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MANAGING MONEY MANAGING STRESSSteps to Making Your Money Work for You
Sometimes when people are
under stress, they hate to think,
and it's the time when they most
need to think.
~Bill Clinton
America’s Piggy Bank
In 1968, total consumer credit card debt was 8
billion. Today it tops 880 billion!
For households with existing credit card debt
the average amount of debt is $14,750.
Seventy two percent of Americans believe that
debt is a part of modern life and difficult to
avoid.
Utah is 9th in the nation for bankruptcy filings.
Financial Stress
Financial stress is the leading cause of stress in
75% of Americans.
Stress of any kind can have a detrimental effect on
personal wellbeing.
Emotional
Relationships
Physical
Mental
Unhealthy coping behavior
My Story
Laid off February 2009
Mikaela was born August 2009. We now had
two children under two!
Sold our home in November 2009 and
moved in with my in-laws.
December 2010 - Stopped ignoring the
problem and made a plan!
Step #1: Attitude and Reality Check
Accept your situation. No More Denial!
Ready to make and commit to a change. Prepare yourself mentally. Be happy with what you have.
Step #2: Make Goals
The first thing to do to get your
money working for you is to know
how you want it to work.
Decide what is important to you
now, 5 years from now, and later.
Set realistic goals
Step 3: Needs and Wants Are NOT the Same Thing!
Spend money on your needs FIRST!
Basic needs include: basic food, basic
clothing, basic shelter, basic transportation,
taxes, insurance, and savings.
Step 4: Know the Flow
Know what money comes in
You can only spend what you take home, if
you spend more you’re going into debt!
Know what money goes out
List all payments you make each month.
Track what you actually spend on food,
recreation, and other items for a week.
Multiply this number by 4 to get a
monthly total.
Step 5: Spending Plan
Create a spending plan. This will help you:
Stay out of debt
Avoid impulse spending
Save money for long-term
goals
Identify areas for potential savings
Establish financial control and direction
Give Yourself a Little Something
Pay Yourself First! Put at least 10%
of take-home pay into savings.
Savings can be a life raft in
emergencies like accidents, illness, or unemployment.
It’s recommended to have 6 months of expenses in an emergency fund.
All the Steps
AttitudeMake
SMART Goals
Needs vs.
Wants
Know the Flow
Spending Plan
Pay Yourself
First
Saving Money at the Grocery Store
What is couponing? Matching coupons with store sales, rebates,
and other offers to get the lowest possible price and to stock up on needed items.
Why coupon? To save money Give yourself a financial and emotional
boost in life.
Grocery Store Savings Cont.
Where can you find coupons?
EVERYWHERE!
Sunday newspaper Internet-Printable Coupons Coupon Mailers Magazines On the products themselves Loaded to your savings card
Getting Started
Pick one or two stores. Learn as much as you can about these stores.
Join any saving’s programs they have. Know the store’s coupon policy, if available.
Keep a copy of the policy with you.
Before You Go to the Store
Make a shopping list.
Gather any coupons you have
for the items you need.
Access the store’s weekly ad.
Combine sale items with your coupons
for the greatest savings!
At the Store
Stick to your shopping list! UNLESS…you find an amazing deal.
Look for items marked “clearance.” Have your coupons ready at checkout. Keep an eye on the cash register to
check that your coupons are deducted correctly.
Keep your receipt. Jump up and down in celebration!
Tips to Make Couponing Work For You
1. Get Organized.2. Think Smaller.3. Be on the Lookout.4. Don’t be Brand Loyal.5. Do it on Your Time.6. Take baby steps, be positive, and
remember…every coupon you use is money you
save!
Sources
Economides, Steve and Annette. America's Cheapest
Family Gets You Right on the Money. New York: Three
Rivers Press, 2007.
http://www.wellnessproposals.com/financial-fitness/financi
al-wellness-handouts/money-management-to-get-what-yo
u-want.pdf
http://www.quotegarden.com/money.html
http://www.hip2save.com/couponnewbie
http://www.youngmoney.com/credit_debt/money_manage
ment/budgeting/020809_06/
http://stress.about.com/od/financialstress/a/financialstress
.htm