Trimming Your Budget - National Guard Family Program

Introduction to Personal Finance

An Overview for State Family Program Directors, Wing Family Program Coordinators, and Families.

Introduction

Evaluating Your Situation

Budgeting & Debt Management

Goals & Plans

Insurance & Disability Planning

BUDGETING AND DEBT MANAGEMENT

2.	Introduction
	2.1	Why Do We Acquire Debt?
	2.2	Debt Can Become a Habit
	2.3	The Reality of Borrowing
	2.4	The Credit Trap
		2.4.1	Fees
		2.4.2	Rates
		2.4.3	Types of interest
	2.5	Eliminate and Avoid Debt
	2.6	Trimming Your Budget
	2.7	Learning Check

2.6 Trimming Your Budget

Cutting your expenses will take some effort. You may have to delay

some purchases and find ways to spend less on the things that you need

to buy.

By cutting costs, you should be able to afford to contribute

more to your savings and investments. Similarly, if large debt

payments are making it difficult to save, you need to look at

ways you can reduce this burden so you can move ahead toward your

financial goal.

The following pages of the course contain some money-saving ideas….