Banking & Budgeting Basics: Making the most of your money

Size: px
Start display at page:

Download "Banking & Budgeting Basics: Making the most of your money"

Transcription

1 Growing Dollars and $ense Workshops Banking & Budgeting Basics: Making the most of your money Presented by The Coalition for Debtor Education This program is made possible by a grant from the FINRA Investor Education Foundation through Smart library, a partnership with the American Library Association.

2 Other than being musicians, what do Billy Joel - MC Hammer Mozart Ted Nugent Willy Nelson, Dave Crosby, and Wayne Newton have in common?

3 They all went bankrupt!

4 Making the Most of your Money Spending - Plan your spending - Assess your situation: Where are you now? Where do you want to go? Saving/ Banking - Know the basics - Keep fees under control Borrowing - Good credit/ bad credit - Credit cards and debit cards - Credit reports and scores: Why do they matter? - Managing debt and debt collectors

5 Making the Most of your Money Your Family Financial Plan Establish a starting point Define your goal Put financial tools to work Create a workable monthly budget Making your bank work for you Understand and use credit wisely Manage borrowing

6 BEGIN TODAY! WHERE ARE YOU NOW? What you Own - What you Owe =$ Your Net Worth

7 Create Your Personal Balance Sheet Assets (What do you Own ) $ Savings Account $ Checking Account $ Investments $ Life Insurance Policy $ Pension Equity $ Retirement Fund/ 401 (k) $ Personal Property $ Real Estate (Including Home) $ Other Total =$ Liabilities (What do you Owe) $ Credit Card Bills $ Unpaid Medical and Dental Bills $ Mortgage Balance $ Home Equity Loans $ Personal Loans $ Student Loans $ Car Loans $ Unpaid Taxes $ Other Total = $

8 Plan Your Spending List your priorities what do you need? Tip: Keep a spending diary for a week

9 Daily Spending Diary Daily Expense Work Sheet Keep track of all your daily expenses (include EVERYTHING on which you spend money) Expense Amount Paid $ $ $ $ $ $ $ $ 9

10 What do you WANT? Plan Your Spending

11 Your Personal Monthly Budget: Make a list of your sources on INCOME Wages Commissions Tips Alimony Child Support SSI Anything else? = Total Monthly Income

12 Your Personal Monthly Budget: List and Total your Monthly Expenses Housing Transportation Food Personal Care Entertainment Loans/credit card debt Taxes Savings/Investments Pets/Gifts/Donations/Legal expenses etc., etc., etc. = Total monthly Expenses

13 PERSONAL MONTHLY BUDGET Income 1 PERSONAL CARE Projected Cost Actual Cost MONTHLY INCOME Extra income Total monthly income Medical Hair/nails HOUSING Projected Cost Actual Cost Clothing Mortgage or rent Dry cleaning Phone Health club Electricity Organization dues or fees Gas Other Water and sewer Subtotals Cable Other Waste removal Subtotals Maintenance/ repairs LOANS Projected Cost Actual Cost Supplies Personal Other Student Subtotals Credit card TRANSPORTATION Projected Cost Actual Cost Credit card Vehicle payment Credit card Bus/taxi fare Other Insurance Subtotals Licensing TAXES Projected Cost Actual Cost Fuel Federal Maintenance State Other Local Subtotals Other INSURANCE Projected Cost Actual Cost Subtotals Home SAVINGS OR INVESTMENTS Projected Cost Actual Cost Health Retirement account Life Investment account Other Other Subtotals Subtotals FOOD Projected Cost Actual Cost GIFTS AND DONATIONS Projected Cost Actual Cost Groceries Dining out Subtotals Other LEGAL Projected Cost Actual Cost Subtotals Attorney PETS Projected Cost Actual Cost Alimony Food Payments on lien or judgment Medical Other Grooming Subtotals Other TOTAL COST Subtotals BALANCE

14 Planning tool: A monthly payment calendar Write down when each of your monthly expenses is due on a calendar 14 14

15 Monthly Payment Calendar Month - Sunday Monday Tuesday Wednesday Thursday Friday Saturday $2,000 pay check $100-savings $100-groceries $700 rent $104 MetroCard $40 phone bill $200 credit card child care

16 WHERE DO YOU WANT TO BE? Set your financial goal savings goal education car new home retirement travel etc

17 WHERE DO YOU WANT TO BE? What is your most important goal? How much will it co$t? Put a price on your dream! When do you want to reach your goal?

