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How to get out of Debt: Cash Flow & Budgeting

What is a budget?

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Kandance Beamon
Signal Financial
www.sfonline.org  
301-933-9100

Signal Financial is a cooperative, owned and operated by its members. This is what distinguishes the credit union from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is lent to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.

Signal Financial is governed by a Board of Directors that establishes and reviews policy. The Directors are credit union members who are elected by the membership and serve without pay. Every member has one vote, regardless of how much he/she has on deposit. At the credit union, there is no select group of shareholders that profits more than anyone else. All members profit -- individually and collectively.

At Signal Financial we strive to provide quality and fairly-priced financial services for our membership.

Signal Financial is a federally-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. The NCUA insures each member savings account for $250,000 and an additional $250,000 for Individual Retirement Accounts (IRAs).

What is a budget?

In this video, Vikki Frank, Kandance Beamon, and Linda Stroman, financial education providers describe several key areas to address regarding debt reduction and elimination. This video is designed to deliver basic financial information to assist individuals and families to be able to identify goals and process strategies for their specific financial needs. The topics included in this video cover are: self-evaluation of debt load, budgeting strategies, understanding the effects on your credit and scores, why savings is important, how to develop a debt elimination plan, and the importance of financial education and how financial counseling may be useful.

This expert: 17,939 views

This series: 13,586 views

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Tags:

Debt

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Finances

,

Savings

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Money

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Cash flow

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Budget

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Transcripts

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""< )$hHLLLLLLL b~e L0)L&LL\0"L-:B)$Kandance Beamon: My name is Kandance Beamon. I am with Signal Financial Federal Credit Union. Throughout the video you have been learning how to get out of debt. In this segment of the video we will be discussing budgeting. You will be learning the importance of a budget, maintaining positive cash flow and setting financial goals. Before we get started, let me tell you a little bit about me. I have been in the Credit Union Industry for the past four years. In my latest roll, I have been working in the community providing financial literacy education throughout the Washington D.

C. area.

Host: What is a budget?

Kandance Beamon: A budget simply put is a way to help you achieve your financial dream. It is a plan that's put into place that allows you to save for all of those things that you want to achieve in life but yet making sure that the day-to-day expenses are covered. A budget should be structured, it should also be flexible. It should not be so stringent so that point that you don't allow for change because things in life happen, emergencies happen and so you have to be flexible with your budget. However, your budget should not be so loose that it becomes ineffective.

A budget is also a way to help you eliminate wasteful spending. So, that if you find that there are areas that you are spending too much money on when you go through the process of putting together a budget, it helps you to evaluate those areas and make the necessary changes in order to achieve those financial dreams. A budget should also be called I like to call it a spending plan because it allows you to achieve all of those things in life that you want to achieve. We all work very hard. We all want nice things in life and with the spending plan it's a way to help you achieve those things and to enjoy the money that you work day-to-day for. JK'-"GHIJkz"$126BEPT"(c)CS[wzu-#36;3/4 h^CJOJQJhoDyCJOJQJh9CJOJQJhvhvCJOJQJhvCJOJQJhbCJOJQJh)?

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