Portage Ave Winnipeg, MB R3C 0B9 Phone #: (204) Fax #: (204) Toll Free #:

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "516-294 Portage Ave Winnipeg, MB R3C 0B9 Phone #: (204) 989-1900 Fax #: (204) 989-1908 Toll Free #: 1-888-573-2383 E-mail: info@cfcs.mb."

Transcription

1 Portage Ave Winnipeg, MB R3C 0B9 Phone #: (204) Fax #: (204) Toll Free #: debthelpmanitoba.com

2 Todays Session Overview of Services Banking in Canada Money Management Credit Common types of credit available to students Using credit wisely Question and Answer period

3 CFCS History Established in 1974 as Community Income Tax Services to combat unregulated tax discounting Credit Counselling began in 1976 Provincial funding in 1982 United Way Member Agency since 1984 Manitoba Liquor & Lotteries funding since 2004 CFCS is a registered charity and a nationally accredited non profit credit counselling agency Our Vision: All Manitobans will have the capacity to make informed decisions and navigate successfully the various financial systems that have impact on their daily lives

4 CFCS Services Credit and Financial Counselling Gambling Addiction Program Community Volunteer Income Tax Debt Management Program Educational Workshops Information and Referrals (All services are confidential; counselling services are FREE)

5 Community Volunteer Income Tax Program (CVITP) You may qualify to have your tax return(s) completed for free by trained CRA volunteers if your tax returns are very basic and your income is below certain levels Seasonal: February April Tax filing deadline is April 30 each year CFCS works in partnership with Canada Revenue Agency (CRA)

6 Opening a Bank Account To open an account, you have to: Go to the bank in person Provide the bank with some identification (ID). You must use original ID, not photocopies. Types of bank accounts Chequing accounts: for day-to-day banking transactions, like making a purchase Savings accounts: where you can set money aside for savings, emergencies, etc.

7 Bank or Credit Union? Banks: Regulated by the Canadian Government Typically charge fees to have a bank account, but most offer student bank accounts without fees Have locations throughout Canada- easy access 5 major banks in Canada: TD, CIBC, RBC, Scotiabank, BMO Credit unions: Regulated by the Provincial Government Usually have lower bank fees Do not have locations all over Canada

8 What can you do if the bank won't open an account for you? BANKS have the responsibility to provide a bank account as long as the person has 2 approved pieces of identification, one with a picture The bank must provide a written denial For more information or to file a complaint: Financial Consumer Agency of Canada Website: CREDIT UNIONS have the right to deny accounts to people as they have different operational standards For more information or to file a complaint: Financial Institutions Regulations Branch Website:

9 Why Should I Budget? To take control of your finances and financial situation To make efficient use of your money and be a smart consumer To save money Budgeting To exit school with as little debt as possible To live within your means To reach your short, mid- and long term goals

10 5 Steps in a Successful Budget 1. Determining income 2. Cost of Living 3. Track Expenses 4. Review, Revise and plan 5. Maintain Plan & Motivation

11 Determining Income This can be a bit complicated for students Consider all sources of income, such as: Part time or full time work Money from family members Savings Money from student loans Scholarships and bursaries When considering employment income, use net income- money you actually receive after deductions for things like Employment Insurance or Income Tax

12 Case Study: Jennifer Jennifer is attending the University of Manitoba. During the summers she will return to her home country of the United States and live with her parents, where her living costs will be paid for by her parents. Therefore, she needs to budget for spending September-April (8 months) in Manitoba Jennifer will be working one night a week (equaling 6 hours a week) in a coffee shop on campus. She will be making minimum wage ($10.70/hour). Her paycheque after deductions will be $125 every 2 weeks, equalling $250/month She has some personal savings from when she worked during her summers in high school, and she intends on working every summer when she returns home. Jennifer is also lucky because her parents also have some savings that they will use to help her pay her tuition, books, and living costs. She has applied for a bursary for her first year, and received $3000. She has received a student loan for her first year of study from the United States.

13 Case Study: Jennifer Note that I have divided Jennifer's source of income into two categories- Lump sum income (to be received before school starts) and ongoing sources of income that will be received monthly during the school year

14 You will have both one time costs and ongoing expenses (your cost of living) while living and attending school in Manitoba Ongoing costs can include: Rent Food Entertainment Personal items (ex: shampoo) Utilities (ex: cell phone) One time costs can include: o Books o Other supplies (such as a computer) o Tuition Your Living Expenses

15 Cost of Living: Ongoing Expenses Cost of Living (COL) includes all ongoing expenses needed to maintain your daily life and important expenses (rent, food, health, etc) The COL does not include any debt or credit payments The COL shows an average look at a month (e.g. if you spend approx. $1200 on gifts each year the monthly average would be recorded as $100)

16 Case Study: Jennifer s Ongoing Expenses Jennifer and two of her friends are going to rent a house together. The house costs $1300 a month, and that includes utilities like heat and water. They plan on hooking up cable and internet, which will cost them $120 a month. They will split this cost 3 ways. Jennifer will pay for her cell phone separately. She plans on taking the bus everywhere she can, but wants to budget some money for taxi s for the occasional trip. She purchased the U of M health coverage as part of her tuition fees, which helps her pay her health care costs. However, she does have a regular prescription that she must fill every month. This costs $50 total, but she only has to pay 20% of this (she gets 80% coverage from her health care plan). She has budgeted $50 a month for clothing. This is taking into account having to purchase some winter clothing in November.

