Five steps to increase your bottom line

Five steps to increase your bottom line

Roxie Rodgers DinstelTanana District Extension Home Economist

5 steps

Know your debt Where does your money go? Set financial goals Develop a spending plan Review

Know your debt

Good vs. bad debt Get the numbers Snowball your debt

Snowball method $500 on Lowes @ 24%--$25 minimum $2000 on Visa @16%--$60 minimum $8000 on ed. Loans @ $200 per mo—5% $200 to Sears @15%--$20 minimum

You can find an additional $50 in your budget, what do you pay first?

Calculator at https://powerpay.org

Where does your money go?

Take an accounting of your checking account

What about that cash?

Set some financial goals What do you care about? Ask yourself three questions- 1. If you had all the money you needed to achieve your

dreams, how would you lead your life?2. If you learned you had only five years to live, how would

you spend the time?3. If you had only a week to live, what would be your biggest

regrets?

Is this how you are spending your money?

Set up a spending plan

Gather every financial statement Record sources of income Create list of monthly expenses What’s fixed? What’s variable? Total income and expenses Adjust to expenses Review monthly

Review, Review, Review

Check to see how your plan is working If you get a windfall, think about

where it should go rather than spending it.

5 steps

Know your debt Where does your money go? Set financial goals Develop a spending plan Review

Getting a deal?

Aim for purposeful spending Pinching pennies—What do you do?