March 31, 2022 | KY-SPIN

Amber Hamm:  Good morning, everyone. Welcome to our final session of Preparing for Employment Virtual Mini Conference. I am Amber Hamm. I am the Transition Age Parent Educator with Kentucky SPIN. I am a mother and advocate. I have 5+ years of professional experience, 14 of [00:02:00] personal experience. I’m in the Northern Kentucky area and a few fun facts about myself: I love dogs, carbs, and helpi...

Amber Hamm:  Good morning, everyone. Welcome to our final session of Preparing for Employment Virtual Mini Conference. I am Amber Hamm. I am the Transition Age Parent Educator with Kentucky SPIN. I am a mother and advocate. I have 5+ years of professional experience, 14 of [00:02:00] personal experience. I’m in the Northern Kentucky area and a few fun facts about myself: I love dogs, carbs, and helping others. [00:01:00]

Kentucky SPIN, which is Kentucky’s Special Parent Involvement Network, is a 501(c)(3) nonprofit organization. The mission of Kentucky SPIN is to link families and individuals with disabilities to valuable resources that will enable them to live productive, fulfilling lives. Kentucky SPIN is a statewide parent training and information project and is funded by the US Department of Education.

Kentucky SPIN Parent Center provides training, information, and support for children and youth with all types of disabilities, birth through age twenty-six years old, their parents, families, and [00:03:00] also professionals. What makes SPIN unique is the majority of our board of directors, and all of our staff and consultants are persons with disabilities, parents, or family members of persons with disabilities.

When family members call us at Kentucky SPIN, they not only receive expertise and knowledge of a professional, but also the compassion and empathy of someone who has walked, and continues to walk in their shoes. At Kentucky SPIN, we don’t represent families and we don’t give legal advice. Kentucky SPIN has been the statewide Parent Training and Information Center since 1988, and the value of families getting support by networking with other families is built into everything we do. We often get calls from parents or other family members who just need to [00:04:00] talk and we are always here to listen. Regardless of the question, our staff will go the extra mile to find an answer.

Our philosophy at Kentucky SPIN is that it’s not our role to tell families what to do. It is our role, however, to inform families of what their options are and encourage them to make their own decisions about what they feel is best for their family.

A little housekeeping as we get started this morning, um, as you all are aware, the wind was blowing very strong last night, uh, and some this morning. There are several without power or power may go in and out, um, which, in this virtual world that we do a lot of our trainings, uh, we can have tech issues going on. So I do ask for grace, uh, if anything occurs, um, whether it be a break in the [00:05:00] presentation or an issue with a video, please, please bear with us. Uh, we do have backups ready to go, but issues can arise at any time.

All of us at SPIN do have fur babies. Uh, I myself have three. You never know when they wanna be a part of the trainings, uh, whether that be a bark or a knock at the door because they wanna go out or they just wanna be heard. Uh, so once again, please give us grace, if you hear, uh, one of our fur babies making noise in the background.

If you have questions, feel free to type them in the chat box. We will be stopping, um, at certain points throughout the training this morning to answer questions and, uh, also get a little bit more interactive with the group. Please feel free to share from your own experiences and not someone else’s [00:06:00]

Also, following the training today, you will receive an email which, uh, will have all of the slides so that you can go over them again, as well as any resources that we have, um, that go along with the presentation.

Today is Session Three: Got the Job! Now What?, and at this time we’re gonna show a short video.

Ian Rosser: What’s up guys, it’s Ian with Kentucky SPIN, and today I want to give you three things to think about for your third session, which is Got the Job! Now What? So here we go.[00:07:00]

Haha got paid today!

(motor vehicle sounds)

(ATM beeping)

Woman 1: What is that?

Ian Rosser: This is a paycheck stub, but like, I don’t understand gross pay and net pay. Like, what is that?

Woman 1: Gross pay is all $4.

Ian Rosser: Okay.

Woman 1: Net pay is the one you keep after I take $3.

Ian Rosser: Okay. What, what, come back, woman, come back, woman!

All right! Just $999 and 99 cents until I can go on that trip.

Okay guys, again, as [00:08:00] with the other two, I hope it was funny. I hope you got something from it, but on a serious note, I want to go over the three things we went over and just kind of talk about the seriousness of it and kind of, how will help you, uh, once you do have the job and how to be successful moving forward.

So number one, the first paycheck, what do you do with it? You definitely want to put it in your bank account. Hopefully you have a bank account, um, and either whether’s savings or checking, it doesn’t matter, but just kind of getting used to that, uh, portioning whatever amount you feel is appropriate in savings, um, and putting the rest in checking and, you know, balancing all that stuff and getting a budget together. All these are good, fundamental things to start thinking about once you get employment.

Two, the second thing I went over is the difference between gross pay and net pay. Um, and that is a real thing where your net is gonna be what you get after, uh, taxes are removed and different things that come out of your paycheck. So that is gonna be the tangible amount that you actually can cash in the check.

Your gross is gonna be [00:09:00] the amount that is the full amount without taxes or anything removed, and that is kind of what, uh, a lot of society uses for things like, uh, income and what are, what could you afford in terms of housing and things like that. So keep that in mind, but kind of understand the difference between the two.

