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How to get out of Debt: Cash Flow & Budgeting

What is an essential versus desired expense?

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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 an essential versus desired expense?

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.

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Tags:

Debt

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Finances

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Savings

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Money

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Cash flow

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Budget

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Essential

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Desired

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Expense

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Transcripts

Speaker: What is an essential verses desired expense?

Kandance Beamon: An essential expense would be those things that you need to survive such as your food, shelter and clothings. Those are the things that you need on a day-to-day basis.

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