“Get Your Money Right: “Becoming Financially Stable in a Troubled Economy” CPCC TRiO Student Support Services Financial Literacy Series Workshop.

Slides:

Advertisements

Similar presentations

Your Financial Education Guide. The Basic ABCs of Finance Income Opening Accounts Creating a Budget Financial Goals Money Management Borrowing Money Credit.

Advertisements

Banking, Borrowing & Credit More On Managing Your Income.

Lesson 9 Fixing Your Credit.

Chapter 23.1 Use your Money Wisely

Introduction to Business & marketing

What you need to Know! What does this mean? What about interest?

Understanding Loans and Borrowing Money. Development of Credit  In the Past  Credit Today.

Credit Card Basics. Getting the idea Debit cards can be used almost anywhere that credit cards can be used. But there is a big difference between them.

Presented by: Thomas Murphy Harvard University Employees Credit Union Medical School Loan Repayment & Building Credit PARTNERS OFFICE of RESOURCES for.

Credit. CREDIT DEFINITIONS Credit Trust given to another person for future payment of a loan, credit card balance, etc. Creditor A person or company to.

Presented by: Charlie Hudson Business Development Account Executive, NASA FCU Improve your Credit Score & Financial Goal Setting $ $ $ $ $ $ $ $ $

Consumer Banking Dollars and Sense. Interest Rates – Rules of Commercial Banks – Interest rates charged for loans higher than Savings Banks and interest.

Credit You're in Charge What is Credit ??? Credit is an arrangement to Receive cash, goods, or services now and pay for them in the future!

Basics of Credit. Credit Purchasing today, with the promise to pay later. What does credit offer you? – More time to pay – More money – Instant gratification.

CREDIT NOTES Credit is buy now pay later. The opportunity Cost is future income! Credit can be a great tool and can be necessary but can lead to financial.

Financial Fitness Senior Seminar Agenda Student Loans Credit Cards Credit Report/Score Budgeting Insurance Saving and Investing.

Happy Friday! 11/22/13 Today’s Agenda: If time: Moneypower.org quiz

Credit Cards How to Use Them, But Not Abuse Them Developed by Melissa King.

The “Need-to-knows” for your financial future. * Do you ever want to buy a car? * Do you ever want to own your own home? * Do you know how debt can impact.

Banking Today Chapter 10: Sect. 3, Chapter 11 & Booklet.

Mr. Stasa – Willoughby-Eastlake City Schools ©

Credit Intro to Credit & Establishing Good Credit.

Understanding Credit Reports & Credit Scores Presented by Rich Call Consumer Credit Counseling Service.

Staying on Top: Credit Reports and Scores. What’s in Your Credit Report? Personal identification information Name, address, date of birth, SSN, employment.

CREDIT How do you build credit? Mr. Jones and Mrs. Smith make the same amount of money, but on loans, Mr. Jones pays more. Why? What may determine if you.

The Importance of a Good Credit Score and How to Read a Credit Report

Lesson 16: Using Credit.

Economics Paycheck.

Going Into Debt Americans and Credit. What is Credit? Credit: is the receiving of funds either directly or indirectly to buy goods and services now with.

Credit Receiving something now and promising payment at a later time. Principle: Actual cost of the good or service. Interest: Amount paid for the use.

 Buying on credit = buy goods and services now and pay for them later (usually with interest)  Having credit depends on the suppliers’ confidence in.

CREDIT – Part 2 Business Issues. Credit Cards Paid over a variable amount of time Finance charge (interest) is called annual percentage rate (APR) expressed.

Advantages & Disadvantages of Credit Cards

3 rd 9 Weeks Benchmark Review Career Preparedness.

This workshop discusses the basic principles of financial responsibility and budgeting.

Buy Now Pay Later….  How to analyze the advantages & disadvantages of consumer credit  How to distinguish among various types of consumer credit  How.

Unit 4 Consumer Credit Part 5 Credit Reports Dollars and Sense.

Personal Finance The economy in our state is affected not only by national and global markets, but is also affected by actions and decisions we make about.

 the ability to borrow money in return for the promise of REPAYMENT  Before using credit you should ask your self:  Is it a want or a need?  Do you.

Using credit is a way of life. People use credit online and for everyday purposes. Some do it so they don’t have to carry cash. Some use it to buy things.

Chapter 4.  What is Credit? ◦ Principal + Interest  Installment Debt ◦ Equal Payments ◦ Durable Goods ◦ Longer Term = Lower Payment BUT ◦ More Interest.

© Family Economics & Financial Education – Revised October 2004 – Credit Unit –Understanding Credit Reports Funded by a grant from Take Charge America,

Going Into Debt Chapter 4. Americans and Credit Chapter 4, Section 1.

Using Credit SSEPF4.a, SSEPF4.b, SSEPF4.c. Loans and Credit Cards: Buy Now, Pay Later The U.S. economy runs on credit. Credit – The ability to obtain.

HOW TO GET AND KEEP CREDIT. PICKING A CREDIT CARD You will have to fill out an application. It will ask about where you live, where you work, what other.

CREDIT RATING CREDIT RATING& CREDIT REPORTS. Credit Reports A credit report is a document which includes information on your level of indebtedness and.

