Securing Mi Financial Future
  • Welcome to the “My Money and Me” video series, part of the Securing MI Financial Future initiative. This video series brings useful instruction on how to develop a more responsible and productive relationship with your money. You’ll use easy-to-follow worksheets that will help you identify and work through your money-related issues. You’ll learn how to set goals, how to develop a personal spending plan, and how to manage the financial needs of your ‘present self’ while planning for the financial needs of your ‘future self’. After taking this series, you’ll be better equipped to manage the often strained and complicated relationship we have with money.


Videos Descriptions

 

My Income: Show Me My Money

In this video, titled “My Income: Show Me MY Money!”, you’ll learn how to account for all your sources of income, and determine whether they’re from sources that are regular and dependable, or from sources that are generally regarded as sporadic, less-reliable or subject to change. Accompanying this video is the Income worksheet. You’ll use this worksheet to itemize all your sources of income.

Worksheet: Income Worksheet

 

My Expenses: Where Does it All Go?

In this video, titled “My Expenses: Where Does it All Go?, you’ll use the Expense Tracker worksheet over a 2-month period to track your spending on everything from housing and utilities, to installment loans, to food, clothing and entertainment, to unplanned expenses and those expenses you incur on a quarterly, semi-annual or annual basis like property taxes and insurance premiums. Tracking your expenses takes only about 45 minutes a month and will give you a wide-eyed view into how and where you spend your money, and the types of ongoing expenses you have. So what is an expense? Here’s a simple definition: what you spend. While expenses come in all shapes and sizes, in simple household terms, there are basically four types of expenses: fixed, variable, discretionary and extraordinary.

Worksheet: Expense Tracker worksheet

 

My Net Worth: It’s More Than a Number

In this video, titled “My Net Worth: It’s More Than a Number”, you’ll use the Assets, Liabilities and Net Worth worksheet to calculate your net worth. On the left side of the worksheet, you’ll list your assets (what you own). And on the right side of the worksheet you’ll list your liabilities (those things you owe money on). Completing the Assets, Liabilities and Net Worth worksheet will be an eye-opener. And after completing this video, you’ll know why.

Worksheet: Assets, Liabilities and Net Worth worksheet

 

My Financial Vitals

In this video, titled “My Financial Vitals” you’ll get easy instruction on how to calculate seven important personal financial ratios. These ratios are important because they can help you identify potential problems with your spending, debt and saving. Some ratios provide helpful guidelines that may improve your credit, while others provide an early warning of potential problems that may have life-altering consequences.

Worksheets: My Financial Vitals worksheet, Income worksheet, Expense Tracker worksheet, Assets, Liabilities and Net Worth worksheet

 

My Financial Goals and Spending Plan: Part 1

In this video, titled "My Financial Goals and Spending Plan, Part 1" you'll learn how to set and categorize your financial goals, develop a plan for meeting them, monitor your plan, and track your progress toward meeting your goals.

Worksheets: My Financial Goals worksheet, Spending Plan Monitor worksheet, Credit Card Pay-down worksheet, Goal Tracker worksheet, Expense Tracker worksheet, My Financial Vitals worksheet

 

My Financial Goals and Spending Plan: Part 2

In this video, titled "My Financial Goals and Spending Plan, Part 2" you'll learn how to set and categorize your financial goals, develop a plan for meeting them, monitor your plan, and track your progress toward meeting your goals. Most of our financial goals involve either saving for future things, reducing our debt, or a combination of the two. Other goals may include re-thinking what we spend our money on. This means taking an objective look at where our money goes. Could it be in your better interests to redirect some of the money you spend on frivolous or wasteful things into those that are more productive, meaningful or beneficial? It's your call.

Worksheets: My Financial Goals worksheet, Spending Plan Monitor worksheet, Credit Card Pay-down worksheet, Goal Tracker worksheet, Expense Tracker worksheet, My Financial Vitals worksheet