1. STUDENT CREATED REVIEW MANAGING MONEY

2. SPENDING STYLES Present-Oriented Future-Oriented Buying things now instead of waiting Don’t plan and save as much Self centered when it comes to spending Worry less Usually go into debt Have goals Prepared when something comes up Don’t like to chip in Don’t like spending More thoughtful about purchases Takes them longer to buy something

3. EVERYDAY EXPENSES Checking Account- Deposit your money in a bank Use it once ready Multiple people can access the account Sometimes people write checks for more money then there is on the account If you write a check for more money then you have on the account you have to pay a fine Debit Cards- Money is taken off without you writing a check Keep close records Account can easily be opened by someone else Atm’s- Usually open 24 hours You can take cash off from your account or add money to your account(deposit) You need a PIN number to do this The money that you take off is taken off your account right away

4. TYPES OF CREDIT What is Credit? loan or an IOU You are using the money and paying them back later With credit comes interest witch is money that gets added on to what you have payed Some thing you might buy with credit: Houses Cars

5. VOCAB Financial plan: directs money going in/coming out in order to have the ability to use it how you want to Fixed expenses: monthly expenses (typically) Flexible expenses: adjustable, not always needed expenses Resourceful: getting what you want by using the things around you

6. MAKING A FINANCIAL PLAN Think about long-term and short-term goals STEPS: Estimate Income: know what you will be taking home, not your hourly wage, remember taxes Record Expenses: write down costs of EVERYTHING Analyze Spending: look at what you spend, what can you cut back on? Plan for Spending and Saving: decide what you want to do with your money Evaluate your plan: check up on your plan, adjust if something needs adjusting

7. FAMILY FINANCIAL PLAN Make a plan for the family Home Food Clothing Etc. FINANCIAL DECISIONS: Parents have final ‘say’ “Life isn’t fair.” PLANNING FOR FAMILY DEVELOPMENT: Families don’t spend money the same ways When parents have teenagers, financial pressure is on Retirement will bring the biggest feeling of security http://www.better.tv/view/your- money2-your-money-your-money-- managing-money-with-friends

8. INSTALLMENT BUYING Large items can’t be bought on a credit card Examples: cars, furniture, appliances can be bought with an installment plan Installment buying : make a partial down payment which is called a down payment Next step is signing a contract to pay the balance Be careful and be sure to look out for the (APR) annual percentage rate Always be sure to read the contract before signing so you never miss anything

9. LOANS Loan : lending something to someone with an agreement of paying it back Where to get loans: Banks Credit unions The information supplied when you borrow money is controlled by the federal laws control Helps you compare costs and terms Steps for applying for credit Fill out a credit application Company does a credit check Company decides whether to give it to you

10. SAVING MONEY Saving money should be a part of everyone's plan Remember: **Benefits out weigh the costs** When people get sick, are unemployed, get in a accident they rely on savings. Mainly all banks allow unlimited access to the account You may want to consider having an emergency fund incase something happens