1 assistive technology webinars. 2 the power of positive cash flow
TRANSCRIPT
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Assistive Technology Webinars
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The Power of Positive Cash Flow
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Set Goals Get organized Track spending Develop Spending Plan/Budget Budgeting Tools Why Plans Fail Power of Small Changes
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SpecificMeasureableAchievableRelevantTimed
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Stay focused Automation Make saving a habit Break down large goals into smaller ones
Work on goal for tomorrow and today Review progress Be patient
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Accountability Partners Web-based Old-school
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Discuss financial situationShare goalsSchedule reviewsSupport
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Joe’s Goals 43 Things StickK The Prioritizer Google Docs
(See Resource Handout for links)
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Spiral notebook Debt Thermometer Charts
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Gather financial paperwork
Organize a home office
Designate files as permanent or temporary
Quick sort mail
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Schedule time to pull together all important paperwork
Separate into categories Put documents in order within each
category Make note of missing documents If needed, contact company for copy Discard old bills no longer needed
◦May want to keep until paid in full
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Accessible and safe files
Separate room? Eliminates stress Local dollar store Recycling Centers
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Monthly bills Checking/Savings accounts Health Insurance Social Security A.T. and Out-of-Pocket Medical Expenses Other files to consider keeping
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Junk MailPapers to FileBills and Action Items
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Puts you in control Daily money log Track every penny that enters/leaves your life
Get receipts for everything
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Pay bills on time to avoid late fees Have wages direct deposited Set up separate savings account Use cash envelope system Resist idea of extra cash Make lists before grocery shopping Bring bag lunch to work Comparison shop for large purchases
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Would I pay cash for this?30-Day ruleAvoid temptationCut up credit cardsAsk for help
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List all debts smallest to largest◦ Will see results more quickly
Pay more than minimum on smallest debt◦ Pay minimum on all other debts
As debt paid off, roll over amount◦ Apply to next debt on list
Most important step: Stop borrowing Overall monthly payment remains
the same
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List income Your monthly expenses Balance income and expenses Review and revise plan Managing your plan
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Net earnings from employed family members
Unemployment compensation Withdrawal from savings Tips/commissions Interest/dividends Social Security Child support/Alimony Public assistance Veterans Benefits Pensions
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Every household is uniqueConsumer Expenditure Survey“Rule of Thumb” Guide
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Which expenses are essential? Which expenses have highest priority?
Which areas can be reduced? How much can be afforded in each category?
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Increase Income◦Part-time/supplement
Cut spending◦Cut back on controllable expenses
Reduce fixed expenses◦Refinance or move to lower cost housing
Look at other assets◦Savings or investments converted to
cash
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Review plan with entire family Rank needs according to importance Keep records of actual vs. budget Everyone should be involved with tracking
Review after several months Revise as needed
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◦ Savings account records
◦ Income records Pay stubs Social security
records Pension
receipts
Money management center◦ Spending plan and past
spending records◦ Bills and receipts◦ Checkbook and bank
statements◦ Credit/Debit card receipts◦ Credit card monthly
statements
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Expense Envelope System Budget Box System Spending plan templates Excel spreadsheet Budgeting software programs
◦ Quicken◦ Moneydance◦ You Need a Budget
Web-based programs
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Too complicated Doesn’t reflect your values
Doesn’t reflect reality
Seems like a chore
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Wash clothes in cold water
Shop at thrift/consignment stores
Get rid of land line phone
Drink water vs. pop Turn thermostat down
Use coupons wisely Engage in free
entertainment Cancel premium
channels Check on lower
insurance rates Discard brand loyalties Buy in bulk
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Michigan Assistive Technology Loan Fund Low-interest loans available for purchase
of assistive technology Available to individuals with
disabilities/their families that reside within Michigan
Application process Maximum loan amount is $30,000, no
minimum
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Michigan Assistive Technology Program (MATP) ◦ Michigan Disability Rights
Coalition (MDRC)◦ 800.760.4600◦ [email protected]◦ www.mymdrc.org
Michigan Assistive Technology Loan Fund (MATLF)◦ UCP of Michigan◦ 800.828.2714◦ [email protected]
g◦ www.michiganloanfunds.org
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"It gives much more pain to the mind to be in debt, than to do without any article which we may seem to want.” - Thomas Jefferson