18 WHERE DO YOU WANT TO BE? How much do you need to save to reach that goal? Each year? Each month? Each week? Each day?

19 Your bank can help you reach your financial goals Track expenses and pay bills securely Build a nest egg for emergencies Checking account Savings account Put your extra money to work earning interest CDs Buy your own home Mortgage

20 Your bank can help you reach your financial goals Send money to your family. Prepare for your children s future education Plan for your family s financial security Insurance Plan for a secure retirement International Remittances 529 plans Term IRA/Roth IRA

21 Benefits Earnings Earn interest on your money Security FDIC insurance, up to $250,000( per institution) Convenience Offers service in person, by phone, online or mobile banking Issues debit cards Issues credit cards Transfers money between other banks and businesses Recordkeeping Statements provided by mail and/or online) Lending Obtain loans for autos, homes and other major purchases

22 Is your Money Safe? FDIC: Federal Deposit Insurance Corporation Guarantees up to $250,000 per depositor per bank Guarantees up to $250,000 on Individual Retirement Accounts (IRAs) Are you fully covered under FDIC? Go to to make sure. It s completely secure and in just a few moments, you ll know if your accounts are within the FDIC coverage limits.

23 Choosing a Checking Account Key questions How many checks do you write a month? How much money do you expect to keep in your checking account? Are the Branches or ATM locations convenient for you? Do you prefer to pay bills online? Is there a minimum balance requirement for free checking or savings? Ask about special accounts with limited fees? (College Account, Basic Account, child s account, custodial account) What are the fees associated with the account?

24 Bank Fees ASK! Checking Account ask how to get FREE checking Service Charges Online banking ATM/Debit Card Fees Savings Account

25 Know How Your Account Works Avoid extra fees Use only your own bank s ATMs Don t overdraft your debit card Don t bounce a check Ask about transaction fees: Is there a minimum balance requirement What are the fees for Wire Transfers Is the a fee for writing more than a stated number of checks per month How can you qualify for free checking 25 25

26 It s Cheaper: Banks vs. Check Cashers Check cashers may charge only up 1.86% per check cashed. Less than 2 percent may not seem like much, but consider all the paychecks you get over the course of a year. If you bring home: $15,000 you will pay at least $273 PER YEAR $20,000: you will pay at least $364 $30,000:you will pay at least $546 $40,000:you will pay at least $728 $50,000: you will pay at least $910 - PLUS fees for Money orders and bill pay services Try to find a FREE checking account and save a week s pay every year 26 26

27 Basic Banking Account All New York State banks are required by law to offer lowcost or "lifeline" accounts called Basic Banking Accounts.* Basic Banking accounts require that a customer may Open with $25 or less Maintain with a balance of one cent Receive a minimum of eight free withdrawals per billing cycle (includes Debit Card usage) Pay a maximum charge per cycle of $3 per month. Also, ask about programs like Safe Start and Bank On Manhattan that may offer even more benefits. To open a Basic Banking Account the bank may require that you be a New York State Resident and that you not maintain any other transaction account at the bank.

28 Savings Accounts Make it a Goal: At least $2000 in liquid emergency savings Earn extra money. Most banks pay interest on savings accounts Make it easy on yourself. Ask about Automatic Transfer into savings Your account is liquid, that is, you can get your money anytime There s less temptation to spend when the money is in the bank

29 Certificates of Deposit (CD) Higher rate of interest than regular savings account Restrictions on withdrawals Interest is forfeited if withdrawn before maturity (due date) and you may also pay a penalty Interest is quoted as APY (Annual Percentage Yield) ex: a 6-month CD with a 2% APY actually pays 1% for the duration of the CD.

30 Learn the language APY or APR Interest Compound interest Maturity IRA/ Roth IRA

31 Debit Card v. ATM Card What is a Debit Card? How does it differ from an ATM Card?

32 Debit Card Overdrafts You choose whether you wish to allow overdrafts If you choose (opt-in) to allow overdrafts, you will be charged and over-the-limit-fee each time you overdraft your account.

33 Cards: Credit, Debit or Pre-Paid? Credit Cards Borrowed money If lost or stolen: $50 maximum liability Fees if you opt to allow overdrafts Can help build a good credit history Debit Cards Money in your own bank account $50 max liability only if reported within 2 days; could be up to $500. Many banks have a zero liability policy. But don t assume - check first! Little or no legal protection if reported after 60 days Generally can only spend what you have so no extra debt is incurred. Risk of overdraft fees is you opt to allow overdrafts Not included on your credit report Pre-paid Debit Cards No bank account needed $50 max liability only if reported within 2 days; could be up to $500. Little or no legal protection if reported after 60 days Generally can only spend what you have so no extra debt is incurred. Not included on your credit report Complicated billing cycles and interest rates structures Linked directly to a checking account Limitations on depositing and writing checks Other fees such as: Late payment fee Overdraft fee Cash withdrawal Foreign transaction fee Other fees such as : Overdraft fee Inactive fee Non-bank ATM fees Other fees such as: Enrollment fee Bank teller fee Non-bank ATM fee Fees for extra card for parent Inactive fee

34 Credit & Debt ONCE YOU KNOW WHERE YOU ARE, AND WHERE YOU WANT TO BE, LOOK AT SOME OTHER TOOLS YOU MAY USE TO ATTAIN YOUR GOALS AND THE HURDLES TO AVOID.

