manage your money

Money ManagementHOW CAN YOU MANAGE YOUR MONEY THROUGH DIFFERENT LIFE SITUATIONS?

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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


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.


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.


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


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.


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?


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


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.


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


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?


Use the resources on our Money Management page to help you achieve your goals.

http://illinoisworknet.com/moneymanagement



manage your money

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