“TAKE MY HAND”
ESTABLISHING AND OPERATING A TIGHT BUDGET

In order to look at your entire financial situation clearly and objectively, the first thing is to prepare an annual budget.  A monthly budget is not sufficient, as it does not allow you to have an overall view of your income and expenses.  Some income and some expenses may be seasonal (bonuses – commissions – pay raises / school starts – kids clothing – lunches, etc.  Below is an example of a managed budget.  Place an expense in each month that it will or should occur.  Use estimates at first, if you have to.  Keep accurate accounts of all monies spent (pocket change and loose dollars can add up!!)

ITEM		JAN	FEB	MAR	APR	MAY	JUN	JUL	AUG	SEP	OCT	NOV	DEC	TOTAL

INCOME
Income #1
Income #2
Interest
Tax Return
Misc
Other
Other
TOTAL     $

EXPENSES
Housing
Groceries
Utilities
Clothing
Gasoline
Car Payment
Car Insurance
Health Insurance
Credit Card
Installment
Tithes
Saving
Fees
Licenses
Auto Maintenance
Schooling
Day Care
Special Events
Clothing
Vet Bill
Unpaid Medical
Ins Deductible
Loan #1
Loan #2
Other
Other
TOTAL			TOTAL INCOME  $		TOTAL EXPENSE  $		NET  +/- $

“TAKE MY HAND”
LONG TERM & SHORT TERM DEBT

Understand what you owe !!  Some debt’s are short term………and others are long term………and some can be negotiated down or restructured.  DON’T GET CAUGHT IN THE TRAP OF ‘CONSOLIDATION’.  Your goal is to retire your long term debt and you can’t do that by constantly refinancing it.  

List all of your debts and classify them into short term and long term.  Long term would be anything over one year.

SHORT TERM									LONG TERM

“TAKE MY HAND”

EVALUATING YOUR FINANCIAL ASSETS 

Look closely at all possible financial assets available to you.  The following worksheet will get you started.

ASSETS

CASH ON HAND				CASH IN BANK – CREDIT UNION 
LIFE INSURANCE CASH VALUE		CASH IN SAVINGS – 401K – IRA
STOCKS / BONDS				ANNUNITIES
EQUITY IN HOME				EQUITY IN 2ND HOME – VACATION HOME
REVERSE MORTGAGE			EQUITY IN AUTOMOBILES/TRUCKS/MOTORCYCLES
COLLECTIBLES				ANTIQUES – PAINTINGS – FURNITURE PIECES
JEWELRY					GUNS 
COINS					

FAMILY – RELATIVES & FRIENDS

SISTERS/BROTHERS				MOTHER/FATHER
GRANDPARENTS					UNCLES/AUNTS AND OTHERS
CLOSE FRIENDS

OUTSIDE ASSISTANCE

CHURCH\SYNAGOG\STAKE\MOSQUE		FRATERNAL/MATERNAL ORGANIZATIONS
GOVERNMENT ASSISTANCE PROGRAMS		COMMUNITY ASSISTANCE
GRANTS & FOUNDATIONS				PROFESSIONAL ORGANIZATIONS
WORKPLACE ASSISTANCE				CHARITABLE ORGANIZATIONS
HOSPITAL SOCIAL SERVICES			COUNTY/STATE/FEDERAL SOCIAL SERVICES
UNITED WAY						DISEASE SPECIFIC ASSISTANCE
SOCIAL ORGANIZATIONS – LIONS – KIWANAS CLUB – JAYCEES – JUNIOR LEAGUE

First, use this worksheet as a guide for places and people to call.  Sit with your spouse and begin to ‘brainstorm’.  List all your ideas, good and bad, on a tablet.  I recommend using a yellow tablet and put a heading at the top of the page and work only on that idea, example “Family & Friends”.  Fill up the page with ideas if you can.  You will critique it later.

You may think of others, and if so, put them on this sheet.  Now your work begins.  Using your a yellow tablet, make a heading at the top of each page showing the source or contact that you plan to contact.  Make sure you have the correct name, correct spelling of that name, the person’s title, phone number, address, etc.   Record the details of your phone call or meeting.  

(Practice what you are going to say before you make the call!)

Example:  “Mr. Jones, my name is Thomas Brown.  My daughter, Gwen, is battling for her life with  ________.  Does your organization have a program for assisting( fellow Lions) – (the congregation)  (truck drivers) etc. with uncovered medical bills?