35 Borrowing KNOW before you OWE - Mortgage - Credit cards - Small Business loan - Store cards - Student loan - Pawn shops - Car loan - Pay day loans Tip: Use an online calculator to estimate how much your mortgage or car payment will be. Try bankrate.com

36 Plastic! The Good The Bad The Ugly

37 The Good Credit cards: Credit cards build credit history (debit cards do not) Convenient Credit cards - safer than carrying cash: $50 max liability Provides purchasing power

38 The Good Debit cards: Convenient No interest charges because you are using your own money Avoids going into debt (if you don t overdraft!)

39 The Bad Credit cards may be too convenient Credit cards charge interest; rates can be as high as 24.99% a year Fees!! Late Cash advances Foreign transactions Over the limit Debit cards - provide less protection if lost or stolen Debit card use doesn t build credit

40 The Ugly Too much debt Fees and late payments increase amount owed Stress/Depression Judgments can result if not successfully challenged Bankruptcy stays on your credit report for 10 years

41 Be wary of those attractive credit card offers: any USING credit Office of the President Anybank, N.A. 50 Worth Street New York, NY Joe Consumer 123 Jones St Brooklyn, NY wisely 0% Start saving now with a 0% APR on balance transfers until March 1, 2010 with the Anybank Platinum Card and pay NO annual fee.

42 Reading the fine print.. What to know before opening a credit card account 1. What is the annual interest rate? Is the interest rate fixed or variable? (You want a FIXED rate) 2. What is the fee for going over your credit limit 3. What are the fees for late payment 4. How long do you have to pay the monthly bill the grace period? 5. What are the fee and the interest rate for cash advances? 6. If you are responding to an offer to transfer balances, is there a transfer fee?

43 Credit Reports and why they matter Order your FREE credit report TRANS UNION EQUIFAX EXPERIAN

44 Credit REPORTS: Include all borrowing for the past 7 years. Shows payment history do you pay on time? Your recent credit behavior is more important than aged records Shows total amount of credit available, and amount that is outstanding Review for inaccuracies Contact the credit agency with corrections Credit cards or other loans that are not yours may mean identity theft

45 Tips to increasing your credit score Pay your bills on time Check your credit report and correct any inaccuracies Pay down outstanding balances Generally, use no more than 30% of your credit card limit Limit new debt Limit transferring old balances from an established credit card to a new card; this may lower your score Be aware that paying off a collection account, or closing an account on which you previously missed a payment, will not remove it from your credit report

46 Paying Down Debt; Get rid of highest interest rate debt first Make a chart or spreadsheet of your current credit card balances and payments. Based on the total amount you have budgeted for credit card payments, add a little more on each card payment and apply the balance to pay off the card with the highest interest rate Card Balance Interest rate Min. due Min. + $10

47 Paying Down Debt Example: If you have $100 for credit card repayments, add $10 to each minimum payment due and the balance to the card with the highest rate Card Balance Int rate Min pymt Min+ $10 Visa $ % Visa $100 20% $25 $35 $10 $20 MC $600 25% Totals $1600 $15 $45 $40 $100 TIP: Pay off Highest interest rate or smallest balance first

48 Dealing with Debt Collection Agencies Know your rights Ask for privacy Open your mail! Verify the debt Beware of debt consolidation scams Find a credit counselor to help you call 311

49 Smart your Library Thank you! Please join us for our next session of on June 21 What s your dream? Saving to attain your goals

Growing Dollars and $ense: Personal Financial Planning Seminar

Growing Dollars and $ense: Personal Financial Planning Seminar Growing Dollars and $ense: Personal Financial Planning Seminar The Coalition for Debtor Education Kimberly Allman www.debtoreducati0n.org Email: cde@law.fordham.edu This program is made possible by a grant

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

Opening a Bank Account

Opening a Bank Account Opening a Bank Account Section Objectives A basic component in establishing financial independence is Opening a Bank Account. Banking services are essential tools for managing personal finances and building

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

Eco: Personal Finance

Eco: Personal Finance Name Project Date: Eco: Personal Finance 1. Go to one of the following sites, or choose your own bank and answer the questions below. Be sure the bank you choose has local branches. www.bankofamerica.com

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

A financial empowerment toolkit for community volunteers

A financial empowerment toolkit for community volunteers YOUR MONEY, YOUR GOALS A financial empowerment toolkit for community volunteers Modules 8: Money services, cards, accounts, and loans Consumer Financial Protection Bureau April 2015 Table of contents MODULE

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

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

Money Management Planner - Financial Worksheets For Debt Relief

Money Management Planner - Financial Worksheets For Debt Relief Money Management Planner - Financial Worksheets For Debt Relief http://www.debtsteps.com These worksheets are only part of what you need to succeed with debt relief. Your commitment to manage your money,

