Why Does Your Money Disappear?

Learn how to fix your spending habits: how to prioritize your spending, determine wants vs. needs, and more!

Video produced in partnership with Deaf Future Works, Cash Campaign of Maryland, Maryland Governor’s Office of the Deaf and Hard of Hearing, Foundation Communities, City of Travis County (Texas), and Division of Services for the Deaf and Hard of Hearing (Utah). Funded by Bank of America.

View more financial ASL videos: financialresiliencecenter.org/deaf-resources

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Video description:
There is a black background throughout the video. White text first appears: WHY DOES YOUR MONEY DISAPPEAR? The title fades to show a Certified Deaf Interpreter wearing a red shirt and black glasses. He signs, “Why does your money disappear? First, you need to prioritize spending. What is important? What is not important? And what are the needs and wants. So, what are the differences? Sometimes it looks overlapping, but it is really different. It is important to understand why your money disappears and spending habits.” The left side of the screen becomes a black fade background with white text: NEEDS. -WHAT YOU NEED TO LIVE. -NEVER CHANGES. WANTS. -WHAT YOU WANT TO HAVE. -CHANGES OFTEN. “Needs are what you need to live. Needs tend to never change. Wants are what you want to have and tend to change often.” White icons appear on the left as examples are explained: cart, house, light icon, car, insurance bill and piggy bank. “Examples of needs include: shopping for food, rent or mortgage payments for home, gas, water, and electricity, bus fare, car payments (transportation), health insurance, car insurance, and home insurance payments. Also, savings for emergencies such as receiving a medical bill, your car tire has a flat, or getting laid off from your job.” White icons appear on the left as examples are explained: spoon, plate, and fork, mug, bill/receipt, and calendar. “Now, switch over to wants. Wants means what? Money that quickly runs out. Eating out, going to Starbucks for coffee, movie tickets or sports tickets, monthly subscriptions like Amazon, Netflix, and magazines. Needs and wants both occur. What to do next? First, set up a spending plan. Using this plan will show you how you spend your money. Importantly, you will see how your spending choices can help you to prevent money from disappearing. Here’s what the spending plan looks like:” An image of a paper is shown, with charts and rows. There is a black text on the bottom right: ADVANCED SPENDING PLAN WORKSHEET. The rest of the paper is hard to read. The paper is zoomed up and scrolls down quickly. The black background appears with white text for people to see the plan: bit.ly/SpendingPlanExample. “How do you cut down spending? Here’s one idea. Suppose, you spend your money by going out to eat and you spent $13 for the meal.” White icon appears with spoon, plate, and fork. “If you cooked at home instead, it could cost you only $4. You would have saved $9. Imagine, every time you go out to eat, you save $9 each time!” White icon appears of a cup. “Suppose you go to a gas station and buy a drink or at Starbucks, spending $3 each day, easily adding up to over $1,000 a year.” White icon appears of a TV. “Cable TV is expensive. You could switch to using an antenna and save a lot of money every year! Interested in getting more tips and learning how to prevent your money from disappearing? Here are two resources that could help you:”

A website page called Better Money Habits with red text: WE’RE HERE TO HELP WITH WHAT’S NEXT. There are several boxes and icons that show CREDIT, DEBT, SAVING & BUDGETING, HOME OWNERSHIP, AUTO, RETIREMENT, COLLEGE, PRIVACY & SECURITY, PERSONAL BANKING, TAXES & INCOME. White text on the bottom: BETTERMONEYHABITS.BANKOFAMERICA.COM.

Black background with white text: WANT FREE PROFESSIONAL HELP? NATIONAL FOUNDATION FOR CREDIT COUNSELING (NFCC). 1-800-388-2227. NFCC.ORG.

White background with blue text: SUPPORTED BY BANK OF AMERICA. White background with black text on the top: IN PARTNERSHIP WITH: seven icons show, including CASH CAMPAIGN OF MARYLAND, DEAF FUTURE WORKS, DIVISION OF SERVICES FOR THE DEAF AND HARD OF HEARING, NATIONAL DISABILITY INSTITUTE, MARYLAND GOVERNOR’S OFFICE OF THE DEAF AND HARD OF HEARING, FOUNDATION COMMUNITIES PROSPER CENTERS, & TRAVIS COUNTY.