Savings Tips
What type of savings account can you open to help save $?
Way to Save Savings
Name at least one reason to create a budget.
Helps you live within your means; helps you pay down debt; helps you save for the future and emergencies.
Evaluate _____ vs. needs when creating a budget.
Wants
What are two ways to help save money with meals?
Meal prep or use food apps to get free items.
Name at least one way to create a budget.
paper; spreadsheet; envelope system; budget apps
Name at least two "wants" that you can cut down to help save money.
Coffee; restaurants; streaming services; salon visits; entertainment
What is the best way to increase the amount in your savings account?
Have money automatically transferred from paycheck.
Name at least two things you need to add to your budget when you become a homeowner.
Mortgage (+escrow); HOA; Home Maintenance/Landscaping; Pest Control; Emergency Repairs, Appliance replacements
What is your priority as far as what to pay first when creating a budget?
Rent or Mortgage
What are the three different financial goals we discussed?
Short term, medium term and long term goals.
Name at least two ways to free up some funds.
Cut expenses; reduce spending; price shop for services; think about a new job; consider freelance or gig work; bundle car/home insurance; save credit card points
In this "method" of paying down debt, pay down your debts from smallest to largest balance.
Snowball.
In how many years can a "Medium Term" financial goal be accomplished?
2-5 years.
Gross.
In this "method" of paying down debts, pay down your debts from highest to lowest interest rate.
Avalanche.