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Five steps to increase your bottom line. Roxie Rodgers Dinstel Tanana 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. - PowerPoint PPT Presentation
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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?