More information

Personal Financial Literacy 2014

Personal Financial Literacy 2014 A Correlation of Table of Contents Standard 1: Income... 3 Standard 2: Money Management... 5 Standard 3: Spending & Credit... 7 Standard 4: Saving & Investing... 11 2 Course Description is a course designed

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

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

STEP 1: DOCUMENT COLLECTION

STEP 1: DOCUMENT COLLECTION STEP 1: DOCUMENT COLLECTION Because your filing will require many details and documents and because the court is both picky and strict about information, documents are needed from you. Income Tax Returns

More information

2014 Junior Achievement USA, M1205 Debit and Credit PowerPoint

2014 Junior Achievement USA, M1205 Debit and Credit PowerPoint JA Finance Park will help you build a foundation for making intelligent, lifelong personal financial decisions. Topics include income and saving, credit and debit, and budgeting. 2014 Junior Achievement

More information

U.S. Bank Checking Account Update

U.S. Bank Checking Account Update U.S. Bank Checking Account Update U.S. Bank checking account customers in Idaho, Kansas, Missouri and Nevada may experience an account update on the dates noted below. Updated account features many of

More information

Banking Basics. Banking 101

Banking Basics. Banking 101 Banking Basics Banking 101 What will you learn today An introduction to common terms and concepts you will come across Basic accounts with common features What to think about when picking an account or

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

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

INITIAL CLIENT QUESTIONNAIRE Financial. Name: SSN: DOB: Spouse: SSN: DOB: Address: City: State: Zip: Length of Residence:

INITIAL CLIENT QUESTIONNAIRE Financial. Name: SSN: DOB: Spouse: SSN: DOB: Address: City: State: Zip: Length of Residence: FOR OFFICE USE ONLY Chapter 7 13 Individual Joint Attorney s Fee: Filing Fee: INITIAL CLIENT QUESTIONNAIRE Financial Date: Name: SSN: DOB: Spouse: SSN: DOB: Address: City: State: Zip: County: Length of

More information

Your Financial Fitness

Your Financial Fitness 1 Your Financial Fitness Consider Financial Fitness to be just like physical fitness. Why? Because your physical health and your financial health are often the most important factors affecting your wellbeing,

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

Personal and Business Checking and Savings Solutions

Personal and Business Checking and Savings Solutions 2015 Bank of Texas, a division of BOKF, NA. Member FDIC. Equal Housing Lender. TX CN 4000 Rev. 3/15 Personal and Business Checking and Savings Solutions Call our 24-Hour ExpressBank TABLE OF CONTENTS Personal

More information

Student Take Home Guide. Money Smart. Pay Yourself First

Student Take Home Guide. Money Smart. Pay Yourself First Student Take Home Guide Money Smart Table of Contents Table of Contents...1 Money Smart...2...3 Worksheet...4 Plan...5 Savings Tips...6 Compound Dividends Exercise...8 Compound Dividends...9 Savings $1

More information

2014 Bank of Oklahoma, a division of BOKF, NA. Member FDIC. Equal Housing Lender.

2014 Bank of Oklahoma, a division of BOKF, NA. Member FDIC. Equal Housing Lender. 2014 Bank of Oklahoma, a division of BOKF, NA. Member FDIC. Equal Housing Lender. OK CN 4000 Rev. 11/14 Personal and Business Checking and Savings Solutions TABLE OF CONTENTS Personal Checking 02 Personal

More information

welcome NORTH AKRON SAVINGS BANK CUSTOMERS

welcome NORTH AKRON SAVINGS BANK CUSTOMERS welcome NORTH AKRON SAVINGS BANK CUSTOMERS welcome TO PEOPLES BANK! Remember why you chose a community bank? Chances are you wanted to have your financial services institution know you, know your particular

More information

Managing your checking account.

Managing your checking account. We re here for you We hope you have found this guide helpful. In the future, anytime you have a question about your account, visit a Webster branch or call us. You can rely on Webster for whatever assistance

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

Pay Yourself First. Identify Steps You Can Take to Save The following tips will help you to save your flexible income.

