MANAGING YOUR MONEY AND MORE
FOR HEALTHCARE NAVIGATORS
REGIONS FINANCIAL FUNDAMENTALS
This information is general in nature and is provided for educational
purposes only. Regions makes no representations as to the accuracy,
completeness, timeliness, suitability, or validity of any information
presented. Information provided should not be relied on or interpreted as
accounting, financial planning, investment, legal, or tax advice. Regions
encourages you to consult a professional for advice applicable to your
specific situation.
© 2014 Regions Bank.
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MANAGING
YOUR
MONEY
[Add your name
and title here]
60 Minutes
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AGENDA
Today we will answer these big questions . . .
1.
2.
3.
4.
How can you prepare a personal spending plan, stretch your
paycheck and simplify your money management process?
What should you know about consumer credit reports, credit
scores and applying for credit?
How can you be prepared in advance for things that may impact
your financial situation?
You can pay your monthly household expenses, but are having
trouble paying all of your loans. What options can you consider?
This information is general in nature and is provided for educational purposes only. Regions makes no representations as to the accuracy,
completeness, timeliness, suitability, or validity of any information presented. Information provided should not be relied on or interpreted as
accounting, financial planning, investment, legal, or tax advice. Regions encourages you to consult a professional for advice applicable to your
specific situation.
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be
specific
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SET FINANCIAL GOALS
IDENTIFY YOUR
FINANCIAL GOALS
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ORGANIZE YOUR
FINANCIAL
GOALS
EDUCATE
YOURSELF
EVALUATE
YOUR PROGRESS
A spending plan
should be:
Balanced
Flexible
Realistic
Set Financial Goals
Develop and follow a personal spending plan
Know where your money comes from
Know where your money goes
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DAY
PRESCRIPTION
DRUGS
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2
HOUSING/
UTILITIES
INSURANCE
DEBTS
FOOD
CAR PAYMENT
$ 1,600
$ 100
3
$300
4
$ 250
5
$500
6
$450
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8
HEALTH
CARE COSTS
$75
$ 50
WHERE DOES
YOUR MONEY GO?
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increase your
income
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know your
expenses
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PERSONAL SPENDING PLAN—INCOME
MY INCOME
Wages $ 4,640
Public assistance $ 0
Child support/alimony $ 0
Interest/dividends $ 10
Social Security $ 0
Advanced earned income credit $ 0
Other $ 0
TOTAL INCOME $ 4,650
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PERSONAL SPENDING PLAN—EXPENSES
MY FIXED EXPENSES
Rent/Mortgage $ 1,600
Property Taxes/Insurance $ 250
Trash collection $ 30
Car payment $ 450
Car Insurance $ 80
Other loan payments $ 150
Health insurance $ 75
Day care $ 100
TOTAL FIXED EXPENSES $ 2,735
MY VARIABLE EXPENSES
Savings $ 200
Utilities $ 50
Electricity $ 200
Water $ 60
Telephone/Cell phone $ 75
Transportation/Gas $ 150
Car maintenance $ 50
Prescription Drugs $ 200
Groceries/Food $ 300
Healthcare Expenses $ 50
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TOTAL INCOME =
$ 4,650
TOTAL EXPENSES =
$ 4,570
Personal expenses/other $ 500
TOTAL VARIABLE EXPENSES $ 1,835
PERSONAL SPENDING PLAN TOOLS
BANK PERSONAL
FINANCIAL
MANAGEMENT
SYSTEM OR
SPREADSHEET
SYSTEM
BUDGET
BOX
SYSTEM
EXPENSE
ENVELOPE
SYSTEM
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Know Where You Are
Keep accurate records
Organize your files so it is easy to find important information
Mail checks for bill payments at least one week before they are due or use your
bank’s automated bill pay service
Keep your tax records for at least three years
Keep records in a safe place in your home or safe deposit box
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“Uh oh. What do I do when there are
more expenses than income?”
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STRETCHING YOUR
THE ONE
WEEK RULE
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PAYCHECK
BUDGET
BUSTERS
FIND
FREEBIES
RENT
Decrease Spending
Bargain hunting
Comparison shop online before you buy
Weigh quality vs. price
Wait for sales
Ask for a better deal on big ticket items
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Take advantage of group discounts
Max out your savings
Look for sample sales
Consider outlet malls
UNDERSTANDING
CONSUMER
CREDIT
REPORTS
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inform
yourself
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WHAT
IS IN A
TYPICAL
CREDIT
REPORT?
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CREDIT SCORES
How much of a credit risk are you?
300
Take Action!
600
850
Very
Good
Bad
Poor
Good
OK or
Fair
28 From FDIC’s Money Smart program
Excellent
SAMPLE CREDIT SCORE
What determines your credit score?
10%
Types of Credit
10%
New Applications
for Credit
Length of
Credit History
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35%
Past
Payment History
720
15%
30%
Outstanding
Debt
Getting a Loan
Credit Report Uses
To obtain loans and other credit
To get certain kinds of jobs
For housing (rental applications and mortgages)
To obtain insurance
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APPLYING FOR CREDIT
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HAVE A PLAN
THAT
SIMPLIFIES
YOUR
FINANCIAL
SITUATION
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FINANCIAL STABILITY PLAN
CREATE A
COMPREHENSIVE
CONTACT LIST
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COPY
IMPORTANT
DOCUMENTS,
POLICIES AND
CONTACTS
TALK WITH
YOUR BANKER
ABOUT YOUR
ACCOUNTS &
FINANCIAL
NEEDS
SIMPLIFY YOUR
MONTHLY
BANKING
Financial Stability
Talk to your creditors
Get credit counseling
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Getting Help
Credit Counseling Agencies
Interview several companies before signing a contract
Be sure they are reputable
Ask questions about services, fees and a repayment plan
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CONGRATULATIONS
Today, you will leave with:
The steps for setting financial goals
Worksheet for tracking spending habits
Worksheet for saving and spending plan to estimate income and expenses
Important information about credit reports and credit reporting agencies
Considerations for creating a contingency plan for financial stability
Thank you.
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This information is general in nature, is provided for educational purposes only, and should not be relied on
or interpreted as accounting, financial planning, investment, legal or tax advice. Regions neither endorses
nor guarantees this information and encourages you to consult a professional for advice applicable to your
specific situation.
WANT TO LEARN MORE ABOUT HOW
REGIONS CAN HELP YOU MEET YOUR
FINANCIAL GOALS?
To make an appointment with a Regions banker:
Call the Regions Green Line at 1-800-REGIONS
Go to regions.com and click “Make an Appointment”
Visit any Regions branch
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