Bank of North Dakota College Planning Center

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Bank of North Dakota College Planning Center"

Transcription

1

2 2 Bank of North Dakota College Planning Center

3 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 likely to be smart with your money as an adult. This booklet is a quick guide to get you started. If you would like to learn more, visit the high school student section of the College Planning Center website and click on Managing college finances. Scan QR Code to get started! banknd.nd.gov 3

4 Get Organized Start a filing system so you know when your bills are due and how much you owe. It saves time, money, and headaches if you keep everything in one place. In your file, keep copies of: Set your budget Where does your money come from? You may receive money from a job, student loans, or a savings account. List these under the income portion of the table and add them up. Then, figure out your expenses to see if you have enough money to get through the month or school semester. +If you find that you don t have enough income to cover your expenses, divide your expenses between needs and wants. Cut 4 back on those expenses that are wants so you don t overspend. Bank of North Dakota College Planning Center

5 Monthly Income Net salary (after taxes and FICA) $ Student loans $ Other sources (family, savings account) $ Total monthly income $ Monthly Expenses Books $ Cable TV/Internet $ Car expenses (insurance, gas, maintenance) $ Car payment $ Child care $ Clothing $ Computer, printer, paper $ Dental and eye care (glasses, braces, regular visits) $ Emergency fund $ Entertainment $ Extras (like gifts or tax preparation) $ Food $ Housing (rent or dorm room expenses) $ Housing maintenance (appliances, yard, etc) $ Laundry (coin operated laundry or dry cleaning) $ Medical expenses (insurance, medication, co-pays) $ Other loans/payments $ Personal items (like household and toiletries) $ Savings $ Telephone/Internet $ Tuition and fees $ 0Total monthly expense $ Balance: Total monthly income monthly expenses = $

6 Monitor your checking and credit card balances Pay close attention to your checking account and credit card balances. If you spend more than you make each month on a regular basis, you may find yourself in money trouble. Keep your receipts and make sure they match what s on your bank statement every month. Use your monthly statement or online banking record to reconcile the balance in your checkbook every month. Online banking allows you to check your balance more often. If you need help learning to balance your checking account, ask your bank or credit union. There is usually a worksheet on the back of the statement that you can use to help determine your balance. Always know the accurate, up-to-date balance of your checking account. Realize the balances you get from the ATM or the number may give you a balance that is greater than the actual amount in the account. Checks can take several days and longer to clear your account and they are not deducted from your balance until they clear. Review your credit card statement every month to make sure that someone has not stolen your identity and charged on your account. Credit Smart A credit card can make it easy to overspend. If you have a card, you must pay for what you buy. You don t get a break because you are a teen. If you spend more money than you are able to pay back, you can ruin your credit score, also known as a credit rating. Businesses may look at your credit score before renting to you, giving you a job, making a car loan, or giving you a credit card. Credit information will typically stay on your report for seven years. As a student, you can think of your credit report as your credit transcript and your credit score as your credit GPA. The scale ranges from 300 to 850. Scores above 700 are generally considered to be good. Credit scores are based on your total debt, the age of the accounts, number of credit accounts including new credit inquiries, and the proportion of credit card balance to the total available credit card limit. 6 Bank of North Dakota College Planning Center

7

8 Establish a good credit history You will establish a good credit rating if you: Pay all bills on time Establish a checking and/or savings account and use them responsibly Have a telephone and utilities billed in your name Pay student loans on time after you are done with college The Loan Truth Nothing in life is free. If you borrow money, you need to pay it back with interest. The longer it takes to pay off a loan, the more it costs. You start paying for student loans six months after you graduate or leave college. Make sure that the career you choose will pay you enough so you can repay your loans. Your high school or college financial aid counselor can help you set a reasonable amount for student loans. The balance of college expenses may be paid by your savings, scholarships, gifts from relatives, or a part-time job. Choose the best credit card for you As a teenager, you are a prime marketing target for credit card companies. Do your research before signing up for a card so you get the best deal. Fees, charges, and benefits vary among credit card issuers. Compare these features and select a card that fits your needs: Annual Percentage Rate (APR): A measure of the cost of credit, expressed as a yearly interest rate. Grace Period: The time between the date of a purchase and the date interest starts being charged on that purchase. Annual Fees: Many credit card issuers charge an annual fee for granting you credit. Transaction Fees and other charges: These fees are charged if you use the card to get a cash advance, if you fail to make a payment on time, or if you exceed your credit limit. 8 Bank of North Dakota College Planning Center

