PHA Workshop: Foundational Budgeting and Financial Stability

Session 5: Collaboration Project with Paducah Housing

Objectives

- Build a zero-based or 50/30/20 monthly household spending plan.

- Track fixed vs. variable expenses and prepare for utility fluctuations.

- Build an initial emergency buffer and avoid predatory financial services.

Key Concepts

- Fixed vs. Variable Expenses: Prioritizing rent, utilities, and food before discretionary spending.

- Utility Management: Weatherization habits, managing seasonal heating/cooling spikes, and enrolling in utility discount or budget billing programs.

- Banking vs. Predatory Lending: Costs of check-cashing services, payday loans, and rent-to-own schemes compared to fee-free credit union accounts.

- Credit Awareness: Basics of credit reports, disputing errors, and how credit scores impact housing and utility deposits.