17 Expense Rent $450 Cell phone $65 Internet/cable $40 Groceries $200 Entertainment $50 Clothing $50 Bus Pass $67.75 Taxi $20 Toiletries $40 Health care $10 TOTAL Case Study: Jennifer s Ongoing Expenses Monthly cost $992.75/month for 8 months

18 Case Study: Jennifer's One-Time Expenses There are some expenses that Jennifer will have to pay for at the beginning of the year, before school starts Expense Cost Tuition $17,000 Books/supplies $2000 Moving costs $0 Damage deposit at rental (Jennifer s portion) $220 TOTAL $19,000

19 Allocating Income Case Study: Jennifer INCOME Lump sum income Monthly income TOTALS: $21,500 $750/month EXPENSES One-time expenses Monthly expenses TOTALS: $19,000 $ If we compare her monthly income to her monthly expenses, Jennifer is short by $ a month ($1942 for the 8 months she will be in Manitoba) After Jennifer pays her one-time expenses at the beginning of the school year, she will have $2500 left over. Therefore, Jennifer will have to use that $2500 to help cover her ongoing expenses throughout the year

20 Tracking Expenses Tracking expenses verifies the accuracy of your COL. There are a number of ways to track expenses: Keep all receipts; tally for the month or the week. Write down all purchases/spending in a notebook. You may be surprised how quickly small expenses add up, like buying coffee daily. *recording purchases daily may be easier than tallying up all purchases at the end of the month.

21 Review, Revise & Plan If you have a shortfall (spending more money than you make): How can you cut back on your spending? Can you increase your income? Can you set limits on your spending? For example, limiting eating out to $10 a week If you have a surplus (money left over): Pay off debt Increase savings Start an emergency fund for unexpected expenses

22 Setting Goals SMART Specific Exactly what is the goal? Measurable What is the cost in dollars? Action oriented What is the plan and structure? Relevant Is the goal realistic for you? Time certain Process should have due date

23 Credit: Credit cards vs. debit cards, the cost of interest, and using credit wisely

24 What is a Debit Card? A debit card is a card issued by a bank, letting you access the funds you have in your account. With every purchase, your bank balance goes down. You can also withdraw funds from your account at an ATM.

25 What is Credit? Credit is the ability to obtain goods or services before payment, based on the trust that payment will be made in the future. What is Interest? Money you pay to the credit card company for the ability to use borrowed funds. If you do not pay off your credit card each month, your interest charges will increase the cost of everything you buy. if you pay off your balance in full each month and don t use the card for cash advances, you won t pay any interest.

26 Credit Cards A credit card lends the user a limited amount of money to pay for goods and services, with the promise to pay the money back by a certain date If you don t pay the balance off in full every month, you will be charged interest Credit cards are different from debit cards as a debit card allows you access to funds in your bank account while a credit card allows you access to BORROWED funds that you must repay. The amount of borrowed money you can access is called your credit limit Many banks offer student credit cards with low credit limits.

27 Cash Advances on Credit Cards A cash advance is money withdrawn from a credit card It is still debt, and the amount you withdraw will be added to your credit card balance, the same way as a purchase would be The interest on cash advances is even higher than regular purchases Interest is charged from the moment the money is withdrawn until the day it is entirely paid off

28 Annual Percentage Rate (APR) Yearly amount of interest applied to borrowed money or loans to find out how much you are paying divide your APR by 12 and multiply your debt load by the interest Example: your credit card has 18.99% APR 18.99%/12 = 1.58% multiply your balance by this amount to find how much interest you pay monthly

29 Lines of Credit A loan that lets you borrow money up to a certain limit Given by a financial institution to those who qualify Eligibility requirements can include a certain level of income, pledging security, a good credit rating, etc. Advantage: lower interest rates, usually have no fees Disadvantage: interest rates change depending on the market conditions, and easy access to borrowed money may get you in trouble with debt

30 Lines of Credit Some banks offer student lines of credit to help students pay for the cost of education many require that you have a Canadian cosigner Interest only payments are required while you are in school Co-signer: When someone co-signs a debt for you, they are taking legal responsibility for that debt. If you don t pay back what you owe, the cosigner becomes responsible for paying back the debt.

31 Student Loans Loans to help you pay for school- typically given by the government To qualify, you must be a Canadian citizen, permanent resident (landed immigrant), or protected person. You also must be a Manitoba resident Usually you receive a federal portion from the Government of Canada and a provincial portion from the Government of Manitoba You apply for both portions with Manitoba Student Aid Visit canlearn.ca for more information You do not have to make payments on the loan until 6 months after you stop attending school

32 Cell Phones When you sign your contract you are committing to make payments every month for a pre-determined length of time If you stop making payments and do not cancel your contract, you can incur debt to your phone company Cancelling a contract costs money Be VERY cautious about getting a phone contract for someone else, but putting it in your name

33 The Cost of Credit Source: fcac.gc.ca credit card payment calculator Balance Interest rate Monthly payment $ % Minimum payment* ($30 initially) $ % Minimum payment* + $5 $ % $50 fixed payment $ % Minimum payment* ($30 initially) $ % Minimum payment* + $5 $ % $50 fixed payment Time it will take to pay off 10 years and 5 months 6 years and 4 months 2 years and 1 month 19 years and 2 months 8 years and 8 months 2 years and 4 months Cost of interest Total cost $ $1, $ $ $ $ $ $ $ $ $ $ * Minimum payment calculated as $10 or 3%, whichever is greater. As you pay off your balance, the minimum payment decreases

