creative budgeting october 2014. setting a monthly budget developing financial goals reviewing...
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CREATIVE BUDGETING
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• setting a monthly budget • developing financial goals• reviewing credit reports • understanding spending vs.
savings• being aware of identity theft
There Are Many Topics When it Comes to Financial Fitness
Workshops
workshops are dry and boring residents feel that they have
no money so why participate we cannot motivate
participation
Residents are Not Excited About Financial Fitness
Workshops
Common Forms Of Motivation Gift cards Bonus for attending all
sessions Matching funds
But……attendance is almost always low no matter what
we do.
How can we make Financial Fitness Workshops more exciting?
How can we motivate participation?
We Need To Get Creative!
• Birthday Gifts on a Budget• Couponing / Couponing Club• Discounted Entertainment• Holidays on a Budget • Book / Magazine Swaps• Green Cleaning on a Budget• Spring Cleaning and How to Make Money • Herb Gardens at HomeEach of these workshops is unique and fun and you can
include valuable budgeting skills within each one.
Creative Workshop Ideas
Let’s talk about how to incorporate budgeting into these
programs.
How to Get Started Wit this Workshop Ask residents to create a list of birthday gifts they need to
purchase for the year. Put a value to each gift. Total the amount at the bottom.
(you can provide a pre-made excel spreadsheet for this exercise)
Have a Discussion About Gifts and Budgets Is the gift absolutely necessary or will a card suffice? Is the value placed on the gift realistic based upon the
overall budget. Are adjustments necessary?
Gift Ideas Discuss some inexpensive gift ideas. Discuss purchasing vs. making gifts. Cost savings. Make an inexpensive gift during the workshop.
Birthday Gifts on a Budget Workshop
Birthday Gifts On A Budget
Brownies in a Jar Homemade Jams & Jellies Handmade Hats or Scarves Framed Artwork Created by You Painted Picture Frames A Basket of Fresh Herbs From
Your Garden Handmade Note Cards An Herb Wreath
Birthday Gifts On A Budget
Does anyone have anyother ideas?
Couponing Workshop / Coupon Club
Hold a Couponing Workshop at your location and start a weekly coupon exchange.
Couponing is a great way to stretch a budget.
Couponing Workshop
How to Get Started Educate yourself on the world of couponing. There are many websites out there for you to review. Create a PowerPoint presentation. Invite your residents to a Couponing Workshop.
Couponing Workshop
At the Workshop Encourage residents to think about how much they
spend ongroceries each month.
Provide residents with a tracking sheet to take home.
Present your PPT presentation. Schedule a coffee and coupon exchange approx.
one week later.Ask residents to bring the coupons they have collected.
Review their spending and begin the process of tracking how much they are saving.
Discounted Entertainment Workshop
Getting Started Research free or reduced community concerts,
events and entertainment. Create a list and invite your residents to a
community meeting where you share your ideas.
Give your workshop a unique name such as, “Around San Diego for Free”.
Entertainment in San Diego can be expensive. Help your residents
to save by doing a little research for them. This is a perfect budgeting topic.
Discounted EntertainmentIdeas Free summer concerts in the park Free museum Tuesdays at Balboa Park Museum passes that can be checked out at
the library Scholarships for kids at the YMCA and
Community Recreation Centers for camps, classes and athletics
Check community recreation centers for special events
Holiday Gifts On A Budget
Brownies in a Jar Homemade Jams & Jellies Handmade Hats or Scarves Framed Artwork Created by You Painted Picture Frames A Basket of Fresh Herbs From Your
Garden Handmade Note Cards An Herb Wreath Holiday gift tags
Books and Magazines
Other Book and Magazine Saving Ideas Start a book club Check books out at the library Educate residents about free copies of books for
eReaders. Show residents how to get the news on the
Internet Start your own reading library on site
Books are expensive and so are magazines. Organize a book swap where you invite residents
to share books and enjoy some coffee in the community room.
Green Cleaning On A Budget Workshop
Cleaning supplies can be expensive. There are many alternatives to store
bought cleaning supplies. You can make your own with
everyday items that you have on hand in your house.
Homemade cleaning supplies are less expensive.
Homemade cleaning supplies are usually safer.
Green Cleaning On A Budget
Invite your residents to a “Green Cleaning on a Budget” workshop.
Ideal for Earth Week. Have supplies available so residents can make
some samples. Talk about the prices of your supplies. Compare the costs of homemade vs. store
bought. Combine this workshop with other Earth
friendly workshops offered during the same week.
Green Cleaning On A Budget
Recipes for homemade cleaning supplies can befound on the internet. The most common
ingredientsinclude:
Distilled white vinegar Baking soda Olive oil Borax Essential oils Microfiber cleaning cloths Newspaper Hydrogen Peroxide Lemons
Herb Gardens At Home
How to Get Started Invite residents to an indoor gardening
workshop. Show samples of some herbs they can grow. Discuss what these fresh herbs cost at the store. Provide the supplies and have them plant some
herbs to take home (basil works well). Hold a cooking demonstration. Make pesto with
some basil to show them how to use their herbs.
