Download - Manage Your Money
Money ManagementHOW CAN YOU MANAGE YOUR MONEY THROUGH DIFFERENT LIFE SITUATIONS?
Money Management by Illinois workNet is licensed under a Creative Commons Attribution-Non-Commercial 4.0 International License.
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"Money has never made man happy, nor will it, there is nothing in its nature to produce happiness. The more of it one has, the more one wants.“ – Benjamin Franklin
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Why Should you Care?• We need money to acquire the
things we use in life.
• You get paid money for the work you do.
• You use money to pay for things.
• The more things you want, the more money you need.
• Managing your money wisely is necessary to achieve wealth.
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Meet our customersEACH OF THESE PEOPLE ARE IN A DIFFERENT STAGE OF THE WORKFORCE. REVIEW THE BASICS OF HOW THEY NEED TO MANAGE THEIR MONEY.
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Just landed a job!• Sylvia was recently hired for her first
job.
• How can she be successful with her new income?• Banking• Budget• Saving• Credit Card• Build Credit
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If you are new to the workforce - • Why should you use a bank?
• Security, less costly, relationship, convenient, safety
• Budget – create a spending plan and track expenses
• Saving – plan to save money for large purchases
• Credit Card – use wisely
• Build Credit – responsible use of credit cards and payments on things like cars helps build higher credit scores.
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Job was eliminated• James was recently downsized
from his job.
• How will he support his family while looking for a new job?• Budget• Credit• Reduce• Mortgage
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Considerations to reduce expenses• Budget
• Determine non-essential vs. essential.• Review sources of income.
• Credit – how will you maintain?
• Reduce – what can you eliminate or change?
• Mortgage – can you refinance to reduce payment?
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Lay-off or Retire?• Marilyn worked for one company for
many years. The company was moving to another state. She could move, be laid-off or retire. She chose to retire.• Budget• Saving• Exit Package• Retirement accounts
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More time can mean more expenses• Exit Package – how long will it last?
• Budget• Know fixed and variable costs.• What do you want to do?
• Saving – for contingencies.
• Retirement Accounts – when to access without penalty.
• Change careers – want to keep working? Consider training for a new career path.
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Re-entering the Workforce• Paul has a conviction and served time.
He is now ready to re-enter the workforce.• Re-establish credit• Budget• Savings• First-time homebuyer
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Reestablish yourself• Credit – could be recovering from a bankruptcy, or no credit.
• Budget – similar to a new job seeker.
• Savings – may have been depleted, how to rebuild.
• First-time homebuyer – what is required to obtain a mortgage?
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Use the resources on our Money Management page to help you achieve your goals.
http://illinoisworknet.com/moneymanagement