three possible outcomes zscenario 1:income equals expenses zscenario 2:income exceeds expenses...
TRANSCRIPT
Three Possible Outcomes
Scenario 1: Income equals expensesScenario 2: Income exceeds
expensesScenario 3: Expenses exceed income
Three Ways to Adjust Your Spending Plan
INCREASE income.Sell assets.REDUCE expenses.
Reducing ExpensesDo I have optional expenses I can
eliminate?Do I have variable expenses I can further
control and reduce?Can I eliminate any assumptions about my
“FIXED” expenses?
Key Question:
How serious are you?
Adjusting the Spending Plan
Individual Activity:
A Record-Keeping System Is:
A way to keep track of how much you spend.
Benefits of Record Keeping:
Gives accurate dataImproves COMMUNICATIONAllows for mid-course correctionsProvides ACCOUNTABILITY
The Truth about Record Keeping:
It’s simpler than it seemsIt takes less time than you thinkIt does not require a Ph.D. in math
Envelope System
Envelope System
Hints to Make Record Keeping Easier:
Keep your Spending Record where you will see it daily
ROUND OFF to the nearest dollarCombine categoriesUse “EVEN billing”Have a miscellaneous cash envelope
Spending Record FormAnswers
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Key Question:
Is it worth two minutes a day to bring this crucial area of my life under control?
Electronic System
There are some cautions involved with starting here.
Keeping Your Commitment:
Select your record keeping systemCommit to using these tools for 90 days.Do not become discouraged.Seek assistance, if needed.Pray daily for God’s guidance and
wisdom.