Assistive Technology Webinars

1
Michigan Assistive Technology Program (MATP)

• Assistive Technology Webinars

2
Household Spending Plans

• The Power of Positive Cash Flow

3
Successful Planning

• Set Goals
• Get organized
• Track spending
• Develop Spending Plan/Budget
• Budgeting Tools
• Why Plans Fail
• Power of Small Changes

4
Setting SMART Goals

• Specific
• Measureable
• Achievable
• Relevant
• Timed

5
Guideline to Achieving Goals

• Stay focused
• Automation
• Make saving a habit
• Break down large goals into smaller ones
• Work on goal for tomorrow and today
• Review progress
• Be patient

6
Goal Setting Tools

• Accountability Partners
• Web-based
• Old-school

7
Accountability Partners

• Discuss financial situation
• Share goals
• Schedule reviews
• Support

8
Web-Based Tools

• Joes Goals
• 43 Things
• StickK
• The Prioritizer
• Google Docs
• (See Resource Handout for links)

9
Old-School Tools

• Spiral notebook
• Debt Thermometer
• Charts

10
Get Organized

• Gather financial paperwork
• Organize a home office
• Designate files as permanent or temporary
• Quick sort mail

11
Financial Paperwork

• Schedule time to pull together all important
  paperwork
• Separate into categories
• Put documents in order within each category
• Make note of missing documents
• If needed, contact company for copy
• Discard old bills no longer needed
• May want to keep until paid in full

12
Home Office

• Accessible and safe files
• Separate room?
• Eliminates stress
• Local dollar store
• Recycling Centers

13
Permanent or Temporary Files

• Monthly bills
• Checking/Savings accounts
• Health Insurance
• Social Security
• A.T. and Out-of-Pocket Medical Expenses
• Other files to consider keeping

14
Quick Sort Mail

• Junk Mail
• Papers to File
• Bills and Action Items

15
Track Spending

• Puts you in control
• Daily money log
• Track every penny that enters/leaves your life
• Get receipts for everything

16
Tips to Cut Spending

• Pay bills on time to avoid late fees
• Have wages direct deposited
• Set up separate savings account
• Use cash envelope system
• Resist idea of extra cash
• Make lists before grocery shopping
• Bring bag lunch to work
• Comparison shop for large purchases

17
Curbing Compulsive Spending

• Would I pay cash for this?
• 30-Day rule
• Avoid temptation
• Cut up credit cards
• Ask for help

18
Debt Snowball Technique

• List all debts smallest to largest
• Will see results more quickly
• Pay more than minimum on smallest debt
• Pay minimum on all other debts
• As debt paid off, roll over amount
• Apply to next debt on list
• Most important step Stop borrowing
• Overall monthly payment remains the same

19
Develop Spending Plan

• List income
• Your monthly expenses
• Balance income and expenses
• Review and revise plan
• Managing your plan

20
Income

• Net earnings from employed family members
• Unemployment compensation
• Withdrawal from savings
• Tips/commissions
• Interest/dividends
• Social Security
• Child support/Alimony
• Public assistance
• Veterans Benefits
• Pensions

21
Monthly Expenses

• Categories
• Housing
• Utilities
• Household maintenance
• Food
• Transportation
• Medical Care
• Credit Payments
• Insurance
• Clothing personal care
• Education
• Recreation
• Miscellaneous
• Savings

22
Monthly Expenses (Cont.)

• Every household is unique
• Consumer Expenditure Survey
• Rule of Thumb Guide

23
Balance Income and Expenses

• Which expenses are essential?
• Which expenses have highest priority?
• Which areas can be reduced?
• How much can be afforded in each category?

24
Expenses Greater than Income?

• Increase Income
• Part-time/supplement
• Cut spending
• Cut back on controllable expenses
• Reduce fixed expenses
• Refinance or move to lower cost housing
• Look at other assets
• Savings or investments converted to cash

25
Review and Revise

• Review plan with entire family
• Rank needs according to importance
• Keep records of actual vs. budget
• Everyone should be involved with tracking
• Review after several months
• Revise as needed

26
Manage Your Plan

• Savings account records
• Income records
• Pay stubs
• Social security records
• Pension receipts

• Money management center
• Spending plan and past spending records
• Bills and receipts
• Checkbook and bank statements
• Credit/Debit card receipts
• Credit card monthly statements

27
Budgeting Tools

• Expense Envelope System
• Budget Box System
• Spending plan templates
• Excel spreadsheet
• Budgeting software programs
• Quicken
• Moneydance
• You Need a Budget
• Web-based programs

28
Why Plans Fail

• Too complicated
• Doesnt reflect your values
• Doesnt reflect reality
• Seems like a chore

29
Power of Small Changes

• Use coupons wisely
• Engage in free entertainment
• Cancel premium channels
• Check on lower insurance rates
• Discard brand loyalties
• Buy in bulk

• Wash clothes in cold water
• Shop at thrift/consignment stores
• Get rid of land line phone
• Drink water vs. pop
• Turn thermostat down

30
Financial Assistance for AT

• Michigan Assistive Technology Loan Fund
• Low-interest loans available for purchase of
  assistive technology
• Available to individuals with disabilities/their
  families that reside within Michigan
• Application process
• Maximum loan amount is 30,000, no minimum

31
Contact Information

• Michigan Assistive Technology Loan Fund (MATLF)
• UCP of Michigan
• 800.828.2714
• info_at_michiganloanfunds.org
• www.michiganloanfunds.org

• Michigan Assistive Technology Program (MATP)
• Michigan Disability Rights Coalition (MDRC)
• 800.760.4600
• mdrc_at_mymdrc.org
• www.mymdrc.org

32
Final Thought

• "It gives much more pain to the mind to be in
  debt, than to do without any article which we may
  seem to want.
• - Thomas Jefferson