1. Money Management: The Basics
March 2017
Money Management: The Basics
By: Andrea Navarro
ASA College Planning Center

2. About Us
ASA College Planning Center

3. Multilingual Advisors
What we do
Free Services
Walk-in only, no appointment necessary!
One-on-one Advising
Assistance completing applications and forms
Resources on education, financial aid and loan counseling
Multilingual Advisors
English, Spanish, Chinese, French, and Haitian-Creole
@ASAPlan4College
ASA College Planning Center

4. Goal Setting How do I spend my money? Agenda Saving Budgeting
Financial Accounts
Agenda
ASA College Planning Center

5. Main location: Boston Public Library, Copley Square
Come visit us!
Main location: Boston Public Library, Copley Square
700 Boylston St. Boston, MA 02116
(617) or Toll-free: (877)
Mon-Thurs. 9AM-7:30PM Friday-Saturday 9AM-5PM
Satellite Location: Bunker Hill Community College – Chelsea
70 Everett Ave. Chelsea, MA 02150
Every Monday, 11AM-5PM
Satellite Location: Asian American Civic Association
87 Tyler St. Boston, MA 02111
Every Wednesday 9AM-12PM and 1PM-5PM
ASA College Planning Center

6. How do I spend my money?
ASA College Planning Center

7. How much money do I have (earn) per week? $ __________________
GOAL SETTING: What do I spend my money on?
How much money do I have (earn) per week?
$ __________________
What are the top three things I spend my money on?
1) _________________________________ [NEED or WANT?]
2) _________________________________ [NEED or WANT?]
3) _________________________________ [NEED or WANT?]
What are my goals? What do I want to accomplish or buy in the next year?
______________________________________________
In the next 5 years?
______________________________
ASA College Planning Center

8. WHAT IS A BUDGET? If I save $ _________ per week,
GOAL SETTING: Saving
Saving your money is important. Everyone will save different amounts, but saving even just a little bit can make a big difference!
If I save $ _________ per week,
In 52 weeks, I will have $____________ saved!
What are some ways we can save our money?
WHAT IS A BUDGET?
ASA College Planning Center

9. Budgeting
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10. My budget Needs vs. Wants Fixed vs. Flexible expenses
Important to adjust your budget as you go along
Use your budget to reach your goals
Start building good money habits now for when you’re in college and beyond!
ASA College Planning Center

11. Architect $65,000/year, after taxes, $4,500/month
Budget Worksheet
OCCUPATIONS AND MEDIAN SALARY
Architect $65,000/year, after taxes, $4,500/month
News reporter $33,000/year, after taxes $2,208/month
Tree trimmer/pruner $28,000/year, self employed, $2,300/month
Student with part-time job, $16,000/year, after taxes $1,083/month
Teacher Assistant, $27,000/year, after taxes $1,916/month
Doctor (Anesthesiologist), $120,000/year. After taxes, $7,500/month
ASA College Planning Center

12. Financial Literacy: Accounts
ASA College Planning Center

13. Financial Literacy Outline
Checking Account
Savings Account
Writing Checks
Account Safety
Reasons to $ave
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14. What is a Checking Account?
ATM
Debit card
Telephone/web/apps
Services and fees vary depending upon the financial institution
Common Financial Service
Funds are easily accessed
ASA College Planning Center

15. Why do people use checking accounts?
Reduces the need to carry large amounts of cash
Convenience – useful for paying bills
Spending Plan Tool
Keeps a record of where money is spent
Safety – using checks is safer than carrying cash
ASA College Planning Center

16. Savings Accounts
A Savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis.
You may require a minimum balance of $25 to open a saving account
you have to be 16 years old and have a valid ID and social security card to open a savings account
Free online banking, Bill Pay and eStatements
Direct Deposit set up
ASA College Planning Center

17. What Is A Check?
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18. To pay for items using a checking account
What is a check?
To pay for items using a checking account
A check is given as a form of payment
Must be completed and given to the person or business
There pre-printed items on a check:
Name and address of account holder
Name and address of financial institution
Check number
Identification numbers (account, routing)
ASA College Planning Center

19. A check
ASA College Planning Center

20. Thank you