9 Identity theft Stealing the identity of unsuspecting people is big business. Thieves get your private information by looking through your trash, stealing your credit card numbers when they process your card, pretending to be a financial institution or government agency and calling you for information, hacking into your and online accounts, and stealing your wallet or purse. Identity theft is a big deal. It can ruin your credit rating and your name. Always shred your financial documents and paperwork when you are done with them. Keep your social security card and personal information in a safe place, not your wallet or in a drawer that others can open. Never give your social security number or other personal information unless you know who you are dealing with. Don t click on links unless you know where they come from. Select a password that isn t obvious to others. Credit card reminders Credit Card Do s Pay the balance in full every month on time. If you can t pay the full balance, pay more than the minimum payment so you reduce your principal balance. Use only for emergencies or for purchases you can afford to pay for that month Limit the number of cards you have Keep copies of sales slips that are charged and compare them to your statement If your card becomes stolen, report it immediately to the credit card company. Credit Card Don'ts Don t sign up for a credit card to receive a free gift Don t spend on impulse Don t spend up to the maximum credit limit Don t share your card or account information Don t open additional cards to pay off other debt. banknd.nd.gov 9

10 If you suspect someone has stolen your identity, Act immediately! If you have strange charges on your card, receive bills that you do not expect, or are denied credit even if you ve paid your bills, your identity may have been stolen. Contact your credit card company right away. Check your credit report and place a Fraud Alert on the report if needed. Visit AnnualCreditReport.com or call to order a free credit report. If your identity has been stolen, visit ftc.gov/idtheft so you know what steps to take. If you have difficulty paying your bills, don t ignore troubles. Tackle them. As soon as you realize you may have trouble paying your bills, you need to come up with a plan. You won t solve anything if you avoid phone calls and other contacts from the people you owe. The people you owe money to are called creditors, and they are usually willing to make new arrangements if you work with them. The first step is to determine the amount of money you have coming in every month and the expenses that you must meet. Expenses you must meet include rent, food, car payments, loan payments, insurance, and transportation and car payments. See the budget form on page 5. Then, create a plan that shows the amount you can realistically pay to each creditor every month. Now it s time to call creditors and ask them to work with you so you can repay your debt without damaging your credit rating. Having difficulty creating a plan? Get help if you are having difficulty coming up with a plan. Credit counseling agencies offer advice and take an active role to help you manage your money. There are a number of nonprofit organizations that provide this service free or for a small charge. You can receive information on budgeting, setting up a payment plan, and educational programs. Avoid agencies that charge high fees for this service. 10 Bank of North Dakota College Planning Center

11 Avoid quick fixes Some companies prey on those who aren t paying their bills by promising to take care of everything for you for a fee. Avoid these companies because they often try to talk you into filing for bankruptcy and charge to help you do that. Bankruptcy stays on your credit report for10 years and hinders your ability to get credit, so it should always be the last resort. To sum it up Practice good habits and keep spending under control. If you get in trouble, solve the issue rather than ignore it. You can visit the College Planning Center at banknd.nd.gov for more information. Call us or us and we ll be happy to help you. banknd.nd.gov 11

12 1200 Memorial Hwy PO Box 5524 Bismarck, ND TTY: FAX: banknd.nd.gov

Teacher's Guide. Lesson Eight. Credit Cards 04/09

Teacher's Guide. Lesson Eight. Credit Cards 04/09 Teacher's Guide $ Lesson Eight Credit Cards 04/09 credit cards websites Before students use credit cards, it's important that they familiarize themselves with: the advantages and disadvantages of credit

More information

TALKING POINTS COLLEGE STUDENTS PRESENTED BY JEAN CHATZKY AND PASS FROM AMERICAN EXPRESS SM

TALKING POINTS COLLEGE STUDENTS PRESENTED BY JEAN CHATZKY AND PASS FROM AMERICAN EXPRESS SM INTRODUCTION Give your kids a heads-up that tonight you re going to make some time to talk about money. It won t take all night, but they should clear their schedule. If your kid is away at college, and