34 Using Credit Wisely Before getting credit 1. Read the Credit Card Application and ask questions 2. Know yourself and your spending habits. 3. Limit the number of credit cards you apply for. When you Have Credit 1. Avoid impulse buys. 2. Pay off your credit card every month 3. If you can t pay off your card balance, make AT LEAST the minimum payment 4. Make regular payments to help build a good credit history. 5. If your credit card balance is growing, stop using your credit card until you get your finances under control. Source: FCAC

35 Using Credit Wisely 6. Avoid taking cash advances on your credit card 7. Every month, read your credit card statement to check for mistakes 8. If your credit card has a rewards program, don t buy things you don't need just to get points. 9. If unexpected expenses come up, talk to your financial institution about your options. 10. Keep your card, your PIN, and your security code safe, private, and secure. Source: FCAC

36 The Dangers of Using Credit Having limited knowledge of debt and credit can put you at risk. The convenience of some forms of credit make it easy to accumulate debt. Interest rates can cause your debt to increase faster than you can pay it off. Remember that having a credit card doesn t increase the amount of money you have available to spend. A credit limit is borrowed funds, not actual money.

37 Your Credit Report- the Importance of Using Credit Wisely When you use a credit card (or other types of credit/loans), your payment history is reported to 2 credit bureaus in Canada: Equifax and TransUnion. This information creates your credit report, a snapshot of your borrowing history. If you have missed payments, been late making payments, or have not paid your debts, you will have more difficulty borrowing money in the future.

38 Do you have questions about anything you learned today? Are you struggling with debt? Do you want help setting up a budget? Give us a call! Portage Ave Winnipeg, MB R3C 0B9 Phone #: (204) Fax #: (204) Toll Free #: debthelpmanitoba.com

Planning Your Path Forward. An Information and Resource Guide for Parents

Planning Your Path Forward. An Information and Resource Guide for Parents Planning Your Path Forward An Information and Resource Guide for Parents Getting ready to move into a job and financial independence is exciting but it may also be scary. There are many actions you can

More information

MAKING YOUR MONEY WORK. Diploma

MAKING YOUR MONEY WORK. Diploma MAKING YOUR MONEY WORK Diploma MAKING YOUR MONEY WORK YOU CAN MAKE YOUR MONEY WORK A Literacy Partners of Manitoba publication Money is important to everyone. Money has value and is used to get the things

More information

Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS

Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS Make a Smart Start Toward Financial Success SUNY ORANGE STUDENTS A College Education is a Smart Investment High School Graduate $25,000 Some College $30,000 Associate s Degree $32,000 Bachelor s Degree

More information

What You Need To Know. Trent s Student Guide to Financial Literacy 2012-13

What You Need To Know. Trent s Student Guide to Financial Literacy 2012-13 What You Need To Know Trent s Student Guide to Financial Literacy 2012-13 Welcome to Trent University. In addition to the academic challenges students encounter in university, there are financial challenges

More information

Dimes to Riches Money Management for Teens in Grades 7-12

Dimes to Riches Money Management for Teens in Grades 7-12 Dimes to Riches Money Management for Teens in Grades 7-12 s e e r t n o row g t n s e o yd e n o M t a! h k t n a w b o n a k t u n By now yo Your parents are & Life is getting busy and you need cash for

More information

Financial Literacy. Banking and financial services

Financial Literacy. Banking and financial services Financial Literacy Banking and financial services HANDOUT 4-1 Banks and credit unions 1 Banks and credit unions are places where you can safely deposit your money, cash your cheques, pay your bills, ask

More information

20 Steps to Financial Health:

20 Steps to Financial Health: 20 Steps to Financial Health: Achieving Lifelong Financial Fitness American Consumer Credit Counseling 130 Rumford Avenue Auburndale, MA 02466 1.800.769.3571 ConsumerCredit.com On behalf of American Consumer

More information

manitobastudentaid.ca

manitobastudentaid.ca Accessible and Affordable Post-Secondary Education 2015-2016 FINANCE YOUR FUTURE! Manitoba Student Aid manitobastudentaid.ca S E C T I O N O N E PLAN AHEAD Education Costs If you have been looking at post-secondary

More information

Credit Cards and You. Spring 2003. This guide is for you if you would like to know more about:

Credit Cards and You. Spring 2003. This guide is for you if you would like to know more about: Credit Cards and You This guide is for you if you would like to know more about: Interest Rates Service Fees How to choose a credit card How interest is calculated on credit cards What to watch out for

More information

Overview. Develop a plan Understand financial aid Be a responsible borrower Take charge of credit cards Understand your credit Prevent identity theft

Overview. Develop a plan Understand financial aid Be a responsible borrower Take charge of credit cards Understand your credit Prevent identity theft Lisa Croat and Andrea Clark Lunch provided by the Higher One Financial Literacy Counts Grant Overview Develop a plan Understand financial aid Be a responsible borrower Take charge of credit cards Understand

More information

What is Credit? What Different Types of Credit Are Available?

