Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210...
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![Page 1: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/1.jpg)
Budgetwi$e
Love your Money
Jayne McBurney, MSFamily & Consumer Sciences Agent
http://johnston.ces.ncsu.edu/2736 NC Highway 210Smithfield989-5380
![Page 2: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/2.jpg)
Statistics 2011: The Average BS
• $23,300 student loan debt• Starting salaries:
– $28-$60K
• Need to earn about $33K
to live and pay off debt
= $15.00/hr
![Page 3: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/3.jpg)
Understand Income
Gross income vs Net IncomeBefore taxes and deductions ‘bring home pay’
$33,000 $23,760
$2750/month $1980/month
$635/wk $457/wk
![Page 4: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/4.jpg)
Financial Planning
What is it???
• It is a Means to an end
• It is a way of achieving goals
• It is often based on making good decisions
• It is getting the resources together you need to attain your goals.
![Page 5: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/5.jpg)
Five steps:1. Set Goals
2. Analyze Information
3. Create a Plan
4. Implement the plan
5 . Monitor and Modify the plan
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SMART Goals• Specific: To buy a laptop in December.• Measurable: It will cost $500.• Attainable: I will save $50/month• Realistic: how will I get the $, look at
spending• Time Bound: I will have a computer in
December!
![Page 7: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/7.jpg)
Analyze
• Write down EVERYTHING you spend
• Use a calendar and mark due dates
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Monthly debts
• Should be less than 15-20% of net income
• $297-396/month
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Housing
25% - 33% of gross pay
$688-907/month
![Page 10: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/10.jpg)
Vehicle
• less than 15% of gross including insurance, gas and maintenance
• $413/ month
![Page 11: Budgetwi$e Love your Money Jayne McBurney, MS Family & Consumer Sciences Agent 2736 NC Highway 210 Smithfield 989-5380.](https://reader038.fdocuments.in/reader038/viewer/2022110401/56649e025503460f94aed80a/html5/thumbnails/11.jpg)
Create a plan: Budget• Income• Minus fixed: the NEEDS
Rent, Mortgage, utilities, insurance• Minus flexible: the WANTS
Food, clothing, phone, entertainment
• Anything left? Emergency / Savings
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Implement the plan:Find $ • Nails/ Haircut…can you wait a week?
– Have hair and nails done every ten days, save $50/mo
• Daily lunch, at a modest $5 = $100 a month- Pack Lunch 3 days a week, save $60/mo
• Cable….movie packages– Rent movies, save $25-$50/mo
• Cell phone - Internet– If you have a smart phone, you may not need
Internet service at home, save $45/mo• Vending machine: 1/day @ 75¢, $15/month
– Bring snacks from home in a cooler, save $30/mo• Memberships, Subscriptions, Services• Barter, Trade, Sell, FREE!
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Talk• Communicate with those who depend
on your paycheck about spending issues and financial goals
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Fun & Helpful websites• www.bankrate.com• www.feedthepig.org• www.choosetosave.org• www.thedailygreen.com• www.soundmoneymatters.com