More information

GETTING. Credit. What you need to know about. www.ftc.gov/gettingcredit

GETTING. Credit. What you need to know about. www.ftc.gov/gettingcredit GETTING Credit www.ftc.gov/gettingcredit yourcredit. What you need to know about Toll-Free 1-877-FTC-HELP (1-877-382-4357) www.ftc.gov The Federal Trade Commission (FTC) is the nation s consumer protection

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

Protecting Yourself from Identity Theft

Protecting Yourself from Identity Theft Protecting Yourself from Identity Theft Guide 4 Because you don t have to be the next victim Desert Schools Money Matters Series Guiding you toward financial success Table of Contents How ID theft happens.............................

More information

SOME IDEAS THAT MAY HELP WITH. Credit Problems and How to Get Help

SOME IDEAS THAT MAY HELP WITH. Credit Problems and How to Get Help 66308 1083 9/9/04 3:03 PM Page Cov1 SOME IDEAS THAT MAY HELP WITH Credit Problems and How to Get Help 66308 1083 9/9/04 3:03 PM Page Cov2 Table of Contents Do you have a credit problem? 1 Minor credit

More information

Smart Money II A TOOL FOR DEALING WITH DEBT PROBLEMS

Smart Money II A TOOL FOR DEALING WITH DEBT PROBLEMS Smart Money II A TOOL FOR DEALING WITH DEBT PROBLEMS Table of Contents Do You Need Help with Debt Problems? 2 What Can You Do if You Cannot Meet a Payment? 3 How Are You Protected in Dealing with Credit

More information

Understanding Credit Cards

Understanding Credit Cards Understanding Credit Cards INTRODUCTION This brochure can help you understand how credit cards work, become familiar with common terms offered with a credit card, and avoid the dangers of using credit

More information

About Credit. Financial Literacy

About Credit. Financial Literacy About Credit Financial Literacy What is Credit? Credit is the ability to borrow money with a promise of future payment. Why borrow? Goals - car, appliances, furniture, etc Home Education Health Plan your

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

WHY YOUR CREDIT HISTORY MATTERS AND HOW TO IMPROVE IT.

WHY YOUR CREDIT HISTORY MATTERS AND HOW TO IMPROVE IT. WHY YOUR CREDIT HISTORY MATTERS AND HOW TO IMPROVE IT. CONTENTS. 1 WHY YOUR CREDIT HISTORY MATTERS 1 2 WHAT S CREDIT? 2 3 WHAT IS A CREDIT REPORT? 3 4 CHECKING YOUR CREDIT REPORT 4 5 IMPROVING YOUR CREDIT

More information

Teacher's Guide. Lesson Three. Credit Cards 07/13

Teacher's Guide. Lesson Three. Credit Cards 07/13 Teacher's Guide $ Lesson Three Credit Cards 07/13 credit cards websites Before students use credit cards, it's important that they familiarise themselves with: the advantages and disadvantages of credit

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

Lesson Module 3: Defensive Spending Tackling Credit & Debit Cards

Lesson Module 3: Defensive Spending Tackling Credit & Debit Cards Lesson Module 3: Defensive Spending Tackling Credit & Debit Cards Module 3 Overview Debit cards can be a very safe and convenient way to make purchases. But since money spent on a debit card comes right

More information

Building a CREDIT REPORT. Federal Trade Commission consumer.ftc.gov

Building a CREDIT REPORT. Federal Trade Commission consumer.ftc.gov Building a CREDIT REPORT Federal Trade Commission consumer.ftc.gov Shopping for a car? Applying for a job? Looking for a home? Getting your financial house in order? It s time to check your credit report.

