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

Slides:

Advertisements

Similar presentations

Good Debt, Bad Debt: Using Credit Wisely Learner Objectives

Advertisements

Teens lesson seven credit presentation slides 04/09.

Checking Savings Investments. Checking Account 90% of transactions involving money are made with checks.

Financial Education Jr. Chapter 2013 SHPE Foundation.

Money Management Key Terms.

Earning Money  What is income and what are 3 possible sources?  Income is money that you have available to you to spend  3 sources: babysitting,

Ms. Wagemaker Coginchaug Regional High School Personal Finance Jeopardy Getting a Job Your Paycheck Your Budget Your Banking

PERSONAL FINANCE/BANKING CREDIT, BUDGET, AND CHECKING ACCOUNTS Chapters 25, 26, 28, 29.

PERSONAL FINANCIAL MANAGEMENT

Jeopardy – Review Column 1Column 2Column 3Column 4Column 5 $100 $200 $300 $400 $500.

Teens 2 lesson seven understanding credit presentation slides 04/09.

TEST PREP 1. A. The amount you can afford to pay B. The minimum payment stated on your bill C. The minimum amount due on your debit card D. 20 percent.

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!

 How to Manage Your Cash › Daily Cash Needs  Lunch, movies, gas, or paying for other activities  Carry cash  Go to an ATM  Credit Card  Know pros.

1 Credit 100 Understanding Credit. 2 All About Credit  What is credit?  Credit cards Rewards Risks Terms  Interest rates  Using credit successfully.

Borrowing Basics 1. 2 Purpose Borrowing Basics: Describes how credit works and the types of credit available. Helps you determine if you are ready to.

Credit Cards. Credit WHAT IS CREDIT? $ It is a loan $ It is an agreement $ It comes with fees, interests & other charges Credit is a debt; it is NOT income!!!

Math, Banking, and Credit Unit

Money Management Teen Living 10.01/ Don’t spend it 2.Make saving a habit Learn to Save $$

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.

Financial Head Start. Why care? It’s Your MONEY 2.

Credit Intro to Credit & Establishing Good Credit.

Creating a budget is important to ensure your financial security, monitor your income and expenses, and a way to help you save money. In order for your.

Financial Institutions, Checking Accounts, and Credit Lesson 3.

Lesson 16: Using Credit.

The student will explain personal money management choices in terms of income, spending, credit, saving, and investing.

CHECKING, SAVINGS, AND INVESTING MANAGING YOUR MONEY.

Personal Finance ATM- Automated Teller Machine Credit Cards- revolving line of credit, department store cards, major credit cards (Macy’s, Visa, Mastercard,

Financial Literacy 101 for Teens

Debt Management. Budgeting 101 The first step is to know how much money is coming in so you know how much money you can spend.

CONSUMER ECONOMICS I Got Paid!!!! Now What….?. Intro It’s Friday, you just got your first paycheck, and you’re feeling fye. Before you run out to buy.

Banks & Credit Unions What’s the difference? Do’s of Checking Track your expenses Track your balance Set up e-alerts or text alerts.

3 rd 9 Weeks Benchmark Review Career Preparedness.

Securing Your Financial Future Cash Management Presented by Teresa Muench NEA Member Benefits April 4, 2015.

Credit BELL RINGER  What is credit?  Does credit cost?  What are the advantages of using credit?  What happens if I misuse credit?

Financial Planning. Income Minimum Wage - $ 8.10 hourly Associates Degree – $ 40,000 Bachelor Degree – $ 50,000 Masters – $ 45,000 - $ 85,000 Doctorate.

 How to Manage Your Cash › Daily Cash Needs  Lunch, movies, gas, or paying for other activities  Carry cash  Go to an ATM  Credit Card  Know pros.

YOUR FINANCIAL FUTURE A GUIDE TO MANAGING YOUR FINANCES.

UK 101 Money Management. Overview What is a Budget  SMART Goals  Income Received  Expenses spent  Sticking to Your Budget Saving $$$$  Tips Common.

Building Bucks Basic Financial Services. Financial Institutions 3 Main Types – Banks – Credit Unions – Savings and Loan Associations (S&L) Advantages.