And number three, pay yourself first. This goes back to savings. Um, we all have bills, we all have expenses, but make sure when you get paid, do something nice for yourself and pay yourself first for the work that you put in. Um, even if it’s something small, uh, just make sure you do that to get the enjoyment out of it and to, so it’s not so, you know, uh, intense going to work and, you know, working however many hours you’re working, um, do something to reward yourself for, uh, being consistent and doing well at your new position.

Okay guys, it’s Ian with Kentucky SPIN. I hope these tips have been helpful. I hope you enjoy your [00:10:00] session. Until next time, see ya.

At this time, I wanna turn things over to Nick Carpenter, our Youth Educator.

Nick Carpenter: Hi, good morning guys, it’s me, Nick Carpenter, the Youth Educator with Kentucky SPIN. Uh, just to go over again a little bit about myself. I’m 24 years old. I was diagnosed with autism when I was four, and, uh, since then I’ve been a self-advocate.

I have about 13 years of advocate experience outside of just advocating for myself. Um, I’m a licensed paraeducator, I’ve worked in a lot of special education classrooms over the years, uh, so I have a lot of just a practice and experience with just working in the, um, disabled community.

Uh, I enjoy playing board games, uh, any kind of video games. I’m a- I’m really big about just playing games in general, [00:11:00] and I like spending time with my dog.

Um, so I’m gonna go and get right on into this. Um, again, I do appreciate everyone, uh, for tuning in again today, it means a lot for us for support. Also, um, got a little bit of a cold. So if I sound a little off today, that’s why, uh, so I apologize for that in advance, but yeah.

Um, we’re just gonna go ahead and get round into this next slide. So, Got the Job! Now What? So, there are several factors that can affect how you get paid and it may look a little different for everyone. Uh, some people might need a little bit of help managing their money and that’s okay, there’s nothing wrong with that.

Um, most people have a little- have some money spending issues. I know I have some issues myself with saving money and keeping debt under control. Um, but a few kind of- but a few that there are is that, um, [00:12:00] if you have a guardian, uh, guardianship is a legal toll that basically allows another person to make decisions for an adult.

Uh, you might also have a conservator. A conservator is a- is a type of guardian who only manages a person’s finances and money. Um, there’s also supported decision making. It’s- it’s a- is the use of trusted friends, family members, and professionals to get the help we need to make our own decisions. Uh, these people can help when evaluating a situation, weighing pros and cons, exploring options, and offering advice based on experience, and/or explaining complicated documents or concepts.

Next slide. You Got the Job. Uh, if you plan to manage your own finances, when you get a job, uh, there’s a field thing- few things that you’ll need to learn first. Those are where to keep your money, how to read your paycheck, [00:13:00] how to make a budget, and how to save money for the future.

Next slide.

So where do I put my money? Uh, a bank or credit union are great places to put your money. A credit union, uh, credit unions are non-profit community based financial companies, where you can deposit your money to keep it safe. Uh, to use a credit union, you have to become a member first and pay a small membership fee. All credit unions specialize first and foremost in services for members. They could also encourage you to save and use your money wisely.

A bank is another place where you can deposit your money to keep it safe. Um, unlike a credit union, you do not join a bank, but you become a customer. Banks are interested in earning a profit from their customers. So you may find that the fees at the bank are higher than with a credit union.

Next slide.

So, [00:14:00] places you can put your money. Um, a- you can deposit a check in person at your bank to your account. If you- if you work and you get your- you get like a pay stub handed to you physically, uh, you can take those and go right to the bank and they’ll take it and put it into your account for you. Um, most employers, they deposit your paycheck directly into your bank account, and this is called direct deposit. Um, it’s typically all they need to set direct deposit up. Uh, a lot of them it’s optional. You don’t have to do direct deposit. I like it. Uh, cause it’s just, you know, then if you- if you work in person, uh, you don’t have to go to work every other Friday or every other Thursday or whatever, whenever you get paid, um, you don’t have to go into work. If you don’t work that day, you don’t have to go there and then pick up the paycheck physically and then take it to the bank. Uh, direct deposit is, uh, you can set that up and it was just on- on the day you get paid, sometimes even a day early, [00:15:00] uh, they’ll just your whole- your whole paycheck would just pop right into your bank account and be ready to use. You can just take your debit card and go ahead and do whatever. Um, it’s usually really easy to set up. Typically, all they need is a, um, just need like a checkbook, a checkbook or something that has your bank account information on it so that they can set it, set it up for you.

Um, once you do have the money in your bank, you can, if you have a debit card, um, it’ll be available right away. You’ll be able to access that money. You can go and go guide- go get groceries, or go buy whatever, it’ll be right there on your card. Uh, you can also, if you want to, which is what I- which is what I do myself to help with my financial spendings is that I go, when I get paid, I’ll go to an ATM. I will withdraw money from the bank or the ATM, and I will have the physical cash that I am using for that week. And then that is pretty much the only thing I will use unless I’m paying bills or whatever, and I’ll just do that from the card. Um, so [00:16:00] that’s what I do. Uh, it’s always a good idea if you’ve- if you’re worried about accidently spending too much money is to go and just withdraw cash and kinda use that as your budget.