More information

Achieve Financial Success

Achieve Financial Success Achieve Financial Success Make Your Education and Financial Goals a Reality All About Your Success Achieve Financial Success Make Your Educational and Financial Goals a Reality Financial success is a lifelong

More information

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About:

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About: Loan Lessons Course Objectives Learn About: Different Types of Loans How to Qualify for a Loan Different Types of Interest The Low-Down on Loans, Interest and Keeping Your Head Above Water usbank.com/financialeducation

More information

Chapter 27 Credit and the Law

Chapter 27 Credit and the Law Chapter 27 Credit and the Law Section 27.2 Solving Credit Problems Read to Learn Identify sources of credit fraud and precautions that can prevent it. Discuss ways to repair credit problems. The Main Idea

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

Part 2 Test Questions

Part 2 Test Questions Module 1 1. To reach a financial goal you should a. Spend less than you make so you can save money to reach the goal. b. Borrow from family or friends. c. Depend on luck, like winning the lottery. d. Not

More information

Personal Banking 101 Interested in learning about how to manage your money? Personal Banking 101 will help you understand the financial fundamentals.

Personal Banking 101 Interested in learning about how to manage your money? Personal Banking 101 will help you understand the financial fundamentals. Personal Banking 101 Interested in learning about how to manage your money? Personal Banking 101 will help you understand the financial fundamentals. Checking Account If you need a safe place to keep your

More information

u n i t f i v e Credit: Buy Now, Pay Later To use credit wisely you need to know oming soon to a what s really

u n i t f i v e Credit: Buy Now, Pay Later To use credit wisely you need to know oming soon to a what s really Unit Five Credit: Buy Now, Pay Later To use credit wisely you C need to know oming soon to a what s really mailbox near you credit card offers! involved. If you haven t started receiving them already,

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

lesson eight credit cards overheads

lesson eight credit cards overheads lesson eight credit cards overheads shopping for a credit card costs: Annual Percentage Rate (APR) or Finance (Interest) Charges Grace period Annual fees Transaction fees Balancing computation method for

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

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

PRACTICAL MONEY GUIDES CREDIT CARD BASICS. What you need to know about managing your credit cards

PRACTICAL MONEY GUIDES CREDIT CARD BASICS. What you need to know about managing your credit cards PRACTICAL MONEY GUIDES CREDIT CARD BASICS What you need to know about managing your credit cards TAKE CHARGE WHEN YOU CHARGE Credit cards can be powerful financial tools for you and your family, and as

More information

A crash course in credit

A crash course in credit A crash course in credit Ever get the feeling that you re being watched? That someone s keeping an eye on how you handle your money? Well, you re not just imagining things. Banks, credit card companies,

More information

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About:

Loan Lessons. The Low-Down on Loans, Interest and Keeping Your Head Above Water. Course Objectives Learn About: usbank.com/student financialgenius.usbank.com Course Objectives Learn About: Different Types of Loans How to Qualify for a Loan Different Types of Interest Loan Lessons The Low-Down on Loans, Interest

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

Managing Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com

Managing Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Apprisen 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Your credit score is one of the most important aspects of your personal finances. From

More information

Budgeting: Managing Your Money with a Spending Plan

Budgeting: Managing Your Money with a Spending Plan Budgeting: Managing Your Money with a Spending Plan Budgeting: Managing Your Money with a Spending Plan Are you making the best use of your money? Do you have a handle on how much comes in each month and

More information

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i

MANAGING CREDIT101 TM %*'9 [[[ EPXEREJGY SVK i MANAGING CREDIT101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,

More information

Why Credit is Important

Why Credit is Important Page 1 Why Credit is Important Page 6 How to Protect Yourself from Identity Theft Page 7 Cosigning and Money Lending Tips Page 8 How to Avoid Credit Card Interest Why Credit is Important Learning to build

More information

Information to Protect Our Customers From Identity Theft

Information to Protect Our Customers From Identity Theft Our Customers From Identity Theft Identity (ID) Theft Capital One understands that ID Theft is a growing concern of our customers, and that it is a frustrating experience for victims. We share these concerns

More information

Brought to you by PEPCO FCU. Seminar objectives

Brought to you by PEPCO FCU. Seminar objectives Take Charge: Wise Use of Credit Cards Brought to you by PEPCO FCU Seminar objectives Learn: Benefits and costs of credit cards How to build a good credit history Warning signs of too much debt How to figure

More information

Budgeting Made Easy Simple Step-by-Step Instructions to Help You Build an Accurate Household Budget

