergencies)
Rule of 20/4/10
Your Wheels
Rule of 20/4/10
Your Wheels
Best is to buy a good, used car.
However, if a newer car is in your plans then use the rule of 20/4/10.
20% - For a down payment
4 years - Finance no more than 4 years
10% - Monthly payment no more
than 10% of total income
scarcity
scarcity
limited resources
Plus
unlimited wants
equals=
choices to be made
Rule of 30
Rule of 30
The "Rule of 30" is all about delayed self-gratification. Basically, if there is something you want, write it down. Wait 30 days and evaluate the purchase again. This helps control impulse buying. Do you REALLY want/need this item?
Simple Interest
versus Compound
Interest
Simple Interest
versus Compound
Interest
Simple Interest Example
Opening Balance 5% Interest Principal
1st yr. $100 + $5 = $105
2nd yr. $0 + $5 = $110
3rd yr. $0 + $5 = $115
Gain $15.00
Compound Interest Example
Opening Balance 5% Interest Principal
1st yr. $100 + $5.00 = $105
2nd yr. $105 + $5.25 = $110.25
3rd yr. $110.25 + $5.51 = $115.76
Gain $15.76
You may think only $15.76!!! But if we were
to convert the chart to have an opening balance of $10,000, we would be looking at $1,576.25!!! Now that's why compound interest is so important. Be sure you are getting compound interest while saving.
Your future self will be smiling.
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