What is Credit? What Different Types of Credit Are Available? Credit and Debt What is Credit? Credit is a contract between a lender, such as a bank, a credit card company, or a store, and an individual or company. The lender provides the money or access to money,

More information

Income, Expenses and Budget module

Income, Expenses and Budget module Income, Expenses and Budget module Trainer s introduction The skills to control your personal income, expenses and budget are the most basic tools that people need in their financial toolkit. But many

More information

Dealing with debt Top Tips

Dealing with debt Top Tips Dealing with debt Top Tips Don t ignore the problem it won t go away. The longer you leave it, the worse it will get. Get advice from the Student Advice Centre, Citizens Advice Bureau or other independent

More information

Debt Management. Dealing with Personal Debt

Debt Management. Dealing with Personal Debt Debt Management Dealing with Personal Debt Apprisen. All rights reserved. 8/24/2015 1 Setting Financial Goals Building a Strong Foundation Conduct a realistic self-assessment-think about what you want

More information

Grade 11 Essential Mathematics. Unit 2: Managing Your Money

Grade 11 Essential Mathematics. Unit 2: Managing Your Money Name: Grade 11 Essential Mathematics Unit 2: Page 1 of 16 Types of Accounts Banks offer several types of accounts for their customers. The following are the three most popular accounts used for everyday

More information

Four Steps to Reduce Your Debt

Four Steps to Reduce Your Debt Four Steps to Reduce Your Debt Overview Simple steps you can take to reduce your debt. Admit that you have a problem and commit yourself to fixing it. Stop debt spending. Make a spending plan. Pay down

More information

Let s assume you have found one or more ways to get money. You have an income coming in. You have money decisions

Let s assume you have found one or more ways to get money. You have an income coming in. You have money decisions CHAPTER 9: Taking Control of Your Money Let s discuss... $ Tracking r spending $ Budgeting $ Budgeting tips $ A sample budget Let s assume have found one or more ways to get money. You have an income coming

More information

Choosing the Right Credit Card for You. Credit Cards and You series

Choosing the Right Credit Card for You. Credit Cards and You series Choosing the Right Credit Card for You Credit Cards and You series About FCAC With educational materials and interactive tools, FCAC provides objective information about financial products and services

More information

Choosing the Right Credit. Credit Cards and You series

Choosing the Right Credit. Credit Cards and You series Choosing the Right Credit Card for You Credit Cards and You series About Financial Consumer Agency of Canada (FCAC) With educational materials and interactive tools, the Financial Consumer Agency of Canada

More information

Bank of North Dakota College Planning Center

Bank of North Dakota College Planning Center 2 Bank of North Dakota College Planning Center It s hard to believe that the way you save and spend money as a high school student sets the stage for your future. If you develop good habits now, you are

More information

Money Management 101 - A Guide to Smart Budgeting

Money Management 101 - A Guide to Smart Budgeting Summit Branches are conveniently located in Rochester (8), Seneca Falls (1), Buffalo (2), Syracuse (5) and Cortland (2) Money Management 101 - A Guide to Smart Budgeting Presented by The Summit Federal

More information

Overdraft Education Practice & Reference Materials

Overdraft Education Practice & Reference Materials Overdraft Education Practice & Reference Materials 2011 IN-Focus Digital Booklet Instructions 2 This booklet is designed for use with the First Financial Bank Overdraft Education video. Any unauthorized

More information

COLLEGE. Going from high school to college. Getting Ready for College CHAPTER 1. Getting organized

COLLEGE. Going from high school to college. Getting Ready for College CHAPTER 1. Getting organized CHAPTER 1 COLLEGE Getting Ready for College Going from high school to college means taking more difficult classes, meeting new people, and setting your own hours. But it also means taking charge of your

More information

How to Use a Financial Institution

How to Use a Financial Institution How to Use a Financial Institution Latino Community Credit Union & Latino Community Development Center HOW TO USE A FINANCIAL INSTITUTION LATINO COMMUNITY CREDIT UNION & LATINO COMMUNITY DEVELOPMENT CENTER

More information

BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING

BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING ABCs OF MORTGAGES SERIES BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING Smart mortgage decisions start here About Financial Consumer Agency of Canada (FCAC) With educational materials

More information

It s Your Paycheck! Glossary of Terms

It s Your Paycheck! Glossary of Terms Annual percentage rate The percentage cost of credit on an annual basis and the total cost of credit to the consumer. APR combines the interest paid over the life of the loan and all fees that are paid

More information

account statement a record of transactions in an account at a financial institution, usually provided each month

account statement a record of transactions in an account at a financial institution, usually provided each month GLOSSARY GLOSSARY Following are definitions for key words as they are used in the financial life skills resource. They may have different or additional meanings in other contexts. A account an arrangement

More information

Newcomer Finances Toolkit. Credit. Worksheets

Newcomer Finances Toolkit. Credit. Worksheets Newcomer Finances Toolkit Credit Worksheets Ottawa Community Loan Fund Fonds d emprunt Communautaire d Ottawa 22 O Meara St., Causeway Work Centre, Ottawa, ON K1Y 4N6 Tel: 613-594-3535 Fax: 613-594-8118

More information

Credit Cards: Advantages & Disadvantages

Credit Cards: Advantages & Disadvantages Credit Cards: Advantages & Disadvantages Latino Community Credit Union & Latino Community Development Center CREDIT CARDS: BUILDING A better FUTURE ADVANTAGES AND DISADVANTAGES Latino Community Credit

More information

Financial Literacy. Credit basics

Financial Literacy. Credit basics Literacy Credit basics 2 Contents HANDOUT 6-1 Types of credit Type of credit Lender Uses Conditions Revolving credit Credit Cards (secured and unsecured NOT prepaid) To make purchases, pay bills, make

More information

Banking and Alternatives

Banking and Alternatives making ends meet... and more! Banking and Alternatives Before You Begin For women in North America, relationships with service providers are as important as the product in predicting what choices they