Budgeting Made Easy Simple Step-by-Step Instructions to Help You Build an Accurate Household Budget Budgeting Made Easy Simple Step-by-Step Instructions to Help You Build an Accurate Household Budget Why Budget? Staying in control of your finances is tough, but it s even harder when you try to keep everything

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

03.04. Overview. Goal. Time Frame. We become what we behold. We shape our tools and then our tools shape us. Marshall McLuhan

03.04. Overview. Goal. Time Frame. We become what we behold. We shape our tools and then our tools shape us. Marshall McLuhan Section 03 Unit 04 Banking Services Credit Cards 03.04. We become what we behold. We shape our tools and then our tools shape us. Marshall McLuhan Overview A credit card can be a useful financial tool.

More information

Credit Matters ICAN. Be a Smart Credit Consumer. Iowa College Access Network. Iowa College Access Network

Credit Matters ICAN. Be a Smart Credit Consumer. Iowa College Access Network. Iowa College Access Network Credit Matters Be a Smart Credit Consumer ICAN Iowa College Access Network Iowa College Access Network ICAN Iowa College Access Network The Iowa College Access Network (ICAN) helps individuals attain their

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

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

Identity Theft Protection

Identity Theft Protection Identity Theft Protection Learning Objectives Discuss the aspects of identity theft Discuss the signs of recognizing when your identify has been stolen Understand the steps to take to reclaim your identity

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

EXAMPLE PRESENTATION SCRIPT. The following is an example script for the Are You Credit Wise? presentation.

EXAMPLE PRESENTATION SCRIPT. The following is an example script for the Are You Credit Wise? presentation. EXAMPLE PRESENTATION SCRIPT The following is an example script for the Are You Credit Wise? presentation. (Slide 1) Hi, my name is and I m a Junior studying. I m here today to talk about smart money management.

More information

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.

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. 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.ca debthelpmanitoba.com Todays Session Overview of Services Banking

More information

Over the last decade, Americans have been able to access credit too easily.

Over the last decade, Americans have been able to access credit too easily. Over the last decade, Americans have been able to access credit too easily. Being able to borrow too much allowed many of us to make bad decisions decisions that led to painful consequences. Now, the business

More information

CREDIT IN A NEW COUNTRY:

CREDIT IN A NEW COUNTRY: CREDIT IN A NEW COUNTRY: A GUIDE TO CREDIT IN CANADA A free publication provided by Consolidated Credit Counseling Services of Canada, Inc., a registered charitable credit counselling and debt management

More information

INTRODUCTION. Identity Theft Crime Victim Assistance Kit

INTRODUCTION. Identity Theft Crime Victim Assistance Kit Identity Theft Crime Victim Assistance Kit INTRODUCTION In the course of a busy day, you may write a check at the grocery store, charge tickets to a ball game, rent a car, mail your tax returns, change

More information

Familiarize yourself with laws that authorize and regulate vehicle dealership financing and leasing.

Familiarize yourself with laws that authorize and regulate vehicle dealership financing and leasing. W ith prices averaging more than $28,000 for a new vehicle and $15,000 for a used vehicle, most consumers need financing or leasing to acquire a vehicle. In some cases, buyers use direct lending: they

More information

Managing Money. Where does your money go? Eight Steps to Better Money Management. Setting Goals

Managing Money. Where does your money go? Eight Steps to Better Money Management. Setting Goals Option 7 Teacher Information Page 1 Where does your money go? Managing Money If you do not keep track of your expenses, you won t whether you are spending your money wisely. When you know where your money

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

AVOIDING THE DEBT TRAP

AVOIDING THE DEBT TRAP AVOIDING THE DEBT TRAP How to avoid rip-offs, manage your debt, & make financial decisions for your future As a college student, you are a prime target for financial institutions that may use confusing,

More information

Mapping Your Future Guide to Life after High School SM : Senior Year

Mapping Your Future Guide to Life after High School SM : Senior Year Mapping Your Future Guide to Life after High School SM : Senior Year Get prepared for life after high school Some people know from an early age exactly what they want to be when they are adults and how

More information

Money Management Basics

Money Management Basics Money Management Basics The feeling that you have control over your finances is one of the greatest satisfactions you can have in life. On the other hand, worrying about digging your way out of debt, or

More information

Fun, engaging and effective. Aligned with national financial education and core curriculum requirements.