YOUR FINANCIAL FUTURE DEPENDS ON YOU! Personal Finance.

 A Budget ◦ makes sure you have enough money to spend and save ◦ allows you to see where your money is being spent ◦ it helps you make sure your income.

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.

Money Management Key Terms. Money Management Paycheck Key Terms.

Only 40 percent of Americans use a budget to plan their spending… The rest routinely spend more than they can afford.

11111 Youth Money Management Learning Good Spending Habits.

FINANCIAL SERVICES AND INSTITUTIONS. Financial Services  Services offered by banks and other financial institutions 1. Savings and Investment 2. Payment.

FINANCIAL SERVICES AND INSTITUTIONS. Financial Services  Services offered by banks and other financial institutions 1. Savings and Investment 2. Payment.

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.

Warm UP 1.What is the difference between gross pay and net pay? 2.What is the difference between a deduction and a bill? 3.What is the difference between.

Credit Management 1. Two – Day Seminar Day One Establishing & Maintaining Credit Credit Scoring Day Two Loan Agreement Terms & Conditions Managing Credit.

Checking Savings BANKING. Checking Account 90% of transactions involving money are made through some form of debit.

Managing Your Money Chapter 23.

Credit and Credit Cards Good Credit Bad Credit No Credit Good Credit Bad Credit No Credit.

“The entire essence of America is the hope to first make money—then make money with money—then make lots of money with lots of money.” Paul Erdman.

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…

Credit Credit: borrowing money to pay for something now while promising to repay it later. Lender: the person loaning the money Borrower: receives the.

Credit and Credit Cards Costs and Benefits of Having a Credit Card ©2012, TESCCC.

Credit Questions to Consider  What is credit?  Does credit cost?  What are the advantages of using credit?  What happens if I misuse credit?

Credit Questions to Consider  What is credit?  Does credit cost?  What are the advantages of using credit?  What happens if I misuse credit?

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

Banking Review. Bank Business that stores money for individuals and businesses.

Account Number Is your unique reference number in a bank?

Per$onal Financial Literacy th Grade Social Studies Harold E. Winkler Middle School.

Spending Plans Advanced Level G1 © Take Charge Today – August 2013 – Spending Plans – Slide 2 Funded by a grant from Take Charge America, Inc.

1 Getting a strong start Money Management A project of Consumer Action | Funded by Consumer Action’s Money Management Project.

Money and Banking Checking Accounts.

Checking Savings Investments

Managing Money Chapter 13.

Presentation transcript:

Your Financial Education Guide

The Basic ABCs of Finance Income Opening Accounts Creating a Budget Financial Goals Money Management Borrowing Money Credit Cards Loans Debt Management

Money Management You Must Learn How To Manage Your Money Responsibly

Income 1.Allowance How Do You Generate Income? Paycheck Gross / Net 2. A Job

1. Gross: $ Net: $ Minus Deductions Fed. Income Tax Social Security State Income Tax Medical

Income Now That You Have Money…. What Are You Going To Do With It? SPEND IT! SAVE IT! MANAGE IT!

Opening An Account Types Of Accounts Checking: Manage Day To Day Activity Under 18?Joint Checking Account Savings: Put Money Away For A Rainy Day. Let Your Money Earn Money!

Opening An Account Where Do I Go? Financial Institutions Banks CREDIT UNIONS!

Opening An Account What Do I Need? 2 Forms Of Identification: License Social Security Card Birth Certificate State ID Card Minimum Deposits: $50 For Checking $5 For Savings

Opening An Account What Do I Get? Check Card (ATM, Debit, Point Of Sale) Check Book (Keep It Balanced) Online Account Access Monthly Statements

1. Date - The Date the Check is Written 2. Maker - Person / Business Who Writes the Check (The Name will be Printed on the Check) 3. Payee - Person / Business to Whom the Check is Written 4. Signature Line 5. Written Amount - The Amount Written in Numbers 6. Legal amount - The Amount Written in Words 7. Check number - Printed on the check and appears in the MICR line on the Bottom of the Check 8. Banking information - The Name of the Institution and The Association Number. 9. Account and Routing Numbers - Appear on the Bottom of the Check in MICR Line.

