Managing Finances in the United States: Creating a Spending Plan

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Your logo here
Presented by:
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Why Create a Spending Plan?
Ensure that you can:
cover your basic living 
needs
care for your family
purchase items you 
want
pay financial 
obligations
 or debts
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Write Down Your Expenses
 
What type?
Fixed expenses 
- stays the same each month
(Examples: car, rent)
Flexible
- changes depending on your spending
(Examples: food, gas, medical)
Periodic
- happens only occasionally throughout the
year (Examples: car inspection, haircut)
Unexpected 
– unplanned expenses (Examples: doctor’s
visit, car repairs)
Spending Categories – are groupings of similar types of
expenses (Examples: debt, savings goals, medical,
utilities, insurance)
 
How often do these expenses occur?
Weekly-gas, food
Monthly- car payment, rent
Quarterly- car insurance, life insurance
 
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Dani  lives in the U.S part-time and has family in his/her home country.
Dani  has come to the U.S. to help support his/her family and pay down
some debt that occurred coming to the United States.  Weekly 
gross
wages
 are $450.
 
Dani  shares a house with other farmworkers; they share the housing
expenses. One of the housemates owns a car and often drives Dani  to
the store or into town when needed. Dani  contributes by helping to pay
some of the gas cost each week.
 
Food can be prepared in the home; sometimes the housemates cook
together, and sometimes they prepare meals for breakfast, snacks, and
lunch for just themselves.
Two months ago, Dani  hurt his/her back and had to go to the doctor for
a visit and medicine.
 
Dani  wants to go home during the off-season to see his/her family and
knows there will be transportation costs and gifts to purchase for family.
There are other expenses too.
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1.
Choose your spending plan based on the week, pay period, or monthly time frame.
2.
Find or create a tool to help you organize your spending plan. (A monthly plan is in
your packet).
3.
Identify your income from all sources.
4.
Identify the expenses that are deducted or automatically taken out of your pay.
This may include taxes and employer benefits (for example, health insurance or
disability insurance).
5.
List the types of fixed expenses and obligations and the amounts.
6.
List the types of flexible expenses and the estimated amount you need to save for
your needs and your goals. Examples include food, gas for a vehicle, clothing or
unexpected costs like health care costs, auto repairs, or  savings goals like travel
home to visit family.
7.
List the expenses and the amounts you need to set aside for periodic expenses that
you know you will have. Examples could include medications, clothing, auto repairs,
or auto insurance.
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Total Income – Total Deductions – Expenses
– Savings – Debt Payments =
Remaining Amount
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Based on this monthly spending plan, Dani has $65 that could be
used to save more money, pay more towards debt, or use for
other spending categories.
 
    
$1800  -   $365  -   $1175   -  $145 -  $50  =   $65
         Total                 Total                                                                      Debit           Remaining
        Income  
    Deductions  
 –    Expenses    –      Savings   –   Payments   =  Amount
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:
Important words to know when managing your money in the US.
How to create a spending plan.
What questions do you have?
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Please use the evaluation tool we provided to help us know how
well we did in providing you information.
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Farm Aid – Call 617-354-2922 from 9 am to 5 pm eastern; they
have Spanish speaking personnel
Cooperative Extension in your county – go to
https://www.uaex.uada.edu/about-extension/united-states-
extension-offices.aspx
  and type in your state and county
Cultivemos - 
https://www.youngfarmers.org/cultivemos/
Consumer Financial Protection Bureau – lots of information
about banking, credit, and financial management
https://www.consumerfinance.gov/
Acknowledgements:
Slide Note

Introduce self and title of program and your organization

Explain that Cultivemos is an organization dedicated to assisting farmers and farm workers manage farm stress.

Managing Finances in the United States is a series of programs that help individuals who are not familiar with US. Financial systems.

Todays topic is about creating a spending plan so that you can better organize and manage your hard earned income.

Note to Facilitator: Distribute the publication that goes along with this session including the important words to know and the case study.

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Explore the importance of creating a spending plan to cover basic living needs, care for family, purchase desired items, and manage financial obligations or debts. Learn about different types of expenses, frequency of occurrence, and how to start creating a personalized spending plan based on your income and expenses. Dive into a case study featuring Dani, illustrating practical financial management in real-life scenarios.