Fun, engaging and effective. Aligned with national financial education and core curriculum requirements. Building Your Financial Foundation Adult Level Curriculum - Instructors Guide Fun, engaging and effective. Aligned with national financial education and core curriculum requirements. Lessons on: Credit

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

Using Credit to Your Advantage

Using Credit to Your Advantage Hands on Banking Using Credit to Your Advantage Credit Reports, Credit Scores and Dealing with Debt The Hands on Banking program is a free public service provided by Wells Fargo. You may also access the

More information

Understanding and managing your credit

Understanding and managing your credit Understanding and managing your credit Overview Understanding how credit works and how it affects your chances of getting approved for a loan is important. In this presentation, you ll learn helpful ways

More information

If you have not established credit, several options can help you obtain a credit card:

If you have not established credit, several options can help you obtain a credit card: Credit Cards The Basics. Do you understand what credit is and how to use it wisely? Like many of today's teenagers and college students, you appreciate the convenience and relative safety of credit cards.

More information

Protection. Identity. What should I do if I m. Common ID Theft TACTICS. a criminal obtains your personal information and uses it for his/her own gain.

Protection. Identity. What should I do if I m. Common ID Theft TACTICS. a criminal obtains your personal information and uses it for his/her own gain. Common ID Theft TACTICS. HOW DOES IT HAPPEN? Identity What should I do if I m a Protection PROTECT YOURSELF: OLD-FASHIONED STEALING: Criminals steal your wallet or purse. > Never leave your wallet or purse

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

Credit Cards. The Language of Credit. Student Loans. Installment Loans 12/17/2015. Quick Response. Unit 4 - Good Debt, Bad Debt: Using Credit Wisely

Credit Cards. The Language of Credit. Student Loans. Installment Loans 12/17/2015. Quick Response. Unit 4 - Good Debt, Bad Debt: Using Credit Wisely Quick Response Explain how you think credit cards work. How much do you have to pay every month? What happens if you pay late? What kinds of fees are involved? Unit 4 - Good Debt, Bad Debt: Using Credit

More information

Volume 1 Taking the first steps

Volume 1 Taking the first steps Volume 1 Taking the first steps Welcome to Your Money A guide to managing Take the first step in changing your financial future. Call InCharge Debt Solutions today at 1.877.544.7766 or visit www.incharge.org

More information

1 Identify your goal. What is it that you want to buy. 2 Gather information. What are the terms of the credit

1 Identify your goal. What is it that you want to buy. 2 Gather information. What are the terms of the credit Be a Savvy Credit User About 40% of credit card holders carry individual balances of less than $1,000, while about 15% individually carry total card balances of more than $10,000. Forty-eight percent of

More information

Credit arrangements can be formal or informal. The three most common types of credit used by consumers are described below.

Credit arrangements can be formal or informal. The three most common types of credit used by consumers are described below. 1-888-842-6328 For toll-free numbers when overseas, visit Collect internationally 1-703-255-8837 TDD for hearing impaired 1-888-869-5863 Credit Wise Credit: a Useful Tool Most of us use consumer credit

More information

IMPROVING YOUR CREDIT AND DEBT

IMPROVING YOUR CREDIT AND DEBT IMPROVING YOUR CREDIT AND DEBT The Credit & Debt Problem Americans are loaded with credit-card debt. The average American household with at least one credit card has nearly $15,950 in credit-card debt

More information

Identity Theft Simple ways to keep your sensitive information safe.