More information

Savings and Bank Accounts

Savings and Bank Accounts LESSON 2 Savings Savings and Bank Accounts Quick Write Suppose a relative gives you a generous gift of $1,000 for your sixteenth birthday. Your parent or guardian says that you can spend $50 on things

More information

Credit Cards and You. Fall 2002. This guide is for you if you would like to know more about: How to choose a credit card

Credit Cards and You. Fall 2002. This guide is for you if you would like to know more about: How to choose a credit card Fall 2002 CREDIT CARDS AND YOU Credit Cards and You Fall 2002 This guide is for you if you would like to know more about: How to choose a credit card How interest is calculated on credit cards How to get

More information

MANAGING MADE EASY: WHY IT IS IMPORTANT TO START YOUNG WHAT YOU NEED TO KNOW

MANAGING MADE EASY: WHY IT IS IMPORTANT TO START YOUNG WHAT YOU NEED TO KNOW MANAGING YOUR BUDGETING MONEY: WHY IT IS IMPORTANT MADE EASY: TO START YOUNG WHAT YOU NEED TO KNOW A free publication provided by This complimentary publication is provided by Consolidated Credit Consolidated

More information

Credit Cards and You series. Understanding Credit Card Fees

Credit Cards and You series. Understanding Credit Card Fees Credit Cards and You series Understanding Credit Card Fees About FCAC With educational materials and interactive tools, FCAC provides objective information about financial products and services and informs

More information

Monthly Budget Tracker

Monthly Budget Tracker Expense Guide Monthly Budget Tracker Month Year Credit Canada Debt Solutions 2013 Credit Canada Debt Solutions. All rights reserved. No part of this publication may be reproduced or transmitted in any

More information

How Can You Reduce Your Taxes?

How Can You Reduce Your Taxes? RON GRAHAM AND ASSOCIATES LTD. 10585 111 Street NW, Edmonton, Alberta, T5M 0L7 Telephone (780) 429-6775 Facsimile (780) 424-0004 Email rgraham@rgafinancial.com How Can You Reduce Your Taxes? Tax Brackets.

More information

SCHULICH SCHOOL OF LAW BURSARY APPLICATION FREQUENTLY ASKED QUESTIONS

SCHULICH SCHOOL OF LAW BURSARY APPLICATION FREQUENTLY ASKED QUESTIONS SCHULICH SCHOOL OF LAW BURSARY APPLICATION FREQUENTLY ASKED QUESTIONS Here is a list of questions and answers we have compiled that will answer some of the most frequent question we get each year from

More information

Nova Scotia Student Assistance Office. Information on the Student Assistance Program

Nova Scotia Student Assistance Office. Information on the Student Assistance Program Nova Scotia Student Assistance Office Information on the Student Assistance Program What is Student Assistance? Government funded student financial assistance ensures students have equal access to post

More information

Credit and Debt Management module

Credit and Debt Management module Credit and Debt Management module Trainer s introduction Credit and debt probably cause more serious consumer problems than any other topic. It s relatively easy to take on debt, but harder to manage it

More information

Making a Budget and Sticking to It

Making a Budget and Sticking to It Budgeting and money management Making a Budget and Sticking to It Do you cringe when you hear the word budget? Sure, a budget involves a bit of work on your part, but the payoff is financial discipline

More information

Financial fitness for the future. Finances out of shape. Learn to manage your money. Managing your money

Financial fitness for the future. Finances out of shape. Learn to manage your money. Managing your money Finances out of shape. Learn to manage your money. Financial fitness for the future. Managing your money W E S T E R N U N I O N F O U N D A T I O N You want a better future. A better life. A better education.

More information

TABLE OF CONTENTS. Introduction 3. General Guidelines for Successful Account Management 3. Managing Your Checking Account. 1.

TABLE OF CONTENTS. Introduction 3. General Guidelines for Successful Account Management 3. Managing Your Checking Account. 1. TABLE OF CONTENTS Introduction 3 General Guidelines for Successful Account Management 3 Managing Your Checking Account 1. Check Register 2. Planning 3. Recording Your Transactions 4. Balancing Your Account

More information

What We Need to Know About. Credit Management & Credit Repair for Entrepreneurs

What We Need to Know About. Credit Management & Credit Repair for Entrepreneurs What We Need to Know About. Credit Management & Credit Repair for Entrepreneurs What is Credit? When someone lends you money, and you pay them back with interest, they have extended you credit. Credit

More information

2016 DollarWise Summer Youth Contest Final Quiz Study Guide

2016 DollarWise Summer Youth Contest Final Quiz Study Guide 2016 DollarWise Summer Youth Contest Final Quiz Study Guide The DollarWise Summer Youth Contest Final Exam questions are designed to test your full knowledge of the information provided in the contest.

More information

Using Credit to Your Advantage Credit Cards and Loans Participant Guide

Using Credit to Your Advantage Credit Cards and Loans Participant Guide Hands on Banking Using Credit to Your Advantage The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the program anytime at www.handsonbanking.org & www.elfuturoentusmanos.org

More information

The Cost of Payday Loans

The Cost of Payday Loans The Cost of Payday Loans Table of Contents What is a payday loan? 1 How does a payday loan work? 2 How and when do I pay back the loan? 4 How does a payday loan affect my credit report? 4 How much will

More information

Creating Your Financial Plan

Creating Your Financial Plan Chapter 3 Creating Your Financial Plan Chapter 3 helps you create a spending and savings plan. In Chapter 2 you set your goal and estimated how much you need to save each month and for how long to achieve

More information

for independent information mortgages made easy

for independent information mortgages made easy for independent information mortgages made easy About us We are an independent watchdog set up by the Government to: regulate firms that provide financial services; and help you make informed decisions

More information

GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1. Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide

GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1. Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 1 Give Yourself Some Credit! A Greylock Federal Credit Union Financial Literacy Guide GFCU_FusionBookofMoney.qxd 4/15/11 9:47 PM Page 2 Contents How Does

More information

Written credit card applications are required You must request the application.