Uh, a debit card is a plastic card that is connected to your credit union or bank account. When you make a purchase using a card- using the debit card, uh, money is immediately taken from your checking, or savings account to cover those costs. Uh, debit cards can also be used for the withdrawal of cash. Often you can withdraw cash along with making your purchase. Um, this is something that you might notice, you may have noticed, or you might notice in the future once you start, um, paying for things yourself, uh, whenever you go to like Walmart or to grocery store or places like that, you might notice when you put your card into the card reader to pay, sometimes a little message pops up asking you if you want cash back. Uh, that’s what this is. It’s- it’s giving you the option, if you want to withdraw money from your bank account directly through the, [00:17:00] um, through the purchase that you’re making. And almost every bank or credit union has an automated teller machine, also known as an ATM, that allows you to skip having to go directly into the bank or going through the drive-thru of the bank. It allows you to skip having to talk to someone directly and you can conduct your basic banking tasks at the machine.

Uh, your bank or credit union will issue a card for use at its ATMs. This card may also serve as a debit card if you give your permission. Uh, keep in mind that if you use an ATM that is not your bank, you’ll have to pay a small fee to get the money. Um, typically this fee, isn’t- isn’t a big thing. Um, it is convenient if you don’t- if you’re just out of state, like the bank I use is there’s only like two of them and they’re both in the state of Kentucky, so if I ever go anywhere else and I need money, it’s a little inconvenient, but the fee is typically really small. Like I think it’s usually around like $3 or [00:18:00] so to withdraw money. And sometimes you can get that- you can get that fee refunded through your bank.

Next slide.

So, uh, some- some people, uh, don’t have a credit union or bank account and cash their paychecks at a check cashing store. Walmart or other businesses, um, offer check cashing services. Uh, they, they, you can go in there. Um, it does cost a little bit of money to do it. Uh, but they’ll just take that directly out of the check when you cash it.

But uh yeah, it cost you money to cash checks at these places, uh, that charge you a fee. And this of course would mean that you would have less money than you initially did, but that’s just how that’s just how spending money works. Um, and then once you do cash a check, if you cash it a place like Walmart or whatever, uh, it is important to remember that it’s not necessarily a good idea to have a lot of cash in your [00:19:00] pocket, or lying around your house. Uh, it’s very easy for you to lose track of your money or for it to be stolen this way. So always- always consider, uh, if you don’t have access to a bank or credit union consider, um, how much money you have to actually pay to cash that check, and then how you going to store this money after you cash it.

Next slide.

Well checking accounts, a checking account is a service that gives customers a way to pay bills by check and to deposit money. Some banks or credit unions charge a monthly fee for checking accounts. Often, banks and credit unions offer debit cards that are linked to your checking account.

Uh, savings account, a saving account is a secure place to keep your money for future use. Some people use them to save up for vacation or to make an expensive purchase. Savings accounts normally pay you a small amount of interest.

Uh, interest is money that [00:20:00] you can earn on top of the money you already have in your account. It’s basically a little thing that if you put money into a savings account and it has interest as an option, um, over time, however much money you have in there will slowly build up and you’ll gain more over time.

Next slide.

Amber Hamm: Hey, Nick.

Nick Carpenter: Yeah?

Amber Hamm: I’d like to build on that just for a second.

Nick Carpenter: Oh, of course.

Amber Hamm: Um, if, if students, while in school, uh, go ahead and start their employment process and get out there with a job, there are things called student checking accounts that they can get, um, that are completely free and don’t cost any money. Um, that’s a little bit different from the adult checking accounts that you get once you turn 18 and you can also gain interest by having a student checking account.

Nick Carpenter: All right. See, I didn’t even know that. I didn’t know that was a thing, so thank you, Amber.

What will you need to open [00:21:00] a checking or savings account? Uh, so typically you’ll need a social security card or your social security number; uh, a photo identification, like a driver’s license or a non driver’s identification card; proof of your current address, such as a piece of mail addressed to you.

The minimum amount of money needed to open the account, uh, typically that, at least from what I remember, is usually around like $50 or so. Um, and then, uh, banks and credit unions do differ. Uh, so you can always call and ask what the minimum deposit is and what else you should bring if you want to open an account.

The next slide.

So now we’re gonna be talking a little bit about gross pay versus net pay.

Uh, gross earnings is the total amount of your earned income. To figure out your gross earnings, you just take the number of hours you work and multiply it- multiply it by your hourly rate. Uh, but you don’t get to keep those gross earnings because taxes, [00:22:00] or deductions, are taken from your pay. It’s kinda like the video we watched a little while ago, where Ian had $4 on his paycheck and then he got three taken away because of net pay and he only got to keep one. Um, so yeah, um, you don’t get to keep all your gross earnings, taxes are taken outta your pay and net, the net earning is the actual number you- you wanna pay attention to cuz that’s how much you actually have, uh, is the amount that you get to take home after taxes have been taken out of your gross earnings.