Identity Theft Simple ways to keep your sensitive information safe. Keep yourself safe from Identity Theft Simple ways to keep your sensitive information safe. Be Aware Identity theft is the number one consumer fraud perpetrated on unsuspecting citizens. In 2011, nearly

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

lesson thirteen in trouble overheads

lesson thirteen in trouble overheads lesson thirteen in trouble overheads why consumers don t pay loss of income (48%) Unemployment (24%) Illness (16%) Other (divorce, death) (8%) overextension (25%) Poor money management Emergencies Materialism

More information

Conquering Credit. The Do s and Don ts of Keeping Your Credit Squeaky Clean. Course Objectives Learn About:

Conquering Credit. The Do s and Don ts of Keeping Your Credit Squeaky Clean. Course Objectives Learn About: Conquering Credit Course Objectives Learn About: Types of Credit How to Establish Credit Credit Score vs. Credit Report Avoiding Identity Theft The Do s and Don ts of Keeping Your Credit Squeaky Clean

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

Lesson 8: Credit Cards Types of Credit Card Accounts

Lesson 8: Credit Cards Types of Credit Card Accounts 1 Lesson 8: Credit Cards Types of Credit Card Accounts 1. Bank Card Examples: Visa, MasterCard, Discover, American Express Revolving Credit can pay all or some of the bill with the remaining balance put

More information

and Identity Theft A Program sponsored by the New Jersey Bankruptcy Law Foundation Financial Literacy Project www.njblf.org/njblflip.

and Identity Theft A Program sponsored by the New Jersey Bankruptcy Law Foundation Financial Literacy Project www.njblf.org/njblflip. Credit, Credit Cards and Identity Theft A Program sponsored by the New Jersey Bankruptcy Law Foundation Financial Literacy Project www.njblf.org/njblflip.htm Congratulations! ti You ve got Credit! We re

More information

Basics of Budgeting. Ten Steps To Create A Budget. Reviewing:

Basics of Budgeting. Ten Steps To Create A Budget. Reviewing: Basics of Budgeting Reviewing: Ten Steps to creating a budget How to find where your money is going Tips to stay on course Budget format included Ten Steps To Create A Budget Basics of Budgeting A budget

More information

Understanding Credit

Understanding Credit Teacher's Guide $ Lesson Seven Understanding Credit 01/11 understanding credit websites websites for understanding credit The internet is probably the most extensive and dynamic source of information in

More information

Designing Your Budget

Designing Your Budget 2 Designing Your Budget Budgeting is needed to get the most mileage out of your income. It is your road map for managing your money. Planning your spending is called Budgeting. Smart investing@your library

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

Money Management 29 Money Management Tips Every University Student Should Know

Money Management 29 Money Management Tips Every University Student Should Know Money Management 29 Money Management Tips Every University Student Should Know Financial Planning Creating Budgets Using Money Wisely Financial Aid Office California State University, San Bernardino 5500

More information

Personal. Give Yourself Some Credit

Personal. Give Yourself Some Credit Personal Give Yourself Some Credit 210.229.1128 MyGenFCU.org 1 It s Never Too Late The bills are piling up and you don t know what to do. Maybe an unexpected medical expense put you behind, or maybe your

More information

GREENPATH FINANCIAL WELLNESS SERIES

GREENPATH FINANCIAL WELLNESS SERIES GREENPATH FINANCIAL WELLNESS SERIES UNDERSTANDING YOUR CREDIT REPORT & SCORE Through financial knowledge and expertise, we provide high-quality products and services that enable people to enjoy a better

More information

Hofstra North Shore-LIJ School of Medicine. Office of Financial Aid

Hofstra North Shore-LIJ School of Medicine. Office of Financial Aid Hofstra North Shore-LIJ School of Medicine Office of Financial Aid Consumer Credit and Your Credit Report Joseph M. Nicolini, MHA Director of Financial Aid What We Will Cover Consumer credit and credit

More information

n budgeting basics effectively money.

n budgeting basics effectively money. n budgeting basics effectively managing your money. n budgeting basics Why budget? You have an income. You have expenses. In the ideal situation, what you bring in should be greater than what you shell

More information

EL/Civics Lesson Plan

EL/Civics Lesson Plan Program Name Staff Responsible for Lesson MVCTC EL/Civics Program Mary Ann Oatney Date(s) Used 11/2007 Civics Category Civics Objective Time Frame to Complete Lesson EFL(s) II. Civics Participation II.

