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BUDGETING BASICS FOR TOUGH FINANCIAL TIMES

JUNE 6, 2020

Welcome to the “Budgeting Basics for Tough Financial Times” workshop, presented by Alpha Kappa Alpha Sorority, Incorporated®, Eta Alpha Omega Chapter, Rock Hill, South Carolina.  This is the second presentation in our “Building Your Economic Legacy” series.  Our organization is committed to providing community service through a variety of channels.  Participants should find this information particularly useful as we all face tough financial challenges in days to come.

We can come out of these stressful times with a financial base that will put us on the path to financial security now and in the future.  We can empower ourselves by organizing and taking control of our finances by adjusting and trimming our debts.

Here are some practical tips to look at your income and expenses; and make an action plan of your finances. 

Take the following steps:

 Start Budgeting

  • Make a weekly or monthly budget and stick to it

Plan and Track Spending

  • Identify all your expenses

Total your Weekly or Monthly Expenses

  • Having more income than expenses, you are meeting your goal

Eliminating your debt faster, you can save more

Create an Emergency Fund

  • Prepare for unexpected emergencies by “setting aside” a minimum amount of money each week or month

You can track your finances weekly or monthly by using this template:

https://www.mint.com/budgeting-3/keep-track-of-your-finances-with-a-free-budget-template

You should also identify your wants vs. your needs, and reduce your overall spending.  Below are strategies for spending less and getting through tough financial times:

  • Control Spending – focus on your needs vs. your wants
  • Food – look for sales and specials, and visit food banks as needed
  • Utilities and Household Maintenance – look for opportunities to reduce your energy consumption and keep up maintenance.  For example, turn off lights when you leave a room, and set your thermostat to keep you home at a moderate temperature
  • Transportation and Upkeep – bundle your trips to minimize spending on gas, keep your vehicle maintained to avoid large repair expenses later
  • Clothing and Personal Care – allocate a minimum amount of money to spend for clothing and personal care
  • Child Care – look for options to rotate childcare duties with a group of friends, which can lower everyone’s expenses

The above strategies for spending less can be found in the following web resource with greater detail:  http://www.toughtimes.illinois.edu/

Please check www.rockhillaka.com frequently for future programs, workshops and information sessions in the “Building Your Economic Legacy” series. Follow us on Facebook  at www.facebook.com/etaalphaomega/ and Instagram at www.instagram.com/rockhillaka.

Thank you, and we hope that you stay safe and healthy!


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