Keep Track of Your Balance 1.Day to Day 2.Monthly Statement

Creating A Budget Vs.IncomeExpenses Monthly IncomeExpensesCost $1,000 Food: Groceries Dining Car: Payment Insurance Gas MISC: Clothing Entertainment Utilities: Gas Electric Phone Cable Internet $300 $80 $120 $300 $70 $20 $60 $40 $100 $80 Rent: $3,000 Total: $2,250 Monthly Balance + $750

Financial Goals What Do I Want Or Need? How Am I Going To Pay For Them? AND

Financial Goals Goals to Aim For Rent Engagement Rings College / School Wedding Computer Home Car Children Entertainment Own Business Travel Retirement Short TermLong Term

Borrowing Money How Do I Borrow Money? 1.Go To A Financial Institution 2. Apply For The Following Loans: Credit Cards Student Loan Personal Loan (Used for Any Purpose) Car Loan Business Loan Home Loan

Credit Cards Be Careful Of Card Offers (Theyre Everywhere!) Mailers Department Stores Financial Institutions

Credit Cards What Effects My Score? Credit Score: Youre Not Borrowing Money! Youre Getting A Line of Credit! Establishing Credit (Put Bills In Your Name / Dept. Store Credit) Paying Bills On Time Maintaining Accounts The Ratio Between Money Owed To Credit Limit. The Higher the Score the Better : Effects Your Ability to Borrow Can Borrow More Lower Interest Rate. SCORE!

Credit Cards Benefits Of Good Credit 1. Can Get A Higher Credit Limit! 2. Get A Lower Interest Rate! YOU HAVE TO PAY THE CREDITORS BACK WITH YOUR MONEY!

Credit Cards What Is An Interest Rate? The Increased Percentage Rate That You Have To PAY BACK To Creditors.

Credit Cards How It Works Apply For Card Get Card Use Card To Make Purchases Get Monthly Bill / Statement With Card Usage, Balance, Limit, Minimum Payment, Due Date Pay At Least The Minimum Requirement By Due Date (Insert: Credit Card Statement)

1. Account Number 2. New Balance 3. Due Date 4. Minimum Payment 5. Transactions 6. Account Summary 7. Finance Charges 8. Percentage Rate

Credit Cards DOS: Do Make Your Payment On Time Do Pay More Than Your Minimum DONTS: Dont Be Late On Your Payments Youll Be Charged A Fee It Will Increase Your Interest Rate It Will Lower Your Credit Score Dont Maximize Your Limit THIS LEADS TO BAD CREDIT!

LOANS Applying For A Loan: You Must Show That Youre A Qualified Borrower. AND Show You Have The Ability To Pay Back Your Loan!

LOANS YOU WANT! 1. A LOW Interest Rate 2. A Monthly Payment You Can Afford. How Do I Get This?

LOANS To Get A Good Loan Youll Need: Capital (Down Payment / Collateral) Proof Of Income Excellent Credit Score Note: A Co-Signer (Parent / Spouse) Can Help YOU!

LOANS Look For: First Time Borrowers Programs Watch OUT For: Teaser Rate Programs Example: No Money Down / 0% Interest. Pay Attention To: Terms And Conditions Default Rates

LOANS WARNING! WARNING! WARNING ! Adjustable Rate Your Loan May Be Affected By Terms And Conditions! Fixed Rate Vs. Interest Rate Doesnt Change Interest Rate Starts Low Adjusts To A Higher Rate Monthly Payment Will Increase

LOANS DOS: Do Make Your Payment On Time Do Try To Pay More Than Your Minimum DONTS: Dont Be Late On Your Payments Youll Be Charged A Fee It Will Increase Your Interest Rate It Will Lower Your Credit Score Dont Default On A Loan THIS LEADS TO BAD CREDIT!

DEBT MANAGEMENT With Loans You Will Have Debt To Pay Back.

DEBT MANAGEMENT Tips To Manage Debt Pay More Then The Minimum Requirement Refinance Your Loan For A Better Rate Consolidate Your Loans Into One Payment And Finally… Create A Repayment Plan (Payoff A Loan Before Taking on Another)

DEBT MANAGEMENT PAY FOR IT IF YOU CAN AFFORD IT…. WITH CASH!