Financial Yoga - Washington Association of School Business Officials

Financial Yoga - Washington Association of School Business Officials

Financial
Yoga
$tretching Your Hard-Earned Dollar$
Financial Yoga • $tretching Your Hard-Earned Dollar$
Quiz ???
What percentage of Americans say they live beyond their
means?
Answer: 40%
What percentage live paycheck to paycheck?
Answer: 50%
What percentage pay only the minimum payment on
credit cards?
Answer: 50%
What percentage of adults have no savings?
Answer: 71%
School Employees Credit Union of Washington
March 2011
Find Your Financial Balance
• What’s your spending Karma?
• Separate the “Wants” from “Needs”
• Eliminate Unnecessary Spending
• Create a Plan
• Save for Your Future
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
What’s Your Spending Karma?
• Involve your entire household
Remember: You are not in this alone.
• Track where your money is going.
School Employees Credit Union of Washington
March 2011
Monthly Expense Form
Expense
Current
Rent/mortgage
2nd Mortgage
HOA (association dues)
Property taxes
Homeowner's insurance
Renter's insurance
Gas/electric (average)
Water/sewer/garbage
Telephone
Groceries
Household items
Health insurance
Prescriptions/doctor visits
Car payment #1
Car payment #2
Gasoline
Maintenance/repairs
Auto insurance
Auto registration
Tolls/parking/mass transit
Daycare/babysitting
Alimony/child support
Tuition/lessons
Studen loans
Taxes
Life insurance
Union dues
Storage fees
Beauty/barber
Movies/video rentals
Proposed
Expense (cont)
Current
Internet access
Cable
Dining out
Sports/hobbies/clubs
Gym
Vacations/travel
Books/music/dvds
Clothing purchases
Laundry/dry cleaning
Home maintenance
Pool/hot tub service
Gardening
Monitored alarm
Gifts/cards
Pet care
Cell phone
Banking fees/postage
Cigarettes/alcohol
Religious/charity
Other
Other
Other
Other
Other
Other
Other
Other
Goal
Goal
Goal
Proposed
Tracking Expenses
Item
Groceries
Restaurants/take-out
Laundry/dry cleaning
Medical/dental
Auto/gas/parking
Other Transportation
Babysitting
Personal Care
Clothing
Bank fees/postage
Entertainment
Books/music/video
Cigarettes/alcohol
Gifts/cards
Home/garden
Contributions
Other
Other
Other
Other
Mon
Tues
Wed
Daily Expenses
Thurs
Fri
Sat
Sun
Total
Weekly
Financial Yoga • $tretching Your Hard-Earned Dollar$
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
FinanceWorks
• Manage your finances in one place
• Helps you see where you are spending your money
• Track your bills all in one place no matter how you pay
them
• Ensures your bills are paid on time
• Helps know how much money you really have to spend
• Much more…
Remember: Those nickel and dime items add up!
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
What kind of a spender are you?
• Are you an emotional spender?
• Are you an unconscious spender?
• Are you conscious spender?
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
Wants vs. Needs
 Do I really need it?
 Do I need it now?
 What would happen if I didn’t have it?
 What other options do I have?
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
Eliminating Unnecessary Spending
”Budget Busters”
• Dining Out
• Unplanned Expenses
• Unnecessary Late Fees
• Emotional Spending
• Gambling
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
Create a Plan
Plan for Financial Bliss!
• Reduce Your Expenses
 Pay Off High Interest Debt First
o Request lower interest rates
 Refinance/Consolidate Loans
 Review Your Bills
o Insurance, Electricity, Water, Phone, Cable etc…
o Request Promotional Rates
• Determine Your Goals
School Employees Credit Union of Washington
March 2011
Short Range Goals
Mid Range Goals
Long Range Goals
Savings Needed
Per Month
Savings Needed
Per Pay Period
Pay Periods until
Target Date
Additional Savings
Needed
Current Savings
Total Needed
Target Date
Financial Goals Chart
Financial Yoga • $tretching Your Hard-Earned Dollar$
Spend with Zen
How are you stretching your hard
earned dollars?
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
Shopping
Entertainment
Transportation
Household bills
Financial Services
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
You Are Not Alone...
Ask for help from…
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


BALANCE
Your Credit Union or Bank
Your Lender
Your Employee Assistance Program
School Employees Credit Union of Washington
March 2011
Financial Yoga • $tretching Your Hard-Earned Dollar$
Q&A
School Employees Credit Union of Washington
March 2011
Financial
Yoga
$tretching Your Hard-Earned Dollar$
For more information on Financial Management, please call
School Employees Credit Union of Washington
1.888.628.4010
School Employees Credit Union of Washington
March 2011