participants session 2 handout(1)

8/4/2019 Participants Session 2 Handout(1)

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Financial Hope Workshop

Week 2 Developing a Spending Plan

Table Guidelines There will be a direct relationship between the amount of time and

effort you put into this workshop and the degree of success you

achieve! Work to do your best to move your budget forward each

week and take your homework seriously.

Please do your best to arrive early we will start promptly at 6:45PM Let your leaders know in advance if you will miss a session Keep information confidential What is discussed at the table stays

at the table. You will not be forced to share any information if you do not want to.

However, the more you allow your leaders to come along side you the

better the learning experience. Everything you share will remain

strictly confidential

Dont leave God out of the process. Pray often that He will help you onyour journey to financial freedom. God does not want us to live in

financial bondage and distress!

Be as involved as possible in the table discussion. Be aware of the need to allow everyone a chance to talk and contribute.

Avoid the situation where one person dominates the table discussion

and causes the group to become out of balance.

Maintain a positive, hopeful and constructive attitude. This willaccelerate your financial growth and improvement.

Prepare to spend the first part of each session reviewing what hasbeen accomplished and updating the things you are working on.

Have some fun!

Why is it important to track expenses?


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1.__________________________________________2.__________________________________________3.__________________________________________4.__________________________________________5.__________________________________________

How long must we track expenses?

Until We No Longer Want To Be Financially Free!

Table Discussion

Did you track expenses every day? Yes How long did it take? No What happened?

What made it hard to track expenses? What questions do you have about the form? What did you learn about your spending?

The benefits of a working spending plan

1. Reduce waste and allows for savings money


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2. Brings freedom by eliminating financial surprises3. Can take corrective action to head off disasters4. Increases positive communication about money

A Spending Plan Is A Spiritual Issue

Be sure you know the condition of your flocks, give careful

attention to your herds; for riches do not endure forever

Proverbs 27:23-24aWhat does this verse mean to you?

_________________________________________________________________________

_________________________________________________________________________

_________________________________________________________________________

_____________________________________________________________________

Every Financial Decision Is A Spiritual Decision


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Getting Started - Developing a Spending Plan

Husband and wife must be committed and work together Realize it will take time to get it just right Give yourself reasons to stick with it - Written Goals

Complete the Monthly Spending Plan Form

1. Calculate Income by deducting taxes and pre-tax deductions2. Estimate your current spending for each category item3. Your Transaction Register Forms will help4. Use past bills, receipts, checkbook, etc.5. Review each line item for reasonableness

Table Activity

Using the best available information, begin filling out the blank Monthly

Spending Plan Worksheet with your best estimate of your current spending by

category

Three Types Of Expenses


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Fixed Expenses

Very limited choice to pay or not Usually the same amount every monthExamples include:

o Taxeso Medical Insurance premiumso Debt repaymento Basic housing costo Savings

Variable Expenses

Variable expenses should be evened outTake total year divided by 12 for monthly amountExamples include:

o Insurance paymentso Utilitieso Basic Clothingo Reasonable Giftso Maintenance & Car Repair

Lifestyle Choices

Highly discretionary purchases Often biggest driver of financial problems


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Examples include:o Transportationo Entertainmento Eating outo Vacationso Excessive housing costso Premium clothing

Table Activity

Finish completing the Monthly Spending Plan to reflect your bestassessment of your current spending

Ask your table leaders if you need help

Develop A Plan of Action for Each

Fixed Needs

Look for ways to reduce over long-termDont assume these are permanentDont miss a payment

Variable Needs

Must put aside same amount monthlyDo not spend surplus moneyGood months must cover Bad months


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Lifestyle Choices

Must aggressively attack this areaShrink your lifestyle reduce cost, not valueDramatically cut waste and low value spending

Keys To A Successful Spending Plan

View the spending plan as a positive not a negative Visualize future benefit of financial success Recognize it wont be easy Make it a normal part of every day Dedicate your efforts to God

Consider.

What is the Lord speaking to me through this session?

________________________________________________________________________

________________________________________________________________________

___________________________________________________________________

Homework

1. Continue to carefully track expenses daily2. If you havent already, set aside one place in your home to neatly


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organize and keep your financial records

3. Spend time thinking about each item of your budget and consider whichspending areas need to be adjusted

4. Gather debt records and complete Debt Summary form on the followingpage.

5. Pray about your spending past and future6. Meditate on the verse of the week. Memorize it and be ready to recite

next week

Commit to the LORD whatever you do, and your plans

will succeed. Proverbs 16:3


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participants session 2 handout(1)

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