Pay Yourself First. Identify Steps You Can Take to Save The following tips will help you to save your flexible income. Pay Yourself First Use this tip sheet to help you in the process of setting and reaching your personal savings goals. This tip sheet covers the following topics: Identifying steps you can take to save

More information

The Path to Financial Freedom Overview of Workshop Budgeting with an irregular pay schedule Tips on Insurance, Saving for Emergencies and Retirement Credit, Credit Reports/Scores Credit Card Repayment

More information

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application Loan Application What to Know About Loans What do I need to know about applying for a loan? A loan is used to help you pay for something that you want to buy, like a car, college tuition, school trip or

More information

Connecting ALL Your Banking Needs. How do I become a Member? Smart savings, made simple. SAVINGS

Connecting ALL Your Banking Needs. How do I become a Member? Smart savings, made simple. SAVINGS Connecting ALL Your Banking Needs. SAVINGS We all have multiple financial needs. Whenever you need to bank, borrow or plan and grow, Align is here to help you every step of the way in one of our branches,

More information

BANKING 101. Consolidated Credit 5701 West Sunrise Boulevard Fort Lauderdale, FL 33313 1-800-210-3481 www.consolidatedcredit.org

BANKING 101. Consolidated Credit 5701 West Sunrise Boulevard Fort Lauderdale, FL 33313 1-800-210-3481 www.consolidatedcredit.org BANKING 101 Consolidated Credit 5701 West Sunrise Boulevard Fort Lauderdale, FL 33313 1-800-210-3481 www.consolidatedcredit.org Congratulations on taking this important step to learn about issues dealing

More information

FREQUENTLY ASKED QUESTIONS

FREQUENTLY ASKED QUESTIONS Welcome to Georgia United! Below you ll find answers to commonly asked questions. Our goal is to ensure that the transition process is seamless for you. If at any time you would like more information,

More information

Your Guide to All Things Quorum

Your Guide to All Things Quorum Your Guide to All Things Quorum QUORUM FEDERAL CREDIT UNION 2500 WESTCHESTER AVENUE, SUITE 411, PURCHASE, NY 10577 QUORUMFCU.ORG (800) 874-5544 BELONG TO BETTER. People seem to have a lot of questions

More information

+ Checking & Savings + Smart choices for managing Your money.

+ Checking & Savings + Smart choices for managing Your money. + Checking & Savings + Smart choices for managing Your money. Checking that fits your life. Choosing the right checking account can be downright confusing. At Align, we make it easy to build an account

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

Managing Your Checking Account

Managing Your Checking Account Managing Your Checking Account People you trust. Advice that works. Member FDIC trustmark.com Keeping in Check Avoid unnecessary fees by staying in control of your checking account. 1. Record all transactions

More information

Take control of your money

Take control of your money Take control of your money A resource to help you learn about budgeting. Information given is of a general nature only and does not constitute personalised financial advice. While BNZ has made every effort

More information

Banking Basics: Choosing a Bank

Banking Basics: Choosing a Bank 1 Banking Basics: Choosing a Bank Opening a bank account is an important step in managing your money. Every bank in New York is required to offer a basic bank account with a low minimum balance of 25 or

More information

Table of Contents. Money Smart for Adults Curriculum Page 2 of 21

Table of Contents. Money Smart for Adults Curriculum Page 2 of 21 Table of Contents Checking In... 3 Pre-Test... 4 What Is Credit?... 6 Collateral... 6 Types of Loans... 7 Activity 1: Which Loan Is Best?... 8 The Cost of Credit... 9 Activity 2: Borrowing Money Responsibly...

More information

+ Credit Cards & Personal Loans + Lending a hand when you need it.

+ Credit Cards & Personal Loans + Lending a hand when you need it. + Credit Cards & Personal Loans + Lending a hand when you need it. Banking that is truly rewarding. Shouldn t banking be a rewarding experience? We think so. With Align s CURewards, automatically earn

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

Checking Account. Money Smarts for Kids. Money Skills for Life. Member FDIC. Welcome! What Is a Checking Account? Why Is a Checking Account So Great?

Checking Account. Money Smarts for Kids. Money Skills for Life. Member FDIC. Welcome! What Is a Checking Account? Why Is a Checking Account So Great? Checking 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

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

MEETING THE OREGON STATE STANDARDS FINANCIAL AVENUE CORE CONCEPT EARNING SPENDING SAVING BORROWING PROTECT

MEETING THE OREGON STATE STANDARDS FINANCIAL AVENUE CORE CONCEPT EARNING SPENDING SAVING BORROWING PROTECT MEETING THE OREGON STATE STANDARDS Financial Avenue provides online courses to help students gain important knowledge about the basics of personal money management. The Financial Avenue online financial

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

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest

Basic Banking. 2) Money that a bank allows you to borrow and pay back with interest Basic Banking When choosing a bank, you should look for a bank that offers the type of accounts and services you are looking for. You might look for convenience of branch locations, great customer service,

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

Consumer & Business Pricing Addendum

Consumer & Business Pricing Addendum Consumer & Business Pricing Addendum This addendum contains important product and pricing information. Please retain for your records. Effective June 29, 2012 1, 2, 3, 4 Overdraft Item Paid $15.00 or less

More information

SAME GREAT BANK. SHINY NEW SYSTEM. A guide for our new system upgrade on October 12, 2015, and how it affects your accounts at Bank Midwest.