Written credit card applications are required You must request the application. The Credit Card Act of 2010 limits teenagers ability to get credit cards and may slow the rate of college credit card debt and allow students to enter the real world with fewer financial obligations. Here

More information

Part 4: Borrowing Money and Using Credit

Part 4: Borrowing Money and Using Credit Part 4: Borrowing Money and Using Credit CHAPTER 11: Borrowing Money Let s discuss... $ Why people borrow more money today than in the past $ Why people borrow money $ Types of debt/credit $ The cost

More information

lesson six banking services supplemental materials 04/09

lesson six banking services supplemental materials 04/09 lesson six banking services supplemental materials 04/09 banking terms account Money deposited with a financial institution for investment and/or safekeeping purposes. assets Items of monetary value (e.g.,

More information

Chapter 06. What is Consumer Credit? Chapter 6 Learning Objectives. Introduction to Consumer Credit

Chapter 06. What is Consumer Credit? Chapter 6 Learning Objectives. Introduction to Consumer Credit Chapter 06 Introduction to Consumer Credit McGraw-Hill/Irwin Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. 6-1 Chapter 6 Learning Objectives 1. Define consumer credit and analyze

More information

Budgeting for Home Ownership

Budgeting for Home Ownership A HOME FOR YOUR FAMILY 7 Budgeting for Home Ownership Perhaps you are just beginning to think about buying a home sometime in the future. Or maybe you have already found a home you would like to buy. Whether

More information

Improve Your Credit Put Bad Credit Behind You

Improve Your Credit Put Bad Credit Behind You Improve Your Credit Put Bad Credit Behind You Improve your credit While it s possible to get by without credit, access to credit is essential for buying a home, financing a car or getting a credit card.

More information

A guide to business cash flow management

A guide to business cash flow management A guide to business cash flow management Contents 01. Cash flow management 01 02. Practical steps to managing cash flow 04 03. Improving everyday cash flow 06 04. How to manage cash flow surpluses and

More information

Savings Accounts CHOOSING THE RIGHT SAVINGS ACCOUNT FOR YOUR NEEDS

Savings Accounts CHOOSING THE RIGHT SAVINGS ACCOUNT FOR YOUR NEEDS Savings Accounts CHOOSING THE RIGHT SAVINGS ACCOUNT FOR YOUR NEEDS ISBN 978-0-662-48270-3 Catalogue No. FC5-10/2008E-PDF Table of Contents Introduction 2 What is a savings account? 2 What is the difference

More information

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account.

Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account a service provided by a bank allowing a customer s money to be handled and tracks money coming in and going out of the account. Account fee the amount charged by a financial institution for the

More information

A CONVERSATION ABOUT MONEY. Q. What is a spending plan? 1. Where am I now? 2. Where do I want to be? 3. How will I get there?

A CONVERSATION ABOUT MONEY. Q. What is a spending plan? 1. Where am I now? 2. Where do I want to be? 3. How will I get there? You and Your Money This publication is intended to provide general information only and is not a substitute for legal advice. WHAT S INSIDE SO HOW DO YOU SPEND YOUR MONEY?...2 WHERE AM I NOW?...3 HOW WILL

More information

Advice. Support. Savings. Rewards.

Advice. Support. Savings. Rewards. Advice. Support. Savings. Rewards. RBC Group Advantage Program The RBC Group Advantage program gives you what you need to get the most out of your everyday banking, with advice, support, savings and rewards

More information

CHECKING 101 EDUCATION. Practice & Reference Material

CHECKING 101 EDUCATION. Practice & Reference Material CHECKING 101 EDUCATION Practice & Reference Material BOOKLET INFORMATION Thank you for your willingness to learn more about managing your checking account and how to better use the tools Academy Bank offers

More information

Using Credit to Your Advantage.

Using Credit to Your Advantage. Using Credit to Your Advantage. Topic Overview. The Using Credit To Your Advantage topic will provide participants with all the basic information they need to understand credit what it is and how to make

More information

Choosing the Right Savings Account

Choosing the Right Savings Account BANKING Choosing the Right Savings Account A savings account is a good way to save money for short-term goals or to build an emergency fund for unexpected expenses. The interest rate, account fees and

More information

How do I get good credit?

How do I get good credit? Slide 1 Credit The information provided in this e-course is intended for educational purposes only and does not constitute specific advice for you as an individual. When evaluating your particular needs,

More information

Choosing the Right Chequing Account and Banking Package

Choosing the Right Chequing Account and Banking Package BANKING Choosing the Right Chequing Account and Banking Package A chequing account is a good way for most people to manage their day-to-day banking needs. Banks, credit unions, caisses populaires and other

More information

RCU has you covered when it comes to insurance

RCU has you covered when it comes to insurance RCU has you covered when it comes to insurance Coming into the warmer months means that unpredictable weather is just around the corner. This also means that it s the perfect time of year to make sure

More information

Be Credit Wise Credit is a way of having something now and paying for it later. Many