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  1. Your logo here Managing Finances In the United States Managing Finances In the United States Creating a Spending Plan Creating a Spending Plan Presented by:

  2. Managing Finances Managing Finances Creating a Spending Plan Creating a Spending Plan Why Create a Spending Plan? Ensure that you can: cover your basic living needs care for your family purchase items you want pay financial obligations or debts

  3. What Type of Expenses Will I Have? What Type of Expenses Will I Have? Write Down Your Expenses What type? Fixed expenses - stays the same each month (Examples: car, rent) Flexible- changes depending on your spending (Examples: food, gas, medical) Periodic- happens only occasionally throughout the year (Examples: car inspection, haircut) Unexpected unplanned expenses (Examples: doctor s visit, car repairs) Spending Categories are groupings of similar types of expenses (Examples: debt, savings goals, medical, utilities, insurance) How often do these expenses occur? Weekly-gas, food Monthly- car payment, rent Quarterly- car insurance, life insurance

  4. Meet Dani Meet Dani - - A Case Story A Case Story Dani lives in the U.S part-time and has family in his/her home country. Dani has come to the U.S. to help support his/her family and pay down some debt that occurred coming to the United States. Weekly gross wages are $450. Dani shares a house with other farmworkers; they share the housing expenses. One of the housemates owns a car and often drives Dani to the store or into town when needed. Dani contributes by helping to pay some of the gas cost each week. Food can be prepared in the home; sometimes the housemates cook together, and sometimes they prepare meals for breakfast, snacks, and lunch for just themselves. Two months ago, Dani hurt his/her back and had to go to the doctor for a visit and medicine. Dani wants to go home during the off-season to see his/her family and knows there will be transportation costs and gifts to purchase for family. There are other expenses too.

  5. How Do I Create a Spending Plan? How Do I Create a Spending Plan? Start by Gathering Spending Information Start by Gathering Spending Information 1. 2. Choose your spending plan based on the week, pay period, or monthly time frame. Find or create a tool to help you organize your spending plan. (A monthly plan is in your packet). Identify your income from all sources. Identify the expenses that are deducted or automatically taken out of your pay. This may include taxes and employer benefits (for example, health insurance or disability insurance). List the types of fixed expenses and obligations and the amounts. List the types of flexible expenses and the estimated amount you need to save for your needs and your goals. Examples include food, gas for a vehicle, clothing or unexpected costs like health care costs, auto repairs, or savings goals like travel home to visit family. List the expenses and the amounts you need to set aside for periodic expenses that you know you will have. Examples could include medications, clothing, auto repairs, or auto insurance. 3. 4. 5. 6. 7.

  6. Dani Wrote Down Expenses Dani Wrote Down Expenses Organized in Spending Categories: Organized in Spending Categories:

  7. Danis Monthly Expenses

  8. Creating A Spending Plan Creating A Spending Plan Next - - Compare Your Income with Your Expenses Compare Your Income with Your Expenses Next Total Income Total Deductions Expenses Savings Debt Payments = Remaining Amount

  9. Case Story: Comparing Income with Expenses Case Story: Comparing Income with Expenses $1800 - $365 - $1175 - $145 - $50 = $65 Total Total Debit Remaining Income Deductions Expenses Savings Payments = Amount Based on this monthly spending plan, Dani has $65 that could be used to save more money, pay more towards debt, or use for other spending categories.

  10. What Will Your Spending Plan Look like? What Will Your Spending Plan Look like?

  11. Today we reviewed: Today we reviewed: Important words to know when managing your money in the US. How to create a spending plan. What questions do you have?

  12. Thank you for attending our program Thank you for attending our program Please use the evaluation tool we provided to help us know how well we did in providing you information.

  13. Resources Resources Farm Aid Call 617-354-2922 from 9 am to 5 pm eastern; they have Spanish speaking personnel Cooperative Extension in your county go to https://www.uaex.uada.edu/about-extension/united-states- extension-offices.aspx and type in your state and county Cultivemos - https://www.youngfarmers.org/cultivemos/ Consumer Financial Protection Bureau lots of information about banking, credit, and financial management https://www.consumerfinance.gov/

  14. Acknowledgements:

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