SAME GREAT BANK. SHINY NEW SYSTEM. A guide for our new system upgrade on October 12, 2015, and how it affects your accounts at Bank Midwest. SAME GREAT BANK. SHINY NEW SYSTEM. A guide for our new system upgrade on October 12, 2015, and how it affects your accounts at Bank Midwest. 1 CONTENT Introduction... 1 What s the point of this?... 2 A

More information

Credit Card. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Credit Cards. Completing a Credit Application

Credit Card. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Credit Cards. Completing a Credit Application Credit Card Application What to Know About Credit Cards What do I need to know about applying for credit? A credit card is used to charge things, like a meal in a restaurant, clothes for school or on-line

More information

elcome to Webster Personal Banking. For Your Convenience Our Customer Care Center is open 7 am - 10 pm, 7 days a week.

elcome to Webster Personal Banking. For Your Convenience Our Customer Care Center is open 7 am - 10 pm, 7 days a week. For Your Convenience Our Customer Care Center is open 7 am - 0 pm, 7 days a week. Call -888-4WEBSTER (-888-493-2783) We also have over 65 branches and almost 500 ATMs so that you can bank on your schedule.

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

Account Disclosures and Rules &Regulations

Account Disclosures and Rules &Regulations P E R S O N A L B A N K I N G Account Disclosures and Rules &Regulations Funds Availability Disclosure This disclosure contains important information about your account. Save it for future reference. Please

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

Basic Banking. Presented by Bank on Gaithersburg, Family Services, Inc., and MD CASH Academy

Basic Banking. Presented by Bank on Gaithersburg, Family Services, Inc., and MD CASH Academy Basic Banking Presented by Bank on Gaithersburg, Family Services, Inc., and MD CASH Academy Financial Institutions What are they- banks, credit unions What do they offer: Checking accounts Savings accounts

More information

CLIENT INFORMATION OFFICE USE ONLY. TODAY'S DATE: Name: Any other names you may be known by: INFORMATION ABOUT YOU: SS#

CLIENT INFORMATION OFFICE USE ONLY. TODAY'S DATE: Name: Any other names you may be known by: INFORMATION ABOUT YOU: SS# CLIENT INFORMATION INFORMATION ABOUT YOU: TODAY'S DATE: Name: Any other names you may be known by: SS# Date of Birth Physical Address Mailing (if different) City State Phone #s Hm Cell Wk E-mail address

More information

Loan & VISA Rates. December 1, 2014 (rates are subject to change)

Loan & VISA Rates. December 1, 2014 (rates are subject to change) Loan & VISA Rates Loan Type Terms & Special Features Interest Rate (APR) New and Used Auto Finance up to 115% of purchase price on new autos. Finance up to 115% Kelly Blue Book, applies to vehicles 7 years

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

Do you know where your money

Do you know where your money Manage Your Money Lesson 2: Where Does Your Money Go?. Do you know where your money goes? You may say, House payments, car loan, utility bills, and food. But after that, things begin to get a bit fuzzy.

More information

HIGH YIELD CHECKING. EXPLANATION OF SOME OF OUR KEY SERVICES AND CHARGES Here are details about High Yield Checking services.

HIGH YIELD CHECKING. EXPLANATION OF SOME OF OUR KEY SERVICES AND CHARGES Here are details about High Yield Checking services. EXPLANATION OF SOME OF OUR KEY SERVICES AND CHARGES Here are details about High Yield Checking services. KEY ACCOUNT TERMS AND CHARGES: Monthly Service Charge: No monthly service charge. Includes free

More information

It lets you pay for expenses you could not afford with cash, such as a college education, a new vehicle, furniture or a home.

It lets you pay for expenses you could not afford with cash, such as a college education, a new vehicle, furniture or a home. USING CREDIT WISELY Credit Is An Important Financial Tool It lets you pay for expenses you could not afford with cash, such as a college education, a new vehicle, furniture or a home.

More information

Personal Information - Client - Page 1. Employment. Education. Military Service. Children & Dependents

Personal Information - Client - Page 1. Employment. Education. Military Service. Children & Dependents Personal Information - Client - Page Date Mr. Mrs. Ms. First Name M.I. Last Name Birth Date Age S.S. Number Street Address City/Town Home Phone Cell Phone State/Zip Fax Email Address Employment Occupation

More information

Assist. Financial Calculators. Technology Solutions. About Our Financial Calculators. Benefits of Financial Calculators. Getting Answers.

