Corporate E-Learning

For many people, finances are an unsolvable Rubik's cube filled with anxiety. There are millions of Americans who live with the shackles of debt each day. We don’t teach children when they are young the value of a good credit score. Many people have a hard time formatting and sticking to a budget. You can easily solve the finance puzzle with a little hard work, self-control, and the right tools. Today is a new day; you are taking the first steps to reclaiming your financial freedom.

When going on a road trip, most people have a map which tells them how to get from point A to point B. The map is important, because it tells you how to get to your desired destination. A well developed budget is just like a map to help you reach your financial goals. You start at point A, and the budget helps you go the distance get to point B. Let’s discuss together some of the benefits to budgeting.

A budget is a very personal tool, and is tailor made for each individual. What works for some people may not work for others. Your budget can depend on your income, your goals, your expenses, etc. There are some basic items to contemplate before creating a budget. In this section, we will explore the different elements that you should consider before creating your budget.

Fixed expenses are expenses that do not change in cost for their duration period. An example would be, that your Newspaper subscription is $25 a month. You know that every month you are going to be paying $25 for your newspaper subscription. Since it’s the same amount every month that makes it a fixed expense. Fixed expenses could be utility bills, housing bills, transportation bills, etc.

Now that you have learned about fixed expenses, we will switch gears to fluctuating expenses. Fluctuating expenses are expenses that the amounts vary. In this section we will discuss some of the fluctuating expenses that you may encounter when creating a budget. There are many different types of expenses that fluctuate in costs, but we will be exploring personal care, (Non-fixed) transportation costs, meals, and entertainment costs.

It is important that you have a goal, or goals, in mind when you start a budget. Your goal can be simply to not have any of your utilities turned off due to nonpayment. Your goals could be more complex. An example of a more complex goal would be, to pay your utilities on time so that your credit score improves enough for you to get a loan on a car. Be they big or small, many or few, goals are important.

Not all budgets require you to make cuts to your spending, but a lot of budgets do. Determining where cuts can be made can sometimes be a little difficult, especially when we are giving up something we really enjoy. Just keep in mind that the cuts you make, need to be realistic, and something that you can follow through on.

You wouldn’t trust a plumber to do his job without having some handy tools. There are a plethera of tools available to help anyone with a budget. In this section we will disuss the different types of tools that you could use to create and manage a budget. There are tools available for people of all types, from the technically advanced to the technophobic.

Henrietta C. Mears was once quoted with “Time cannot be saved, it can only be spent, and if not spent wisely and well, it is wasted.” Don’t waste your time building a budget and not sticking to it. By now you have the tools, there’s no excuse! Build your budget and stick with it! You will be greatly benefited in the end.

Having a budget is a great way to reach your goals, but sometimes our budgets need a little extra income. There are lots of ways to make a little extra money that take little effort. Why not beef up your savings, or pay off your debts quicker with making some additional cash. In this section we will discuss just a few different ways you can make some additional money to help with your budget goals.

What they don’t tell you when you’re young is that your credit score plays a big role in your life. Having a lot of debt puts stress on all of your relationships, and your sense of self-worth. A bad credit score can prohibit you from buying a house, renting an apartment, getting a car, or even a job. Having a budget helps you gain control, again, of your life and credit score.

Although this workshop is coming to a close, we hope that your journey to Managing Personal Finances. Please take a moment to review and update your action plan. This will be a key tool to guide your progress in the days, weeks, months, and years to come. We wish you the best of luck on the rest of your travels!