Presentation lite.2 hour
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Introductory personal financial wellness education program for employees | adults | young adults. The introductory program is facilitated over two hours and covers the essential personal financial wellness topics including budgeting | debt management | creating savings | understanding investments | estate planning and so on.
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Presentation lite.2 hour
- 2. Financial Wellness lite An introduction to personal financial wellness
- 3. What is personal financial wellness? Ask yourself… • Where am I now? • Where do I need to be? • How do I get there? • Who can help me get there? • How do I plan? • What do I need to do? • What will hold me back?
- 4. Personal Financial Management Where do I start? My Personal Budget Planner
- 5. Personal Financial Management • Using your Personal Budget Planner • Setting up your Monthly Budget Planner • Daily Budget Diary • Envelope to keep transaction slips • Obtain a Bank Statement • Take 30 minutes • Month Two and beyond
- 6. Me and Debt • Dealing with Debt • Debt will hold you back • How did I get here? • ‘Good’ and ‘Bad’ Debt • The cost of credit • Pause and Think • Make sense of your debt…damage report
- 7. Me and Debt NAME OF CREDITOR OUTSTANDI NG DEBT BALANCE MINIMUM MONTHLY REPAYMENT INTEREST RATE LOAN REPAYMENT START DATE LOAN REPAYMENT FINISH DATE CREDITOR 1
- 8. Me and Debt ‘My Debt Reduction Plan’
- 9. Me and Debt • Step One – Look yourself in the Mirror • your predicament – 4 options •reduce spending and adjust your spending plan accordingly •debt review •refinance •default • share your plan of action
- 10. Me and Debt • Step Two – Assess the damage • Put the following into a simple table – Damage Report • identify all creditors • identify outstanding debt balances • specify minimum monthly repayments • loan interest rates • loan repayment start dates | finish dates
- 11. Me and Debt • Step Three – Monitor | Manage spending • where do you spend your money? • track all spending on a monthly basis • identify trends and habits • keep ordered records • review your records against the budget calculator • take any corrective action
- 12. Me and Debt • Step Four – Cut wastage out • get tough on yourself • identify ‘needs’ versus ‘wants’ • remove the ‘clutter’ spending • cherish the simple things in life • coordinate/combine large purchases • review your insurance policies
- 13. Me and Debt • Step Five – de-clutter and reduce • convert disused goods to cash • book sale • linen and clothes • advertise on line such as Gum Tree and EBay • advertise in local newspapers
- 14. Me and Debt • Step Six – Negotiate with the bank • keep a record of all bank statements and tally up the charges • is the bank open to negotiation? • challenge the facility costs and charges • review what packages the bank offers | shop around • refinance | restructure options | Debt Consolidation? [cost of credit]
- 15. Me and Debt • Step Seven – Big Decisions • downgrade your car • cheaper more practical car | more fuel efficient • cheaper insurance | running charges • downgrade your house • move to a smaller more practical house • less upkeep | less expense
- 16. Me and Debt • Step Eight – Be goal orientated • determine | prioritise which debt to tackle • stick to the priority list • set a realistic and achievable payment plan • stick to the debt payment plan • close off accounts as you bring them up to date • roll over debt payments - cascading
- 17. Me and Debt • Step Nine – Wipe the slate clean • contact a credit bureau for a credit profile • entitled to one free report a year • ‘blacklisted’? – could stick for up to 5 years • attorney can assist, but costly • alternatively try Legal Aid or Credit Ombud • keep proof of paying off | settling any debt
- 18. Me and Debt • Step Ten – Review | Reset • SPENDING PLAN is the most important tool • spending plan manages your spending habits • sets a clear strategy • identifies how you spend • sets goals | boundaries | discipline • ensures that you stick to it
- 19. Savings and Investments • Moving Forward • savings | investments • risk and return • time • inflation • building blocks of investments
- 20. Savings and Investments • Moving Forward • short | medium | longer term financial goals • creating and Emergency Fund • how much do I need for Retirement?
- 21. Considerations • Further financial planning considerations… • get your monthly BUDGET in order • reduce and manage your DEBT • improve your SAVINGS | INVESTMENTS • set SHORT | MEDIUM | LONGER term GOALS
- 22. Considerations • Further financial planning considerations… • consider your ESTATE PLANNING • adequate INSURANCE cover • CHILDREN | FAMILY and money • find yourself a FINANCIAL GUIDE
- 23. Considerations • Where can we help you further? • Financial Planning Advice • Debt Counselling • Tax Consulting • One on One financial coaching
- 24. Thank you This is just the beginning of your NEW financial journey Visit us at www.motivatetoday.co.za