Assist. Financial Calculators. Technology Solutions. About Our Financial Calculators. Benefits of Financial Calculators. Getting Answers. Assist. Financial s Technology Solutions. About Our Financial s. Helping members with their financial planning should be a key function of every credit union s website. At Technology Solutions, we provide

More information

Products and Services

Products and Services Products and Services Enjoy Life s Journey 401.233.4700 navigantcu.org Federally insured by the National Credit Union Administration. Products and Services Navigant Credit Union provides you with the products

More information

Materials. Lesson Objectives

Materials. Lesson Objectives 70 Materials 1. Marker or Chalk 2. Chalkboard or Flip Chart 3. Blank piece of white paper 4. Credit Card Vocabulary Sheet 5. Credit Report Answer Key 6. Student Materials Packets Outline 1. KWL 2. Review

More information

Cash Management. Cash management. Two key aspects of cash mgt. Checking Accounts Savings Accounts Debit cards and overdraft protection

Cash Management. Cash management. Two key aspects of cash mgt. Checking Accounts Savings Accounts Debit cards and overdraft protection Cash Management Checking Accounts Savings Accounts Debit cards and overdraft protection Cash management Getting a handle on your cash and other liquid assets Cash is the money in your wallet plus what

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

Consumer Pricing Information

Consumer Pricing Information Consumer Pricing Information Checking Package Options Minimum Opening Deposit Requirement to Waive ACCOUNT INFMATION 1. U.S. Bank Packages Prior to August 12, 2013: To maintain Package benefits, a Silver,

More information

Prepaid Cards. An alternative to credit and debit cards. When choosing how to pay for their purchases, consumers have many options.

Prepaid Cards. An alternative to credit and debit cards. When choosing how to pay for their purchases, consumers have many options. General-purpose reloadable prepaid cards Prepaid Cards An alternative to credit and debit cards When choosing how to pay for their purchases, consumers have many options. Cash, check, debit and credit

More information

Bank Products. 3.1 Introduction

Bank Products. 3.1 Introduction Bank Products Bank Products For many people, the first financial institution they deal with, and the one they use most often, is a bank or credit union. That s because banks and credit unions provide a

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

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

banking Better for Less member services, loans & benefits It s ALL inside. Everything you expect from your bank and more. www.lcfcu.

banking Better for Less member services, loans & benefits It s ALL inside. Everything you expect from your bank and more. www.lcfcu. It s ALL inside. Everything you expect from your bank and more. member services, loans & benefits Better banking for Less Loans. Deposits. Insurance. Investments. www.lcfcu.org a tradition of Service Library

More information

Welcome to Bank of the Cascades! New Customers from Bank of America Account & Services Guide

Welcome to Bank of the Cascades! New Customers from Bank of America Account & Services Guide Welcome to Bank of the Cascades! New Customers from Bank of America Account & Services Guide Welcome to Bank of the Cascades Things to Know About Us We re excited to welcome you to Bank of the Cascades!

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

For more help on saving and paying off debt, please visit www.norwaysavingsbank.com/resources_center/calculators/

For more help on saving and paying off debt, please visit www.norwaysavingsbank.com/resources_center/calculators/ For more help on saving and paying off debt, please visit www.norwaysavingsbank.com/resources_center/calculators/ Practical Savings Tips for Every Day Saving Try take-out once a month instead of dining

More information

Financial Management

Financial Management I. Banking landscape today In the past year alone, banks have taken many actions to make up for lost profits, including eliminating free checking, raising fees, and pushing customers to buy more financial

More information

Personal Money Management. Why and How we spend money and potential impacts to personal credit.

Personal Money Management. Why and How we spend money and potential impacts to personal credit. Personal Money Management Why and How we spend money and potential impacts to personal credit. Presentation Objectives Understanding Your Financial Personality Personal Credit Scores, impacts, tips, your

More information

Getting Smart about Credit

Getting Smart about Credit Getting Smart about Credit LESSON PREPARATION AND TEACHER INFORMATION Lesson Summary: This lesson is intended for high school students during a 40 minute time period. The lesson teaches students about

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

transfer money by check or electronic payment to a person or organization that you designate as payee

transfer money by check or electronic payment to a person or organization that you designate as payee Bank Products 1. Introduction For many people, the first financial institution they deal with, and the one they use most often, is a bank or credit union. That s because banks and credit unions provide

More information

The Eight Money Smart for Young Adults Modules

The Eight Money Smart for Young Adults Modules The Eight Money Smart for Young Adults Modules 1 1 Module 1: Bank On It 2 2 Module 2: Check It Out 3 3 Check It Out Benefits of checking accounts Types of checking accounts Understanding banking fees Opening

More information

OHIO TREASURER S FINANCIAL EDUCATION GLOSSARY OF TERMS

OHIO TREASURER S FINANCIAL EDUCATION GLOSSARY OF TERMS OHIO TREASURER S FINANCIAL EDUCATION GLOSSARY OF TERMS 401(k) An employer qualified retirement plan set up by a private company in which eligible employees may make salary-deferral (salary-reduction) contributions

More information

Creating Your Budget. Budgeting. How to Determine Income & Expenses. w w w. qcholdings. com

