Bugeting FUN with Mikey C.!!!

**80-90% of women will be COMPLETELY responsible for their own personal/family finances at one time in their life. It is time to learn how to take control of your finances and make your money work for you!!

Ladies... for those of you who were in attendance, Wednesday night's enrichment was the BOMB!! Mike Cunningham came and taught us all about the importance of paying a full tithe, budgeting, saving/investing and even having an "oh shiz" fund for emergencies. It was very informative and everyone that was in attendance learned a lot. Mike gave us a few items to keep in mind when creating our money plan. They are as follows:



1. It is not how much you make, but how much you spend!!



2. 401 K Plans/IRA (if self employed). Contribute the max amount that your budget will allow. You are paying yourself and if your company matches a percentage, find out how much they match because that is FREE MONEY!! Try to max out as much as you can. For example: if you make at least $50,000 and contribute 30% each paycheck, you can max out the allowable federal contribution of $14,400 a year.



3. Bank Accounts- A. Checking Account (for regular, budgeted purchases) B. "Oh Shiz" savings account (at the same bank as your checking, with a contribution of at least $50 per paycheck or $100 a month. Also known as your emergency fund). C. Long term Savings/Investment Account- This should be at a bank like ING Savings or Immigrant Savings. Something that is not easily accessible and should be set up with your direct deposit for a set amount to come out of your paycheck each month. Pay yourself! D. Earmarked Savings Account- use this account to save for things like a bike, trip, large purchases, etc. This one can also be at your regular bank or credit union.



4. Budget!!! (Round down your income, round up your expenses, when in doubt!)



Sample Budget:


Income
2000



Tithing
-200
Earmarked
-100
Savings
-100
Rent
-550
Utilities
-65
Debt Payments (credit cards, loans, student loans, consumer debt)
-100
Car Insurance
-100
Gas
-70
Groceries
-150
Eating Out
-200
Arts & Crafts
-50
Entertainment
-50

Toiletries
-50

Clothing
-50

Gym Fee
-35
Grooming
-75
Oh Shiz Fund
-50



$2000 TOTAL



The goal would be to meet your budget the first month and then BEAT your budget the next. Whatever you have left over should be rolled into your savings account, preferably your long term savings.



5. Get a copy of your credit report annually at http://www.annualcreditreport.com/ for FREE!!!

6. If you want to make it easier or are just starting, use some type of software like Quicken, Microsoft Money or Excel.

7. Never loan money to anyone unless you are okay with not getting it back. :)

8. Never pay retail for anything... shop around!!

9. If possible, use a credit card to pay for clothing, food, entertainment, etc. and PAY OFF every month. This not only builds your credit, but if you have a Credit Card that earns points, miles, etc., you earn those as well!! DOUBLE BONUS!!

10. Be smart... evalute if it is a NEED vs a WANT. You can do it!!!



A big thank you to Mike Cunningham and Christi Costello for putting this together!!