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Three Possible Outcomes Scenario 1: Income equals expenses Scenario 2: Income exceeds expenses Scenario 3: Expenses exceed income

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Three Possible Outcomes

Scenario 1: Income equals expensesScenario 2: Income exceeds

expensesScenario 3: Expenses exceed income

Page 2: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Three Ways to Adjust Your Spending Plan

INCREASE income.Sell assets.REDUCE expenses.

Page 3: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Reducing ExpensesDo I have optional expenses I can

eliminate?Do I have variable expenses I can further

control and reduce?Can I eliminate any assumptions about my

“FIXED” expenses?

Page 4: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Key Question:

How serious are you?

Page 5: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Adjusting the Spending Plan

Individual Activity:

Page 6: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

A Record-Keeping System Is:

A way to keep track of how much you spend.

Page 7: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Benefits of Record Keeping:

Gives accurate dataImproves COMMUNICATIONAllows for mid-course correctionsProvides ACCOUNTABILITY

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The Truth about Record Keeping:

It’s simpler than it seemsIt takes less time than you thinkIt does not require a Ph.D. in math

Page 9: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Envelope System

Page 10: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Envelope System

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Page 12: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Page 13: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Hints to Make Record Keeping Easier:

Keep your Spending Record where you will see it daily

ROUND OFF to the nearest dollarCombine categoriesUse “EVEN billing”Have a miscellaneous cash envelope

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Spending Record FormAnswers

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Spending Record FormAnswers

Page 16: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Spending Record FormAnswers

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Spending Record FormAnswers

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Spending Record FormAnswers

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Page 19: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Key Question:

Is it worth two minutes a day to bring this crucial area of my life under control?

Page 20: Three Possible Outcomes zScenario 1:Income equals expenses zScenario 2:Income exceeds expenses zScenario 3:Expenses exceed income

Electronic System

There are some cautions involved with starting here.

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Keeping Your Commitment:

Select your record keeping systemCommit to using these tools for 90 days.Do not become discouraged.Seek assistance, if needed.Pray daily for God’s guidance and

wisdom.

Rental Income Expenses Template

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