More information

The Danger of Debt: Avoiding Financial Pitfalls

The Danger of Debt: Avoiding Financial Pitfalls The Danger of Debt: Avoiding Financial Pitfalls LESSON 15: TEACHERS GUIDE When teens borrow money from a friend or relative to buy the latest gadget, the thought of returning the payment often comes second

More information

LINX EDUCATIONAL INSTRUCTOR S GUIDE

LINX EDUCATIONAL INSTRUCTOR S GUIDE EXTRA CREDIT: UNDERSTANDING THE DO S & DON TS OF USING CREDIT TAKING CHARGE OF CREDIT: 10 TIPS TO CREDIT DISCIPLINE Use the following suggestions as guidelines to self-discipline to keep your credit in

More information

Activity 3.3 Analyzing a Credit-Card Statement

Activity 3.3 Analyzing a Credit-Card Statement Activity 3.3 Analyzing a Credit-Card Statement TEACHER S GUIDE VIDEO SUMMARY AND ACTIVITY OVERVIEW Many people use credit cards wisely, finding them to be convenient and especially helpful in emergency

More information

Use and Misuse of Credit. Chapter 6. Advantages of Credit. What is Consumer Credit?

Use and Misuse of Credit. Chapter 6. Advantages of Credit. What is Consumer Credit? Chapter 6 Use and Misuse of Credit Introduction to Consumer Credit Before you use credit for a major purchase, ask yourself some questions. Do I have the cash for the down payment? Do I want to use my

More information

I dentity theft occurs

I dentity theft occurs 1.3.1.F1 Identity Family Economics and Financial Education W h at i s I d e n t i t y T h e f t? I dentity theft occurs when someone wrongfully acquires and uses a consumer s personal identification, credit,

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

The Better Business Bureau. Student Assistance Foundation present. Common $ense. Tips to make college successful

The Better Business Bureau. Student Assistance Foundation present. Common $ense. Tips to make college successful The Better Business Bureau & Student Assistance Foundation present Common $ense Tips to make college successful You will leave so smart in these areas: Credit Identity Theft On Your Own Budgeting Let s

More information

Corona Police Department

Corona Police Department By Detective John Alvarez Corona Police Department High Technology Crimes Unit California Penal Code 530.5(a) defines Identity Theft: Every person who willfully obtains personal identifying information,

More information

How to Manage Your Finances: The University Years

How to Manage Your Finances: The University Years Benchmarks: -Calculate and solve problems using percent, including percent increase and decrease, interest, and tax. -Use a variety of methods, such as words, numbers, symbols, charts, graphs, tables,

More information

Student Financial Handbook. An easy-to-use guide to managing your money

Student Financial Handbook. An easy-to-use guide to managing your money Student Financial Handbook An easy-to-use guide to managing your money Table of Contents Setting and Sticking to a Budget...................... 2 Intro to Checking... 4 Savings 101... 12 Investing Fundamentals............................

More information

Personal Credit. Winning the Credit Race! Audrey Hue Bellevue Community College ahue@bcc.ctc.edu www.bellevuecollege.edu/financialeducation

Personal Credit. Winning the Credit Race! Audrey Hue Bellevue Community College ahue@bcc.ctc.edu www.bellevuecollege.edu/financialeducation Personal Credit Winning the Credit Race! Audrey Hue Bellevue Community College ahue@bcc.ctc.edu www.bellevuecollege.edu/financialeducation 1 Aspects of credit covered today Overview Your financial life

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

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

Crime Prevention Tips

Crime Prevention Tips Crime Prevention Tips The suggests the following crime prevention techniques to avoid becoming a victim of Identity Theft: 1. To minimize the amount of information an identity thief can steal, do not carry

More information

What s in My Credit Report?... 1. Taking Care of Your Score... 3. How Do I Get Credit?... 4. Understanding Credit Cards... 5

What s in My Credit Report?... 1. Taking Care of Your Score... 3. How Do I Get Credit?... 4. Understanding Credit Cards... 5 The Credit 411 Contents What s in My Credit Report?... 1 Taking Care of Your Score... How Do I Get Credit?... 4 Understanding Credit Cards... 5 Protecting Your Credit... Thinking About Filing Bankruptcy?...

More information

What is Identity Theft?

What is Identity Theft? What is Identity Theft? Identity theft is a crime in which someone obtains key pieces of personal information, such as Social Security or driver's license numbers, in order to impersonate someone else.

More information