Be Credit Wise Credit is a way of having something now and paying for it later. Many Be Credit Wise Credit is a way of having something now and paying for it later. Many of us want to take advantage of flexibility in our spending plans by using credit. Credit isn t free; it s paid for

More information

Secured Credit Cards. A secured credit card might be for you if:

Secured Credit Cards. A secured credit card might be for you if: Secured Credit Cards A secured credit card might be for you if: You need to build a credit history or rebuild a poor credit score You are having difficulty obtaining other types of credit cards How Secured

More information

MODULE EIGHT. Credit Reports MODULE EIGHT

MODULE EIGHT. Credit Reports MODULE EIGHT making ends meet... and more! Before You Begin Once again, a need for trusting relationships is likely to affect whether women will go to a Credit Bureau. Through conversations with Stella s Circle participants

More information

Understanding Credit. Megan Stearns, Credit Counselor

Understanding Credit. Megan Stearns, Credit Counselor Understanding Credit Megan Stearns, Credit Counselor Obtaining your free credit report will lower your credit score. Closing old accounts can help your credit score. Paying off the balances on your credit

More information

Budget Busters: Who s Breaking the Bank?

Budget Busters: Who s Breaking the Bank? Time Required: 15 minutes Budget Busters: Where does all your money go? No matter how much money you earn, a careful budget lets you know exactly what happens to your cash. Below are three different cash

More information

Buying Your First Home: Three Steps to Successful Mortgage Shopping

Buying Your First Home: Three Steps to Successful Mortgage Shopping ABCs of Mortgages Series Buying Your First Home: Three Steps to Successful Mortgage Shopping Smart mortgage decisions start here Note: FCAC s Mortgage Calculator tool, available at itpaystoknow.gc.ca,

More information

Agenda. 1. Assessing Your Situation A. 3 types of consumers B. Net Worth C. Net Cash Flow

Agenda. 1. Assessing Your Situation A. 3 types of consumers B. Net Worth C. Net Cash Flow 1 Agenda 1. Assessing Your Situation A. 3 types of consumers B. Net Worth C. Net Cash Flow 2. Revolving Credit A. Credit vs. Charge vs. Debit Cards B. Tips on Revolving Credit C. Home Equity Line Credit

More information

What Is Direct Loan Entrance Counseling?

What Is Direct Loan Entrance Counseling? What Is Direct Loan Entrance Counseling? Federal regulations require that you, as a first-time student loan borrower, complete an Entrance Counseling session. You can complete the entire session online

More information

CRA requires that all offshore assets in excess of $100,000 CDN be declared by the taxpayer. Please inform us if this situation applies to you.

CRA requires that all offshore assets in excess of $100,000 CDN be declared by the taxpayer. Please inform us if this situation applies to you. T1 Personal Income Tax Checklist THE MINIMUM FEE FOR A BASIC PERSONAL TAX RETURN FOR A FAMILY WILL BE $325. THE MINIMUM FEE FOR A PERSONAL TAX RETURN FOR A FAMILY, INCLUDING SELF-EMPLOYMENT INCOME, RENTAL

More information

Pop Quiz Question 1. Pop Quiz Question 1. Pop Quiz Question 2. Pop Quiz Question 2. Pop Quiz Question 3

Pop Quiz Question 1. Pop Quiz Question 1. Pop Quiz Question 2. Pop Quiz Question 2. Pop Quiz Question 3 Pop Quiz Question 1 Budgeting and financial planning can help you: a) discover the secret to happiness b) become a millionaire c) achieve your life goals Pop Quiz Question 1 Budgeting and financial planning

More information

Credit Cards and You series. Credit Cards: Understanding. Responsibilities

Credit Cards and You series. Credit Cards: Understanding. Responsibilities Credit Cards and You series Credit Cards: Understanding Your Rights and Your Responsibilities About Financial Consumer Agency of Canada (FCAC) With educational materials and interactive tools, the Financial

More information

Your Money Matters! Financial Literacy Teacher Guide. Thanks to TD for helping us bring this resource to schools for free.

Your Money Matters! Financial Literacy Teacher Guide. Thanks to TD for helping us bring this resource to schools for free. Your Money Matters! Financial Literacy Teacher Guide 2 Table of Contents: Introduction...3 Toronto Star epaper...4 Financial Awareness Inventory...5 SPENDING To Spend or Not to Spend Activity...6 I Need

More information

for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook

for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook Welcome! This workshop is about credit. Credit is buying something now, but paying for it later. Credit can be useful

More information

Personal Loans 101: Understanding Personal Loans

Personal Loans 101: Understanding Personal Loans Personal Loans 101: Understanding Personal Loans When it comes to borrowing money, consumers have a variety of choices, ranging from credit cards to home equity loans. Personal loans are used for various

More information

Cash or Credit? LESSON LESSON DESCRIPTION AND BACKGROUND TIME REQUIRED MATERIALS ECONOMIC AND PERSONAL FINANCE CONCEPTS ADDITIONAL RESOURCES

Cash or Credit? LESSON LESSON DESCRIPTION AND BACKGROUND TIME REQUIRED MATERIALS ECONOMIC AND PERSONAL FINANCE CONCEPTS ADDITIONAL RESOURCES LESSON Cash or Credit? LESSON DESCRIPTION AND BACKGROUND Most students are aware of the variety of payment options available to consumers. Cash, checks, debit cards, and credit cards are often used by

More information

Personal Management Merit Badge Worksheet Requirements Were Completely Revised 01/01/98

