1. Student created review
Managing Money
Student created review

2. Spending Styles – Which are you??
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 Atm’s- Usually open 24 hours
Checking Account-
Deposit your money in your bank account
Use it when you are really ready to responsibly use money
Multiple people can access the account if they are all listed on the account
Sometimes people write checks for more money then there is on the account – That means the check BOUNCES
If you write a check that bounces, then you have to pay a fine
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
Debit Cards-
Money is taken out of your account to pay for something without you writing a check
Keep close records, money tends to go quickly
The money is taken out of your account right away to pay for that item.

4. Types Of Credit What is Credit?
A loan from a bank or by using a credit card to pay for something
You are using the money and paying the bank or credit card company back later, usually monthly
With credit comes interest which is money that gets added on to what you have payed, based on how much you owe. It is a percentage of the total amount you owe.

5. Vocab
Financial plan: a plan to decide how money is going in/coming out in order to have the ability to use it how you want to
Fixed expenses: monthly expenses, typically rent/mortgage, phone bill, utility bills. Often the same or a similar about each month.
Flexible expenses: adjustable, not always needed expenses, think gifts, or sudden expenses
Resourceful: getting what you want by using the things around you responsibily

6. Making a financial plan
Think about long-term (takes months or years to achieve)and short-term (takes hours, days, weeks, maybe a couple months to achieve) 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 - mortgage/rent, utilities, phone, internet, etc.
Food – groceries and eating out
Clothing – basic needs for all members of the family
Savings – for retirement, college, wedding(s)
And MORE
FINANCIAL DECISIONS:
Parents have final ‘say’ of how money is to be spent
“Life isn’t fair.” Get used to it – you don’t get everything you want
PLANNING FOR FAMILY DEVELOPMENT:
Families don’t spend money the same ways – think about how your family spends/saves money
When parents have teenagers, financial pressure is on to compete with other families
Retirement will bring the biggest feeling of security. Start saving NOW!!!

8. Installment Buying Large items can’t be bought on a credit card
Examples: cars and houses – they are usually purchased with a loan which is an installment plan, but different from a credit card.
Installment buying: make a partial down payment which is called a down payment
Next step is signing a contract to pay the balance, usually monthly for several years (could be 1, 3, 5 up to 30 years!!!)
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. You ARE legally responsible for anything you sign once you are over 18

9. Loans Steps for applying for credit
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 they think you are a good risk (meaning that you WILL pay the money back)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 usually rely on savings.
Mainly all banks allow unlimited access to the account
You may want to consider having an emergency fund incase something happens