So, just to go over this real quick again, gross earnings is the total amount of your earned income and net earnings is how much you actually have after taxes are automatically taken out.

So, uh, next slide.

So, now you may be wondering, “Who are these people and why are they taking my money?” Um, I know I wondered that for a very long time. Uh, this chart helps to show what deductions come out of your check and where they [00:23:00] go.

A federal income tax is this money goes to the federal government to pay for things like the military, healthcare, roads, and parks. And then your state income tax, this money- this money goes to the state, um, to pay for things like schools, health clinics, museums, and libraries. And there’s the local wage tax that which goes to your city or town where you live to pay for things like the fire department, that and, uh, policing, and community projects. And Social Security tax goes into the Social Security trust fund to pay for retirement, disability, and survivorship benefits.

And then we have Medicare tax, which just this money goes to support healthcare for seniors and some people with permanent disabilities. Uh so when figuring out how much money you have to spend each month, when setting [00:24:00] up your budget again, always go off your net- your net earnings

Next slide, please.

Uh, so this picture here, this is an example of- of a paycheck. Uh, I found- I- I found that this is somewhat accurate. They kind of- they can change a little bit based on, uh, where you’re working, but this does show an example of where everything is- can be, uh, so gross wages is that little yellow highlighted spot on the picture. That again is how much money you have before taxes are taken out. That’s your gross wages like here, it says, for example, they started off with, uh, looks like $970 and that’s after having their rates and their hours. Whew. That’s after having their rate and, uh, hours multiplied together for your- for their total overall, how much that they have earned before, um, before their net pay.

[00:25:00] And then blue, the blue circle that goes over the deductions, which is how much like for like medical tax and federal tax and stuff we just talked about, that getting taken out. And then it also shows at the bottom and the bottom right, that middle number, it shows current deductions, and that says your- how much total that you have taken out- that have been taken out of your paycheck before you getting it.

And then in the very bottom right, there’s the net pay, which is highlighted green. And that is of course how much you have, you have actually been paid after taxes and your gross pays have been taken care of.

Amber Hamm: Hey, Nick.

Nick Carpenter: Yes.

Amber Hamm: I just put a question in the chat myself. Um, but I’m just curious, do we have to pay these people?

Nick Carpenter: You mean like, uh, federal tax and things like that?

Amber Hamm: Yeah.

Nick Carpenter: Uh, from my understanding, yes. Um, uh, this is- this is just from what I understand. Uh, paying taxes are very [00:26:00] important and if you don’t, if you do try to figure out a way around paying things like federal taxes, uh, that can get you into a lot of legal trouble that you do not want to deal with, um, and get you in trouble with the IRS and things like that. Um, no- no one likes paying taxes, but we have to do it. It’s the law and it’s just how things are, unfortunately.

Uh, next slide please, Amber.

Well, making a budget. So, a budget is a plan for saving and spending your money. Putting off making a plan for your money can affect your life today, and tomorrow. To make a budget, you need to know how much income you have, uh, which is just your money coming in and how you’re spending it, and how many expenses like bills that you have to pay. Then you can make your budget.

Uh, next slide, please. [00:27:00]

Uh, first, you need to figure out how much money you receive each month. Then you need to figure out how you’re currently spending your money. And finally, you can work out how much money you have left over each month. Uh, see, but this- so- so budgeting’s kind of- it’s pretty easy to do. Um, I used to think when I was younger, it was pretty complicated.

Um, but it really just- I guess it just depends on how much responsibilities you have. Um, I found really- really, all you just need to do is, is just whenever you get your paycheck, how every week or every two weeks, however, often you get paid, it just keep in mind, like, okay, well, um, if you’re still- if you’re living with parents and if they handle bills, like, do they expect you to pay any bills yourself, that is if you’re making money. Uh, to keep in mind, like, okay, well, if I do have any bills to pay, how- how much- how much will they be?

Uh, bills from my experience, when it comes to monthly bills, they usually stay around the same- the same, like, [00:28:00] um, how much they- how much they are. Uh, they can of course fluctuate, like I know like about like- like last month, um, everyone I knew, uh, their power bill went up like 50% it seemed like, which is just completely outta nowhere. But, uh, typically, from my experience, the bills usually stay around the same, unless you do something. Like, for example, during the holidays, I had a bunch of, um, Christmas lights and inflatables set up in my front yard that went on all night. So that made my power bill go up. But typically bills usually stay around the same amount. Um, so it’s really easy to just keep in mind of how much you’ve paid every month and factoring that into a budget. And then of course you wanna- you wanna think about things like, okay, well, if you’re- if you had to go out and buy groceries for yourself, how much does that usually cost?

Um, me, for example, I- I try to keep within like every week or every two weeks and I go get groceries, I try not to spend more than like a hundred dollars. Um, so it’s really important, like if you’re going to get [00:29:00] groceries or going to go buy something, kind of have like a spending limit and being like, this is how much I’m planning on spending.

And if you go a little over, a little under it’s no big deal. Um, but yeah, but that’s just a thing to keep in mind about budgeting, is how much you- how much you pay for your bills every month, um, how much you wanna spend on things like food. And then of course, how much you wanna have- you wanna like put into like savings maybe, and then how much you just wanna have for yourself, or, you know, just buying- just buying fun things.

