Page 14 - reentry-pamphlets-sample

My Well-Being Where Should Your Money Go? When you get out of jail or prison, you

You should plan to spend your money in certain probably won’t have much money. Bills and Reentry
ways. Here is what money experts say is the best expenses don’t stop just because you’ve been Life Skills
How satisfied do you feel about your financial imprisoned. There are certain jobs you won’t
situation? way to spend your money. A percent (%) is how be allowed to do because you have been No. 8
Financial well-being means: much of $100 should be spent on that area. For
example, in the list below, for every $100 you imprisoned, and many employers won’t trust
8 Having control over your day-to-day finances. you to handle money. You may feel like you’re
earn, you should plan to spend $32 on housing.
8 Having the freedom to choose how you spend Plan to spend: behind before you start. Finding a job and
your money. manage your money can make or break you.
ƒ 32% on housing ƒ 5% on health care Needs vs. Wants
8 Being able to handle financial emergencies.
ƒ 16% on food ƒ 6% on entertainment One of the biggest challenges to managing money is making the choice to spend
8 Having enough money now and in the future.
ƒ 18% on transportation ƒ 16% on everything else. it first on NEEDS - those things you must have to survive, and then on your
8 Being able to set financial goals and meet ƒ 7% on clothing and WANTS - the things you’d like to have, but you could give up if needed. Do you
them. services need to make a rent payment? Are you wanting to spend $6 on a take-out meal?
When you create a budget, plan to pay for the things you need first. Spend money
Fixed and Variable Expenses on things you want only if you have money left in your budget.
Fixed Expense- The cost is the same every month. Variable Expense- The cost changes NEEDS WANTS
every month. Variable expenses are harder to track and where we tend to overspend our Handling Money
budgets. ƒ Shelter ƒ Utilities ƒ Entertainment, movies, internet
Fixed Expenses Variable Expenses ƒ Food ƒ Phone service ƒ Eating out
ƒ Rent or mortgage ƒ Groceries ƒ Clothing ƒ Water ƒ Insurance ƒ Luxury clothes & shoes
ƒ Phone service ƒ Gasoline ƒ Eating out ƒ Clothing ƒ Repairs ƒ Home goods
ƒ Child care ƒ Electricity ƒ Movies and ƒ Childcare ƒ Education ƒ Specialty items, electronics
ƒ School lunch program ƒ Water entertainment ƒ Transportation ƒ Personal care items

ƒ Insurance (health, home, renters, auto) ƒ Heat ƒ Car maintenance Reality: What to Expect
ƒ Transportation (car payment, parking, ƒ Travel ƒ Taxes
bus pass, etc.) ƒ Gifts ƒ Emergencies
ƒ TV / entertainment subscriptions ƒ Finding and keeping a job is the best thing you can do for yourself.
ƒ Find ways to save money. Figure out how much money you need. Cut
out the things you don’t need or find a second job.
Learnovation, LLC’s mission is to empower people ƒ Do you owe people money? Are you behind in child support
®
©2017 Learnovation , LLC to manage their own careers. We believe in a
All Rights Reserved.
®
©2015 Learnovation , LLC All Rights Reserved. holistic approach to job readiness - job skills and payments? Money problems don’t go away when you ignore
www.learnovation.com
www.learnovation.com life skills working together to bring out the best in them. They only get worse. Deal with them up front.
people.
ƒ Sometimes the lack of money is what landed you in jail in the
first place. Be careful of falling back into old habits.