Financial Wellness and Goal Setting for Future Success

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Explore the importance of financial wellness in recovery, setting personal goals and priorities, managing expenses, and creating a vision for your life in five years. Learn about fixed and flexible expenses and how to align your finances with your values for long-term security and success.

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Uploaded on Jul 29, 2024 | 1 Views

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Presentation Transcript

Financial Wellness in Recovery Nicola Barteau Voices of Hope, Inc.

Financial Wellness means to me.. I have values, and how I spend my money matches those values My priorities are being met first I am teachable with my finances My finances are my responsibility; Strive for self-support Nothing is perfect . Give myself a break, I am doing the best I can with what I have Safety and security

Personal Goals & Priorities

Whats important to you? PRIORITIES Importance to me 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 2 - 2 - 3 - 4 - 5 3 - 2 - 3 - 4 - 5 4 - 2 - 3 - 4 - 5 How well I am doing 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 1 - 2 - 3 - 4 - 5 2 - 2 - 3 - 4 - 5 3 - 2 - 3 - 4 - 5 4 - 2 - 3 - 4 - 5 Managing expenses Keeping Financial records in order Saving for Having insurance Improving credit Education Helping out family Investing Feeling financially secure Going on vacations Going out to eat Having nice clothes Staying well-groomed Having up-to-date technology Donating to Chairity

What do you want your life to look like in 5 years from now? Where will you live? Education? Savings? Transportation? Kids activities & school? Vacations & experiences? How are we doing to get here?

Basic Exercises (totally based on YOUR priorities) no right or wrong

Fixed & Flexible Expenses Just an idea FLEXIBLE FIXED UTILITIES TAKE CONTROL OF YOUR OWN EXPENSES GROCERIES EVERYTHING CAN BE FIXED SAVINGS ENTERTAINMENT TRANSPORTATION EDUCATION CLOTHING

One Less of. First ask yourself is there something in my spending that doesn t align as well with my values and priorities as the others? What would happen if I just cut out one of that item? One less meal out a month One less coffee a week ONE LESS Coffee Manicure Car Wash Dining Out What can you do "one less" of? What will your monthly savings be? Annual? 2.00 25.00 $ 10.00 $ 30.00 $ $ $ $ $ - - - What s next? With the extra money we can .

Saving! Stashing! (This seems to be important to most)

Where to Save Savings Account: Bank or Credit Union Safe and easy to access money Interest offered is typically low Certificate of Deposit (CD) Financial Institution Deposit lump sum for a specified amount of time Interest rates are higher 401K Retirement savings offered by employers Employers sometimes match a certain amount of your deposit Tax benefits offered to investing Most are in the form of stocks, bonds, money markets, etc.

AGE 25 26 27 28 29 30 31 32 33 34 35 54 55 56 57 58 59 60 61 62 63 64 SUSAN $ $ $ $ $ $ $ $ $ $ $ $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 30,000.00 $ 45,736.51 $ MIKE 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ 3,000.00 $ $ $ $ $ $ $ $ $ $ $ $ $ 30,000.00 $ 500,162.11 $ - - - - - - - - - - - - Your Best Interest The sooner the better! Keep that in mind . In reverse, when borrowing money (credit cards, car loans, mortgages, etc.) the creditor is making money off you. - - - - - - - - - - - - Total Deposits Account Value @

CREDIT!

Definition & Basic Info (Moneywise) Credit is the ability to borrow money or obtain goods by paying little or no money at the time of purchase. Your promise to pay the total cost later or over time, along with interest. (Interest = cost paid to borrow money or obtain goods over time) Good credit allows you to purchase or finance items for lower interest and with less cash upfront. (House, car, furniture, renting, insurance) Three credit bureaus: Experian, Equifax, & TransUnion Each generates a credit score to you and creditors which provides a numerical value to your credit worthiness Employers look at this sometimes too.