Amber Hamm: Hey, Nick.

Nick Carpenter: Yes.

Amber Hamm: Something that we might wanna think about too, are the unexpected bills that we don’t always know to budget for. You know, it’s flu season, we may need to go to the doctor or have medication. Um, always having a budget for those things are kind of important too, right?

Nick Carpenter: Oh yeah. No. So, yeah. So that goes into like trying to have- make sure you have savings and things, cause yeah, like Amber said, there is always a possibility, especially if you’re like living on your own and you’re more dependent on yourself, of something happening. Uh, myself [00:30:00] personally, I have a small, um, housing fund. Like I have- I have a small, like little thing that I- I- that I- I personally pay myself, basically to myself. I have a little account that has a- that has housing money in it, in case something goes wrong with the house I’m living in. Uh, like if, you know, like we have had a lot of wind- wind lately last night, I thought one of my windows was gonna break open with how bad it was. I have really bad wind where I live just in general. So I have a little side fund because you never know, um, you know, a ceiling fan might fall outta my roof or something like- like, I really have no idea.

So yeah, it- it is good to have, to keep that in mind that you never know when some kind of expense or something might pop up. Um, if you drive a lot, you know, like you could- you could like drive over the- like a pothole and, you know, make- make some- some- you hear some loud noise and you think like, oh, well, well how much is that gonna cost me now?

So, yeah, like, especially if you drive a car, you wanna keep that in [00:31:00] mind that you never know when you might have to like replace a tire because it, like, it gets blown out for whatever reason. Um, if you live in an apartment or something, you might be expected to randomly take care of some kind of expense.

So just keep that in mind. It’s always good to have like a little bit of- if you can, to put a little bit of money aside in case of emergencies.

Uh, next slide, please.

Uh, this here is just an example of a personal budgeting list. Um, this is a really easy way to keep track of your budget. You can just make a checklist or use a worksheet like this one. Uh, we have this one, you can, if you go on Google or anything like that, you can always search up “budgeting checklist” or “budgeting plan”, and you can find all sorts of stuff similar to this.

Um, it lists- you can list all of your needs on it. Uh, such as things like utilities, which are electric and water bills, your phone bill, and then how much you’re spending on groceries. Then once you go through and you put through all your needs, all the stuff that you need to [00:32:00] spend your money on, you can go and list the things that you want.

Uh, like how much- listing how much you want, how much you plan to spend for each item during the month. Um, and keep track of how much you actually spend on each item during the month. And because always what you plan to spend and what you actually spend can be a big difference.

Um yeah, next slide.

Amber Hamm: Hey Nick, can we take a minute and see if anyone has any questions, uh, thus-

Nick Carpenter: Of course.

Amber Hamm: -far, or even if someone would like to throw in the chat, um, what they think a need is, um, or a want. That would be a good, uh, a good way to kind of figure out if everyone has a great understanding of need versus want.

Nick Carpenter: Yeah, no, that- that’s great. Um, yeah. If anyone has any questions about anything so far, hopefully you’ll put it in a chat box, or if you have you- you can think of anything that I might have missed, that would be something that you would need to pay [00:33:00] for out of your- out of your paycheck or something that- that you found has helped with budgeting, uh, we would definitely like to hear it and we can share it with everyone else.

Amber Hamm: It looks like here we have a student that says, “Food and water are needs”.

Nick Carpenter: Yes, that is def- um, yes. That is something that you would want to keep on a checklist like this and keep in mind of, uh, like I mentioned earlier, I, um, on my budgeting, I always expect to spend, every time I go into like the grocery store to get food, I always expect to spend close to a hundred dollars, or I try to keep that price range in mind.

Um, and that’s just buying, like cooking stuff and snacks and drinks and food to cook in the kitchen, but that’s- I might be able to budget a little better, but that’s around what [00:34:00] I- that’s why I keep in mind, that’s what I expect to pay. Sometimes I don’t go that high myself, but that’s what I expect. I’m like- I like- this is the point that I am- I’m not spending anything else past this point, if I can help it. Um, but yes, uh-

Woman 2: Well, and I think too, because the prices, just like with the electric bills, the prices of food have went up so much, and gas, you know, you’ve gotta have that to be able to get to work, if you drive, and the transportation, those are things that we all, no matter who you are, have had to really take another look at because the prices are so high now.

Nick Carpenter: Uh, that’s a- another one here.

Um, a good example of a want would be a haircut, haircut slash new hairstyle, uh, is definitely something you keep in mind. Um, I know typically, like when I- when I go and get haircuts, I always keep that in mind. I don’t get my haircut as much as I used to, but I know that that would usually run me around like- like $15 or so.

Um, and I- I would wanna factor something [00:35:00] like that into a budget. Um, do the one side of things and you- and you might also like, cuz this could- is like a hygiene thing. You might wanna consider haircut being a need as well. Just kind of putting it in the area of like, you know, like if it’s- if, if you know your grooming and your self hygiene is something that you’re very prideful about and something that you want to keep up.

