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Optimist International Caribbean District

Q3 Conference Terra Nova Hotel Kingston, Jamaica MAY 4 – 5, 2013 JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Budgeting and some ideas to get you through troubled financial times‌.. At home, in the work place and in your Optimist Clubs

with Past Governor Joseph Benfield

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Joseph Benfield

MBA,CPA MD & CEO, JOSA Investments Inc. JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Introduction Having a budget equals thinking about money in an analytical, logical way to avoid excessive debt. It also means setting realistic goals for spending and saving. Whatever you enjoy in life, there's a difference between living on a fun-starved budget and living comfortably - yet still affordably.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Introduction It is quite important that you learn how to manage your personal finance in order to build a solid financial footing for you and your family. This is the right time that you learn the strategies so that you’re able to manage your finances so that you can survive these recessionary times in a much better way. JOSA Investments Inc. | (246) 425-1355 | j.benfield@josainvestmentsinc.com


BUDGETING DOESN'T HAVE TO BE A PAIN…

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Keep track of your spending Go to the dollar store and buy a little notebook and carry it with you wherever you go. Write down every penny - every single penny - you spend. It's as simple as that. There is something incredibly powerful about writing down all your expenditures!

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Identify where you’re spending most While tracking your expenses, you must also identify where you’re spending the most. You’ll have to identify your own spending habits; then and only then will you be able to make a conscious effort to reduce it. There may be nothing but a 75-cent notebook and a ballpoint pen between your life of financial struggle and financial freedom

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com

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Prioritize Your Life No matter where you live, the culture that surrounds you affects the way you think about money. Some societies preach the gospel of rampant, wasteful consumerism. Others stress the importance of extreme frugality and a sense of do-it-yourself survivalism.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Create a spending plan Your spending plan is somewhat similar to a budget, only difference being that a spending plan is a bit flexible. In simple terms, your spending plan is just breaking your income into separate categories and then assigning a percent of your income to each of them. Fixed expenses | Variable expenses | Discretionary expenses

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Try to maintain a monthly saving program Do your best to maintain your saving program even during a recession.

While it may be difficult to save as much as you would like you should make an effort to save as much as you’re able to.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Look for additional income sources When the going gets rough one needs to get creative to survive. One of the best ways to manage your personal finance is to look for additional income opportunities.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


STOP DEFICIT SPENDING! We all know how much trouble our countries have been creating spending more money than they take in. It's called deficit spending. Credit cards put you in the hole and keep you there!

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Don’t increase your outstanding debt Think before you swipe your credit card. It may be difficult to pay off your debt during recession but be careful of not increasing it further. Configure your spending plan in such a way that you don’t have to pay through your credit cards.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Becoming a Cosigner Cosigning a loan can be a very risky thing to do even in flush economic times. After all, if the individual taking the loan doesn't make the scheduled payments, the cosigner could well be asked to make them. . JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Adjustable-Rate Arrangements When considering major purchases, a home, a car maybe; some individuals may choose to enter into an adjustable rate arrangement. In some cases, this move might make sense. It may well be the only way you could afford the purchase at the time. But be aware!

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Taking Your Job for Granted During an economic slowdown, it's important to understand that companies, even large ones, may be under financial pressure. And when that happens, many companies will try to reduce expenses any way they can.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Taking Risks With Investments Business owners and individuals should always be thinking about the future. We should always be thinking about new and exciting ways to grow our businesses and increase our wealth. However, an economic slowdown may not be the best time to make risky bets.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Beware Budget Burnout – Have some fun The media coined a name for budget burnout is "frugal fatigue,“. It's important to recognize fatigue if it begins to affect you. If you feel totally bored with budgeting and sick to death of squeezing pennies, you're at risk for a spending bender of sorts. Don't give in to the temptation.

Don't spend money you don't have!

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Parting shot You now know a little more about budgeting, but more importantly, I hope you understand that while living comfortably has a lot to do with managing your money, creativity helps too. With a little more forethought, you can alleviate financial stress and have more fun at the same time.

JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Optimist Joseph Benfield

MBA,CPA MD & CEO, JOSA Investments Inc. JOSA Investments Inc. * (246) 823-1747 * zbenfield@yahoo.com


Budgeting in recessionary times