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Featuring . . .

 Intrepid Scout

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Education corner . . .

Budgeting to better my Financial Future!

What is a Budget?

A budget is a planning tool used to plan and control spending for the future. Usually with Budgeting, there is a goal or two, i.e., saving for something specific, like a house, car, vacation, or emergency fund; or, one of the major reasons for budgeting is to get your spending under control.

An excerpt from an online Investopedia article on,

"What are the 5 Purposes of Budgeting?"

Why is a budget important?

A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term. (Investopedia.com 2023)

Click Budget Worksheet link below

Take the Challenge:

Total Income (take-home)

- Less Total monthly expenses / bills (including rent, food, clothing, savings, (include all spending)

= Net Income (positive) or Net Loss (negative)

Try to Achieve!

Positive net income ~ means you have money left over after spending

Try to Fix!

Negative net loss ~ means you are spending more than you make (bring home)

Let's figure out your Net Worth:

Add up the value of the things you own, including bank account(s)

- Less the total of what you owe (full balances you owe)

= Net Worth

Goal should be a "Positive Net Worth"

Budgeting tools:

Pen and Paper

Spreadsheet

Online Budget tools (be careful about linking your bank account to online budget tools)

Requirements:

Start keeping track of monthly / daily spending

Set reasonable spending goals (spending should not exceed income - your take-home pay)

Be consistent in keeping track of spending (write it down monthly or daily)

Once you get your spending under control, create a budget and set your goal(s)

Sample budget: from the Federal Trade Commission, "Make a Budget Worksheet"

Remember to be successful with budgeting, you must continue to be:

consistent, accountable, and reasonable!

And, most of all, Disciplined!!! 

Search the FTC (Federal Trade Commission) website for helpful information, i.e.,

buying a home, buying / financing a car, budgeting, savings accounts, and a whole host of other useful information for consumers.

ftc.gov

 What to do with Extra money:

Check out this article from the Forbes Advisor, "Key Savings Statistics And Trends In 2023"

Includes: Savings accounts, 401k plans, CDs, money market accounts, best credit unions, and more.

For the Business owners:

Check out this online resource for Small Business owners blog by Bench Accounting, "17 Big Tax Deductions (Write-offs) for Businesses"

 Check with your Tax Accountant on maximizing your investments / savings.

 NYK!

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Next issue . . . Communicating Across Generations

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When to seek financial help!

 Commentary by C. L.

Do you find yourself coming up short of funds every payday? Does money seem to escape you? Are you constantly borrowing from family and friends? Are you going from job-to-job for the money?

Add up all these questions to a resounding "yes," then you may want to seek some professional financial advice. That doesn't necessary mean setting up a meeting with a financial advisor. You may simply need to set a budget for yourself and stick to it! (See above for budgeting information.) Over the years I have found watching or listening to others talk about finances to be beneficial, too. But, more recently I ran across a television show, called The Ramsey Show, and found it to be "spot on" when it comes to matters of personal finance. Not only do they help others with their personal finances, but they tell you how to pay off debt, build financial wealth, and make a better life for yourself. It's called, "the 7 Baby Steps." They also have a free customizable plan to help you get out of debt (see bottom of their webpage).

So, not where you want to be in your personal finances?

Then it's time to seek some financial help --

while continuing to manage and reach "financial goal, after financial goal, one step at a time."

Next issue . . . Get Your House in order!

Reader's Board

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A message from the editor . . .

ATTENTION READERS

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Thank you for your Support in reading our newsletter!

C.L.

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Previous issues:

Volume 1 Issue 1 Jul 2023 Upcoming important dates; Financial Statements; The Entrepreneur, commentary, and more.

Volume 1 Issue 2 Aug-Sep 2023 Heads Up! Pop-up Shops; What is Pickleball? Nonprofit Financials; Starting a Business, and more.

Volume 1 Issue 3 Oct 2023 Heads Up! Affirm - accepted a Vision Works; 1099 new submission requirements; Free Training and Education; and more.

Hopefully, reading this Newsletter has kindled some thoughts or ideas.

Thank you for reading "1-up!" NOTE! DYK (did you know)

Be Informed, Be Aware, Listen, and Gain Knowledge!

NYK!

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