Um, but yeah, that is a good example of something that you would wanna budget for is, uh, getting a haircut or going- if you want to go to like a hair stylist.

Amber Hamm: Nick are you telling me that game I’ve been waiting for so long that comes out next week, that’s not gonna be under my need description?

Nick Carpenter: Uh, no, it won’t be, uh, but that’s something that you can budget for though. If you wanna- if you wanna get that brand new 60 or $70 game, uh, that’s something that you can always keep in mind for because things like games, and movies, and entertainment media have release dates, and they usually knows way ahead of time. So if you know there’s a game you really want to get, that comes out in several months, you can be like, okay, well I know that on March [00:36:00] 30th or the end of April, whenever the game comes out, I know that I need to have $60 put aside.

Uh, other- other needs, of course, being, if you do drive a car, uh, wanting to keep having to pay things like car insurance and that, um, if you have a dog or a pet, uh, you have to keep in mind that those do cost money. Uh, you do have to feed those, uh, believe it or not. I know sometimes I don’t think I feed my dog. He- he hardly ever eats unless there’s people over. Uh, but yeah, if you do have something like a pet or a dog, cat, whatever it may be, you do have to pay for those. You do have to keep those in mind when you budget.

Amber Hamm: And doctor expenses and medicines for our pets.

Nick Carpenter: Yep. With that, yeah, going on with your dog, you need to take those to the vet every now and then to get them their shots and things like that and get their medication if they need it. Uh, although my dog going- going back with a budgeting thing, my dog is- he’ll be, I wanna say [00:37:00] 13 in May, he’s a really old man. Um, and he has to have like anti-inflammatory medication that I have to spend my- I have to buy myself, which can maybe run from like 40 to $60, like a month. So I have to keep that in mind for him, that I have to- I have to put a budget aside for that, of making sure that my dog has the proper medication and that I can afford to take him to the vet for a look over if we need to.

So yeah, there’s really- there’s really no end to things that you might need, budgeting that you might need to budget for and need to keep track of finances for, but yeah.

Uh, let’s see. So yeah, um, we are going to go ahead, if anyone else has any other questions or anything else to add, um, I’m going to, um, proceed, but I will look at those questions later and we will answer those.

Right, uh, next slide please. Amber.

So, [00:38:00] being able to spend less than your income is good. Uh, this is called a surplus. It means that you have money left over and that you’re in good shape. When you plan a budget at the beginning of the month, plan to spend less than your expected income. At the end of the month, compare your total spending for needs and wants to your actual total monthly income.

Spending more than your income is not good. This is called a deficient. It means that you have overspent and it is time to look at where you’re spending too much.

What should you do if your actual spending is greater than your income? You may have to make up the difference by using your savings or by borrowing. You’ll get yourself into financial trouble if you keep spending more than your income. Uh, what I will say about this here, um, cuz I- I- I will admit myself that I did, at one point, I did have an issue with this, with overspending. Uh, banks, if you have a bank account, uh, they [00:39:00] are merciless when it comes to this. Uh, there- there would be like a few times when I would have overspent in my checking account would be like in the negative.

And then I was really bad about checking my bank. So I wouldn’t check my bank account and it’d be in a negative for like a day or so. And then I would check my bank account and I’d have like a negative, like $35 or even like a $75, like money loss, because they have really- some banks have really bad, uh, really bad fees for overspending if you overspend that every checking account. Uh, so it’s just something to keep in mind.

Uh, if you do have, if you have your monthly budget set up, it will help you clearly see where you are spending too much money at and can help you avoid overspending. If you find yourself spending more than you had for the month, you don’t need to panic. You can always just take a look at where you overspend and see if you can cut costs for- see if you can cut spending for entertainment, or could you stop eating out all the time?

[00:40:00] Uh, eating out, going and like eating at restaurants and things like that, uh, that’s one of the biggest, at least for me, one of the biggest things of spending a lot of money, cuz I go out and I eat a lot. Um, but that’s always something that can be cut back, is keeping in mind, things like that. Uh, not buying, if you do video games, not buying more video games than you need. Um, I’ve had that problem before where like, I’ve like kind of, I don’t wanna say accidentally, but I’ve kind of lost a little bit of track and I’ll- I’ll buy like three games in a week and then I’ll look and I’ll be like, why did I buy that many games? I don’t- I’m only one person, I don’t need to play that many games. Why did I buy three of them? Um, so yeah, so I’ll always keep in mind, like if you over, if you do feel like you’re spending too much money, just look around and be like, okay, well, where am I spending too much money? What am I spending too much money on?

And then in your next budget-

Woman 2: Nick-

Nick Carpenter: -for the next- yes?

