Managing Family Living 3.Share feelings/thoughts Developed by Ground - PowerPoint PPT Presentation

1.Respect the views of others 2.Listen to each other Managing Family Living 3.Share feelings/thoughts Developed by Ground Rules Expenses Elizabeth Kiss, Ph.D., 4.Be open to new ideas Associate Professor and Extension Farm Financial Skills for Kansas Specialist, College of 5.Suspend judgement Women in Agriculture Health and Human Sciences, dekiss4@k ‐ January 29, 2020 state.edu  Financial Goals Managing Tracking Your  Income Family Living Family and Expenses Household  Expenses Spending

 Farm income can be irregular  Farm and family compete for and uncertain the use of cash  Family housing expenses may  Household expenses are small be lower Farm ‐ Family Farm ‐ Family compared to farm expenses  Food expenditures may be Financial Financial  Business items are tax Challenges Challenges lower deductible  Insurance and health care  No automatic retirement costs can be high plans funded each month  Establish separate accounts for  Decide how income will be the family and the business  Transfer money from business divided between family and farm Actions for Actions for obligations before it is received account to household account Balancing Balancing  Base decisions on expected according to household Income and Income and income and expenses as well spending plan Family Living Family Living as goals and priorities  Have a separate savings Expenses Expenses  Can be challenging but can account for “future living reduce conflicts and confusion expenses” and transfer to household checking account

 Accurately estimate/track/plan for  Determine income available to the household expenses household  Create a spending plan (budget) for  Identify major sources of cash household expenses Actions for Actions for income  When household expenses are greater Balancing Balancing  Calculate the average monthly than income allocated to family living Income and Income and amount expenses there are three options Family Living Family Living  Note the months you are likely to  Increase income Expenses Expenses receive income from each source  Decrease expenses  Do a bit of both  Target one or two areas at a time  One financial thing I’m proud  Ask family members for of… suggestions about how to achieve  One financial promise to changes in targeted areas myself…  Develop an action plan Action can be The Power of Hard One….  One thing about our family  Evaluate action plan and overall spending periodically finances I’d like to change…  Enjoy the feeling of control that  One financial dream I have for develops myself…