Small, indoor gardens are a fabulous way to save on those expensive herbs we purchase at the store.
Why not grow your own instead?
Spring Cleaning & How To Make Money
Let’s face it, everyone of us has items in our household that they we are not using. They are
most likely worth some money.
How to Get Started with Your Workshop Invite your residents to a, “Spring Cleaning & How
to Make Money”Workshop.
Create a PPT presentation to include the following points: Cleaning out those closets and cupboards –
items may not mean anything to you but may mean something to someone else.
Separate items into 3 groups – To Donate , To Trash or To Sell.
Think about selling via a Consignment store, Craig’s List or Ebay.
Items donated may qualify for a tax write -off.
Now that you have your residents
interested in saving…. it’s time to have
them prepare a budget
they can live by.
The Budgeting WorkshopTopics to Include: tracking daily spending habits Preparing a personal spending plan to
include monthly income and expenses (budget)
identifying ways to decrease spending Identifying ways to increase income Identifying spending plan tools that
will help resident manage bills.
Creating a Personal Spending Plan
Use a Daily Expenditures Tracking Worksheet Do you know where your money goes each
month? Understand where your money goes by
tracking your spending. Help to create a budget.Week of: _________________________________________
Date Vendor AmountPriority Level -
Mandatory/Discretionary
Total
Creating a Personal Spending Plan
Income vs. Expenses – creating a budget you can live by. Complete Monthly Income and Expenses
worksheet. List monthly income sources & income
amounts to the left. List monthly expenses to the right. Review the bottom line. What do you need to
do?
My Monthly Income and Expense Worksheet
Income
ExpensesWages Fixed Expenses
Public Assistance Rent/Mortgage
Child Support/Alimony Property Taxes/Insurance
Interest/Dividends Cable/Telephone/Internet
Social Security Cell Phone
Advance EIC Car Payment
Other Car Insurance
Other Health Insurance
Other Loan Payments
Other Loan Payments
Flexible Expenses
Savings
Water
Gas/Electric
Groceries
Eating Out
Transportation/Gas
Credit Cards
Day Care / Elder Care
Car Maintenance
Education
Personal Expenses
Donations
Other
Other
Other Total Income Total Expenses
Creating A Personal Spending Plan
Analyze the Completed Budget Worksheet.
Do your expenses exceed your income? Do you need to decrease your spending?
If so, brainstorm possibilities for doing so.
Are there ways you can increase your income?
Follow - Up
Schedule follow up sessions with your residents to review their situation and make changes as
necessary.
Resources For The Coordinator
TheKrazyCouponLady.comhttp://thekrazycouponlady.com/
PinchingYourPennies.com http://www.pinchingyourpennies.com/
CouponMom.comhttp://www.couponmom.com/
CouponSuzy.comhttp://www.coupons.com/couponweb/Offers.aspx?pid=13953&zidjl94&nid=10&bid=10201050ea0c983574217
I have a couponing PPT that will be added to the Dropbox for this event.
A Few Quick Notes On Budgeting
For Teens and Seniors
Teen BudgetingThere are many ways to engage teens in budgeting as they love to buy things.
Talk to teens about developing a spending plan to include:
long term savingsshort term savingsspendingcharity
Determine their short and long term goals.Develop a spending plan like the one the adults created.Talk to them about the importance of saving and giving back.
Creative Teen Budgeting Workshops
Design the ideal gaming room or bedroom Give teens a budgetCreate a wish list of itemsResearch prices of items onlineCreate an Excel spreadsheet to track their budgetCreate a schematic of their room online or via a drawing
have teens research prices of their whish list items online
Want it All vs. Need it AllFeed the Piggy
Senior BudgetingSeniors have distinctively different budgeting needs -
especially those living on a fixed income.
Prescriptions prices continue to soar. Cost of living and insurance continue to increase. Utilities continue to rise. Social security benefits are not keeping up.
Creative Senior Budgeting Workshops
Many of the same workshops outlined in the adult section pertain to the seniors including:• book swaps• creative gifts• couponing
Coordinators can educate seniors on:• reduced rate prescription plans• reduced utilities• free food opportunities at churches and community centers
• free cell phones• Free or reduced transportation• Fraud Prevention / Scams Targeting Seniors
Teen and Senior Resources
TeenFDIC – Money Smart for Youthhttps://www.fdic.gov/consumers/consumer/moneysmart/young.htmlFinancing Your Future Workbookhttps://www.ohe.state.mn.us/pdf/FYF_english.pdfHands on Bankinghttp://www.handsonbanking.org/en/
SeniorHands on Bankinghttp://www.handsonbanking.org/en/FDIC – Money Smart for Older Adultshttps://www.fdic.gov/consumers/consumer/moneysmart/
olderadult.html