Woman 2: Well, Nick, I was just gonna ask if I- [00:41:00] sorry to interrupt, if I could say one thing, too. One thing we gotta keep in mind is that just because we may have checks, um, when we open a bank account doesn’t mean that we have money. (laughs) You know? And one of the things learning, you know, um, too, when you look at your bank account, um, on the app or online, you know, you always have to think about, and make sure you are doing that budget. And like you said, Nick, because you have to remember too, when you send checks, if you write checks to pay bills, it’s gonna take a little bit before that money comes out. So don’t think that you have all- you may look in your account and it has money, but you have already sent a check that used that money. So that’s another great tip, uh, to keep in mind because that’s how you could get to, uh, where you’re spending more money than you have. And you could run into all those fees. And have bounced checks and all of that.[00:42:00]

Nick Carpenter: Oh, yeah, that- that is a good point. Um, that, that is something I use as a tip for myself is whenever I- when on payday, whenever I look at my paycheck and how much I actually made, I always immediately in my brain, before I go and put my budgeting list together, I always put in my brain, I’m like, okay, half of this doesn’t exist. Half of this is going to bills and things like that, this other half is what I can start looking at and being like, okay, what can I use this for? Um, I always keep- I always assume that half of my net pay check is going to immediately be spent on things like bills and groceries and stuff like that. And then I start budgeting from there.

Um, and I just keep that in mind. But that’s what I do, it might not work for you, but that’s something that I always do.

The next slide, please.

Uh, fortunately though, when it comes to budgeting and finances, there is an app for that. Uh, consider, you can consider looking [00:43:00] into free- free budgeting apps, which allow you to link your bank account and separate your expenses into different categories, like rent, loans, groceries, and entertainment costs. You can set a budget for each category to keep your expenses organized and controlled.

Next slide.

Uh, Buddy is an example of a budgeting app. It helps you set up a budget and keep track of your expenses, either by yourself or together with your- with, uh, your loved ones.

Next slide.

And then there’s also, uh, Spending Tracker, this is another app that you can use to help with financial stuff. Um, so, simply, uh, if you track how much you’re spending, then you’ll make it a lot easier to be able to stick to a budget and therefore save money. So, yeah, so just keep that in mind, there are apps for that, uh, really useful apps that you can just set up and they help you keep track of how [00:44:00] much you’re spending.

Uh, I know that, um, this isn’t exactly the same. But most- most banks have mobile apps you can download and you can just sign into those and you’ll have like your whole bank account right there on your phone. You don’t have to worry about like going onto the computer or going directly to the bank, you can just hit the app on your phone and pull up all your banking information. Um, there’s apps for that too. Um, most banks have an app for themselves.

Amber Hamm: But one thing to keep in mind, Nick, is if we do write a check, those aren’t gonna come out as quickly as if we go to the gas station and use our debit card.

Nick Carpenter: Yes.

Amber Hamm: It may not show up for a day or two.

Nick Carpenter: Yes, that is something to keep in mind. There are- there are some- some kinds of spending, like spending- buying something with a check or just certain things that you buy and that might not get taken out of your account immediately. It could take a day or so. Um, it’s just important to keep that in mind so you don’t think you have more money than you do, and then suddenly get [00:45:00] surprised and you don’t have that much money. Um, yeah, so just keep it in mind. That’s why it’s important to keep track of your finances and how much you’re spending.

But, uh, next slide, please.

Pay Yourself First! In the past, you may have planned to save money at the end of the month, but the reality is that you probably didn’t have much left over. You probably spent it on all of your necessary expenses and on some of your wanting expenses. And you can check- but you can change that. Um, rather than saving money, only if you have any left over, you can put some aside, no matter how small, the amount into savings, right at the beginning of the month. This is called paying yourself first. You can say five, 10 or $20 a month, whatever amount you decide.

Uh, and this is just- and this is just something that you can go, like we’ve said here, at the beginning of a month, you can just be like, all right, at the beginning of the month, I’m taking out $20 out of my- [00:46:00] out of my checking account. And I’m putting it into a- into a separate saving, or however much you wanna put out. And then that can be later, once you start putting more money into that, that can just be something that you can just use to, you know, if you just want money for something, or if you- it’s kind of like just saving for like a trip or saving just to buy something. It’s just something that you put- that you just put away and it’s just money that you can use yourself, that you have saved for your own personal wants

And next slide.

Uh, What Am I Saving For? So, it’s important to save money, um, so you can save money for the future, for expensive purchases, like buying a home or a car. Uh, for special occasions, like, uh, a birthday, or if you wanna go on vacation. Having savings set aside for an unexpected emergency, like a broken refrigerator- refrigerator, or a computer repair. And then of course, uh, [00:47:00] saving money for entertainment purposes, like going to a movie or concert tickets.

And, um, next slide, please.

And Saving Limits for People receiving Government Benefit. If you receive financial assistance from supplemental security income or SSI, make sure that your total resources, which includes the total of your checking and savings accounts are within the program’s guidelines. For example, if you receive SSI, the total for your accountable resources cannot be more than $2,000.

There is a- there is good news. It may be possible for you to save money and be able to keep your SSI payments. The two most common ways to save money are with a PASS account or with an Individual Development Account, also known as an IDA.

And next slide. [00:48:00]

Plan to Achieve Self-Support or known as PASS. For people with disabilities who plan to work or are working, it’s possible to set up a savings account called a Plan to Achieve Self-Support through the Social Security Administration, which will allow you to set aside monies for a specific item or service that is needed for a work call.