Credit. CREDIT DEFINITIONS Credit Trust given to another person for future payment of a loan, credit card balance, etc. Creditor A person or company to.

Your Financial Future Credit. Payroll deductions  Federal taxes – pays for roads, bridges, government, military, space program, disaster relief, schools.

CHAPTER 26 – HOW TO GET AND KEEP CREDIT What I need to know…

Pre-test.  A. Your age  B. The length of time you have had the card  C. The amount of money you owe on your credit card  D. The terms and conditions.

Credit Study Notes By: Your Name. Debit Card Credit Card A promise to: Buy Now, Pay: Charges: Mastercard or:

Unit 4 Credit and Debt What is Credit? Someone lends you money 1. The original amount borrowed is called the ___ Principal.

Lesson 7-2 Getting Started with Credit Learning Objectives: - Compare the sources of credit - List and explain the benefits of credit.

Chapter 7 Buying Decisions. Slide 2 Where Can Consumers Get Credit? Credit is the ability to borrow money and pay it back later. 7-2 Getting Started with.

“When I was young, people lived from paycheck to paycheck. Today, it seems like they live from credit card payment to credit card payment.” - Robert Kiyosaki.

Understanding Your Credit Score Central Piedmont Community College TRiO Student Support Services Financial Literacy Series Workshop.

Types of Credit. Loans Borrowing a specific amount for a certain period of time.

Using Credit Wisely. Credit  Credit is a sum of money a person can use before having to reimburse the credit lender.  It allows a person to receive.

You and Your Credit UNIT VII – Personal Financial Literacy.

Credit The Good, the bad, and the ugly. CREDIT CREDIT CAN MAKE OR BREAK YOUR FUTURE PLEASE PAY ATTENTION TO THIS IMPORTANT LIFE LESSON – IT IS SERIOUSLY.

Making the Most of Your Credit An Advantis Credit Union Better Together Workshop.

How To Improve Your Credit Score Federally insured by NCUA Great Rates. Personal Service. chevronfcu.org 

UNIT VII – Personal Financial Literacy

Unit 10: PFL Credit & Cards.

Credit scores & Creditworthiness

© 2014 Junior Achievement USA, M1205 – Debit and Credit PowerPoint

Credit Scores Interest on Debt and Interest on Savings

Getting and Keeping Good Credit

UNIT VII – Personal Financial Literacy

Presentation transcript:

“Get Your Money Right: “Becoming Financially Stable in a Troubled Economy” CPCC TRiO Student Support Services Financial Literacy Series Workshop

Five Steps to Financial Stability Establishing and Maintaining a Savings and Checking Account The Advantages/Disadvantages of Using Debit Cards The Advantages/Disadvantages of Using Credit Cards Know Your Credit Score What Factors Impact Your Credit Score

Establishing and Maintaining a Savings and Checking Account What is the difference between a savings and a checking account? What is needed to open an account?

Checking Accounts A checking account is used to manage money in the short term. Deposits, bill payments and debit card purchases are connected to a checking account.

Checking Accounts (cont.) Most companies require employees to have a checking account for direct deposit of wages and payment. Checking accounts are an easy way to manage your personal finances.

Savings Accounts Savings accounts are for long term use. It is recommended that 10% of all income be deposited into a savings account. Savings accounts build interest over time that increases the amount of money you have in the bank.

Savings Accounts (cont.) Keeping a savings account that puts at least two months pay in the bank for a rainy day can be the difference between financial success and disaster.

The Advantages and Disadvantages of Using Debit Cards Typically, a debit card is issued with a checking account and can be used like a Visa or Mastercard. With a debit card, charges are automatically deducted from your checking account.

The Advantages/Disadvantages of Using a Credit Card Credit cards are based on the principle of “loaning” money to a credit worthy person for repayment at a later time with interest. Knowing the ins and outs of credit cards, annual fees, late charges and overage fees can be the difference between a good credit score and a low credit score.

Know Your Credit Score A FICO credit score can range from 300 to 850. FICO score range 700 and higher -- Excellent or Very Good credit. 680 to 699 – Good 620 to 679 – OK 580 to 619 – Borderline 500 to 580– Poor 499 and below – Bad

Know Your Credit Score You can order a free copy of your credit report from a number of sources. Try this site to get a free report from all three credit bureaus:

What Factors Impact Your Credit Score Payment history Do you make payments on time? Late payments lower your score Amounts owed What is your debt to income ratio? Length of credit history New credit Types of credit used Credit Inquiries

Summary Establishing and Maintaining a Savings and Checking Account The Advantages/Disadvantages of Using Debit Cards The Advantages/Disadvantages of Using Credit Cards Know Your Credit Score What Factors Impact Your Credit Score

Learning Checklist Questions Name one factor that affects your credit score. What is the difference between a savings and a checking account? What is the difference between a debit and a credit card?

Resources for Improving Your Finances Suburban Dollar 09/online-resources-improving-financial- health/ United Family Services, Consumer Credit Counseling Free credit repair services

Acknowledgements Developed by Annette Teasdell, Summer 2009 Counselor, Student Support Services, as part of the Financial Literacy Workshop Series. Information used in this presentation was taken in part from the resources for improving your finances on the previous page.

Thanks for Listening!

A Service of Central Piedmont Community College