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How to Save a Dollar

….when you don’t have a dime to

spare?

Why do you want to save money?

$ To pay bills & make ends meet

$ Save up for a large expense

$ Save for emergencies

$ Pay off debt

$ Other reasons

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Spending Income

Do you think of saving as striking a balance?

Or is saving money or cutting back a burden?

If you want to save money, make

plans to spend it!

Ideas for Saving Money

$ Claim Tax Credits

Ideas for Saving Money

$ Have financial goals.

1 Year

3 Years

5 Years

Personal Financial Goals

What – When – How much?

What’s the Price Tag for Each Goal?

Goal

Date Needed

Amount Needed

Amount to Save Monthly

= Better Car

= 3 years / 36 months

= $3000

= $83

Ideas for Saving Money

$ Get (kind of) organized

Ideas for Saving Money

$ Look for the little leaks

“Small leaks can sink

big ships.”-- Ben Franklin

Ideas for Saving Money

$ Find fun things to do that

don’t cost much money

(shopping, TV)

Ideas for Saving Money

$ Limit Bulk Purchases

Ideas for Saving Money

$ Buy it cheaper

$ Make it last longer

$ Use it less

Ideas for Saving Money

$ Look out for credit!

Save Money by Using Less Credit

Current Credit Card Balance = $1,715.24

Minimum Payment Due = $18Due Date = 21 daysIf you make no

additional charges on this card and each month you pay…

You will pay off the balance on this statement in about…

And you will end up paying an estimated total of…

Only the minimum payment

12 years $2,685 (969.76 in interest)

$55 3 years $1,977(Savings = $708)

• Pay Day Loans• Rent to Own• Car Title Loans• Pawn Shops

400-800%

40-700%• Rapid Tax Refund Anticipation Loans

Subprime Types of Credit

Ideas for Saving Money

$ Look out for debit too!

Overdraft Protection?

Option to opt-in to overdraft protection:

Debit card transactionsWithdrawals from an ATM

Does not include: Checks Automatic transfers

…One more idea for

Saving Money

$ Track your spending.

How do you know how much money you’re saving if you don’t

know how much you’re spending?

$ Notebook

$ Receipts

$ Checkbook or Bank Statement

$ Calendar

$ Envelope Method

$ Computer (free programs on the web or from some banks)

Ways to Track Spending:

Compare income and expenses once a

month.

IncomeSpending

If something happens andyou can’t pay bills . . .

• Act now!• Financial Counseling

www.debtadvice.org