Personal Management Merit Badge Worksheet Requirements Were Completely Revised 01/01/98 Personal Management Merit Badge Worksheet Requirements Were Completely Revised 01/01/98 1. Do the following: a) Lead a discussion with your family to identify one family financial goal that must be saved

More information

Money. Management 101

Money. Management 101 Money Management 101 My Table of Contents 1 My Savings 6 My Checking 9 My Credit 12 My Identity A Resources B Resources C The Credit Union Difference 1 Learn about Goal Setting & Financial Planning Wise

More information

Credit Workshop. What I need to know about credit and lending products of financial institutions. Financial Education Supported by:

Credit Workshop. What I need to know about credit and lending products of financial institutions. Financial Education Supported by: Credit Workshop What I need to know about credit and lending products of financial institutions. Financial Education Supported by: Concept Checklist What will I learn today? [ ] What is Credit? [ ] Advantages/

More information

Finances for College Students

Finances for College Students Finances for College Students If you are like most college students, your top priority is your education, but you can make sure monetary concerns don t get in the way of your studies by fitting financial

More information

Working with your banker

Working with your banker Working with your banker Business CoaCH series How the system works What your bank expects of you How to maintain a banker-friendly relationship Business Coach series Getting support when you need it The

More information

Money Management. A College Student s Guide to Success. Lisa Wainwright Missouri State University Real LIFE

Money Management. A College Student s Guide to Success. Lisa Wainwright Missouri State University Real LIFE Money Management A College Student s Guide to Success Lisa Wainwright Missouri State University Real LIFE 0 1/24/2011 Missouri State University Real LIFE Tip 1: Set Your Goals The first thing you do before

More information

IMPORTANCE OF CREDIT HISTORY AND SUCCESSFUL SAVING

IMPORTANCE OF CREDIT HISTORY AND SUCCESSFUL SAVING IMPORTANCE OF CREDIT HISTORY AND SUCCESSFUL SAVING From America Saves and Experian WHAT IS A CREDIT REPORT AND SCORE? A credit score is a three digit number that measures how likely you are to repay a

More information

Using Credit Wisely LESSON 14: TEACHERS GUIDE

Using Credit Wisely LESSON 14: TEACHERS GUIDE Using Credit Wisely LESSON 14: TEACHERS GUIDE As teens prepare to enter the financial world, there are many elements for them to consider when it comes to credit. Whether they are off to college in a few

More information

Teacher's Guide. Lesson Six. Banking Services 04/09

Teacher's Guide. Lesson Six. Banking Services 04/09 Teacher's Guide $ Lesson Six Banking Services 04/09 banking services websites Students will make wise choices about their banking services once they understand such fundamentals as: selecting and managing

More information

Keeping Your Home - Protect your investment

Keeping Your Home - Protect your investment Keeping Your Home - Protect your investment People who plan, budget and save for successful homeownership have a much better chance of keeping a roof over their heads and building wealth as property values

More information

Welcome! You ve made a wise choice opening a savings account. There s a lot to learn, so let s get going!

Welcome! You ve made a wise choice opening a savings account. There s a lot to learn, so let s get going! Savings Account Welcome! Welcome to Young Americans Bank, the only bank in the world designed specifically for young people! Mr. Bill Daniels started Young Americans Bank in 1987 because he thought it

More information

Guide to Reverse Mortgages

Guide to Reverse Mortgages Guide to Reverse Mortgages Prepared by Steve Juetten, CFP Juetten Personal Financial Planning, LLC. www.finpath.com 425-373-9393 Disclaimer: the information in this report was prepared from reliable sources;

More information

Understanding Your Credit Report

Understanding Your Credit Report Understanding Your Credit Report What is credit? Credit is the use of someone else s money in exchange for a promise to pay it back on a given date. There are two major types of credit: Revolving and Installment.

More information

Understanding Credit BY Sallie Mae and FICO

Understanding Credit BY Sallie Mae and FICO Understanding Credit BY Sallie Mae and FICO Lisa Mitchell, Sallie Mae Brad Riebel, Sallie Mae April 2015 Session Focus Overview FICO and Sallie Mae partnership on ways to help students understand why credit

More information

Lesson 13 Take Control of Debt: Become a Savvy Borrower

Lesson 13 Take Control of Debt: Become a Savvy Borrower Lesson 13 Take Control of Debt: Become a Savvy Borrower Lesson Description After reviewing the difference between term loans and revolving credit, students analyze a fictitious character s use of credit

More information

TABLE OF CONTENTS. Introduction 3. General Guidelines for Successful Account Management 3. Managing Your Checking Account. 1.

TABLE OF CONTENTS. Introduction 3. General Guidelines for Successful Account Management 3. Managing Your Checking Account. 1. TABLE OF CONTENTS Introduction 3 General Guidelines for Successful Account Management 3 Managing Your Checking Account 1. Check Register 2. Planning 3. Recording Your Transactions 4. Balancing Your Account

More information

GET CREDITWISE SM SM

GET CREDITWISE SM SM GET CREDITWISE SM SM Table Of Contents October, 2006 Credit Matters 1 An introduction Establishing Credit 3 Begin building a solid financial base Using Credit Wisely 5 Narrowing your options Monitoring

More information

Financial Planning Guide For Canadian Students

Financial Planning Guide For Canadian Students Financial Planning Guide For Canadian Students Ross University Office of Student Finance 630 U.S. Highway 1 Suite 300 North Brunswick, NJ 08902 (732) 509-4600 FinAid@RossU.edu 1 (800) ROYAL-11 www.rbcroyalbank.com

More information