Creating Your Budget. Budgeting. How to Determine Income & Expenses. w w w. qcholdings. com Budgeting 101 Budgeting 101 Budgeting Budgeting 101 Budgeting 101 Budgeting Budgeting 101 Budgeting Budgeting 101 Budgeting 101 Budgeting Creating Your Budget How to Determine Income & Expenses Committed

More information

Chapter Objectives. Chapter 6. Short Term Credit Management. Major Topics. Reasons for Using Credit. How to Get Credit. Disadvantages of Using Credit

Chapter Objectives. Chapter 6. Short Term Credit Management. Major Topics. Reasons for Using Credit. How to Get Credit. Disadvantages of Using Credit Chapter Objectives Chapter 6. Short Term Credit Management To evaluate reasons for and against using credit and decide whether or not credit is appropriate for you. To be able to take the necessary steps

More information

MANAGING CREDIT101 i

MANAGING CREDIT101 i MANAGING CREDIT101 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

Average college senior has $2,800 in credit card debt

Average college senior has $2,800 in credit card debt Average college senior has $2,800 in credit card debt Even assuming no more new debt, if you make the minimum monthly payment, it will take about 30 years to pay it all off Credit and Credit Cards The

More information

YOUNG PROFESSIONALS. Guide to Getting Started on the Right Financial Foot. Presented by:

YOUNG PROFESSIONALS. Guide to Getting Started on the Right Financial Foot. Presented by: YOUNG PROFESSIONALS Guide to Getting Started on the Right Financial Foot Presented by: 1 As a young professional, you know that the financial choices you make today can impact your future goals and lifestyle.

More information

Building Your Future. Basics in Budgeting. in BLOG. Extraco Banks is a Member FDIC.

Building Your Future. Basics in Budgeting. in BLOG. Extraco Banks is a Member FDIC. Building Your Future Basics in Budgeting Extraco Banks is a Member FDIC. f in BLOG TABLE OF CONTENTS DEBT Assessment WEALTH What is wealth? Net worth BUDGET Financial goals Budget worksheet INVEST Types

More information

Adviceguide Advice that makes a difference

Adviceguide Advice that makes a difference Jargon Buster A Z of financial terms This fact sheet explains some of the financial terms that you might come across when you are dealing with financial matters. ACCOUNT:- this is provided by a bank or

More information

Welcome to. Banking in your best interest. A HELPFUL GUIDE FOR GCF BANK CUSTOMERS

Welcome to. Banking in your best interest. A HELPFUL GUIDE FOR GCF BANK CUSTOMERS Welcome to Banking in your best interest. A HELPFUL GUIDE FOR GCF BANK CUSTOMERS Welcome to Investors Bank! We re So Pleased to Welcome Our GCF Bank Customers into the Investors Bank Family! As a loyal

More information

Personal Financial Planning For Medical Residents

Personal Financial Planning For Medical Residents Personal Financial Planning For Medical Residents Matthew Lawson, M.D. What is personal financial planning? What is personal financial planning Is it Buying a house Paying for a car Purchasing stocks Paying

More information

Table of Contents... 1. Money Smart... 2. Money Matters... 3. Why Budget?... 4. Daily Spending Diary... 5. Income and Expenses Worksheet...

Table of Contents... 1. Money Smart... 2. Money Matters... 3. Why Budget?... 4. Daily Spending Diary... 5. Income and Expenses Worksheet... $ BUDGET Table of Contents Table of Contents... 1 Money Smart... 2 Money Matters... 3 Why Budget?... 4 Daily Spending Diary... 5 Income and Expenses Worksheet... 6 Tips to Decrease Spending... 7 Increasing

More information

Money and Banking. Introduction. Learning Objectives

Money and Banking. Introduction. Learning Objectives Money and Banking Introduction Money and Banking Learning Objectives Lesson 1 Time Value of Money: Time is Money! Distinguish between simple interest and compound interest. Calculate simple interest and

More information

PERSONAL FINANCIAL ORGANIZER

PERSONAL FINANCIAL ORGANIZER PERSONAL FINANCIAL ORGANIZER SENIOR SOLUTIONS OF AMERICA, INC. www.todaysseniors.com COPYRIGHT 2007 SENIOR SOLUTIONS OF AMERICA, INC. ALL RIGHTS RESERVED. ORGANIZING YOUR PERSONAL FINANCES Are your financial

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

Understanding Credit

Understanding Credit Understanding Credit Topics covered: Establishing Credit Credit Scores Repairing Credit Why is credit necessary? Applying for a loan Applying for a credit card Applying for a mortgage Renting an apartment/house

More information

DEPOSIT PRODUCTS & SERVICES

DEPOSIT PRODUCTS & SERVICES DEPOSIT PRODUCTS & SERVICES CHASE PRIVATE CLIENT Chase Private Client brings you concierge banking from Chase, combined with the guidance and world-class investment expertise of J.P. Morgan. As a Private

More information