Uh, these monies will not be counted against your resource limit for SSI. A PASS can make it possible for you to save the money you need for a down payment, for a vehicle that will help you get to a job, or for a computer that would allow you to start your own business.

And next slide, please.

Individual Development Accounts. Individual Development accounts, or known as IDA programs, help people with a low income save money for things like education, starting a business, or buying assistive technology. For every dollar a person puts into an IDA, their program will add a dollar, sometimes more.

Uh, before you can receive this [00:49:00] matching amount, you have to agree to the rules of a program such as making regular contributions to the account or taking free classes on how to manage money. Uh, for more information about IDAs or to find a program near you, you can contact the Corporation for Enterprise Development at, or you can contact your local United Way chapter.

Amber Hamm: Hey, Nick, we have a great comment in the chatbox. It says, “A lot of banks, (clears throat) excuse me- a lot of banks will route the money straight into your savings account for you. Also, if you ever get a pay raise, you can take the pay raise amount that’s over your standard check and have it direct deposited straight into your savings so that you continue to budget the same way and be able to save more money that way.

Nick Carpenter: Yes. No, that is- [00:50:00] that is also a great idea, yeah. You can set it up to where it’ll get the deposit to your savings account. I also like this comment about, um, if you ever get a pay raise, taking however much- however much you got raised by, uh, like let’s say, get like a- like a dollar raise or something. And then of course you’ve been budgeting for- let’s say you’ve been making $10 an hour and you’ve been budgeting for that. And then you get raised to $11 an hour. Um, take- making it to where you- you take that extra dollar that you get an hour and just put that away into savings and then keep budgeting as if you were still just making $10 an hour.

I like that, something I never thought of, but that’s- that’s a- that’s a good idea.

Uh, next slide, Amber.

And going back to Pay Yourself First! So it’s okay to treat yourself every now and then. After all, you did work hard for that money. So it’s okay to take some money once a month or out of each [00:51:00] paycheck and do something you want with it. Uh, this could be going to your favorite restaurant, treating yourself to a manicure, or getting an ice cream cone, or really just any- just anything small that, you know, could it- it’s important to- to take care of yourself and you did work for that money. So, you know, spend a little bit on yourself every now and then.

Uh, at this point, this does conclude my part of the presentation. Um, if anyone else has any questions or any more comments, please do put those in the chat box. We do love to hear them. Uh, before I hand things back over to Amber, I do wanna stress again that I- I appreciate, and we appreciate everyone for attending these last three days. It means a lot to us. Uh, we do- we always appreciate the support and we are very, very thankful for you being here.

Um, and now I hope you all have a good rest of the week and have a good weekend. And at this point I will turn things back over to Amber.

Amber Hamm: At this time we’re gonna show another short [00:52:00] video. If you can hang around until after the video is done, uh, we will discuss evaluations and certificates and answer any remaining questions you may have.

Nick Carpenter: (audio missing) -and he has just gotten a job.

Like many of us, John struggles with money management, budgeting, savings, and understanding his paycheck. In the past, it has caused him to feel overwhelmed because budgeting is hard. Paychecks are confusing. Setting goals is complicated. Today’s session addressed all those problems for John.

[00:53:00] After today’s session, paychecks have been explained, banks, credit unions, and check cashing services make more sense. He knows different ways to access his money.

Budgeting will be easier with the tools, ideas, and apps he’s learned about

Financial goals can be made.

John’s so excited. He wants to test drive the tools you’ve been given today.

So he goes to for free resources and assistance.[00:54:00]

Amber Hamm: We wanna say thank you for joining us all week. And hopefully you’re so much more prepared to jump out into the workforce and be prepared, uh, setting up your resume, going in for your interview, and then once you have your job, being able to budget correctly and save.

We do have the QR code listed on here, you can pull your cell phone out. We also have the links for the evaluation in the chatbox, uh, as well as links for the presentation today and any other resources. At Kentucky SPIN, we do value our family’s voice through the state of Kentucky. We would love to know, uh, good, bad, or indifferent, how you felt about the mini conference that we did this week. Things that you loved, things that you think [00:55:00] we could work on. Um, we do- we do very much value what you have to say.

Following your evaluation, there will be a certificate generated showing that, uh, you did complete the mini series. This is also a great tool, once again, to put with a resume when you go out for your first interview and you can use the same link. If you are a teacher broadcasting this to a classroom, you can use this link as many times as necessary for each student, that way they get their own certificate with their name on it, as well as being able to share their opinion and their voice on the presentation.

At this time, we’ll check the chatbox to see if there are any questions.

Thank you, Joshua. That is a great resource. [00:56:00] Uh, Joshua says that Google sheets has a budget worksheet template too, for those who may not trust apps. And that is a wonderful resource. I love my apps, but at the same time, I- I love to have something right in front of me that I can hold and write on and see. Um, so those who are visual learners that need something in front of them, that- that is a wonderful resource to have.

I would like to say also, if we did not answer any question, or if you think of something at a later date, feel free to reach out to us at The numbers are listed also here, you can, uh, phone us or send an email and we would gladly get back to you with any answers or assistance that you may need.

I wanna thank you all again and have a great [00:57:00] week.