2006 BALANCE FINANCIAL FITNESS PROGRAM
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1 2006 BALANCE FINANCIAL FITNESS PROGRAM
2 Tools for Financial Independence Manage money Prepare for future bills Open / maintain checking and savings accounts Use credit wisely Invest money Attend seminars like this and download financial podcasts from
3 Money Management Money: Where is it going now? Where do you want it to go? Wants versus needs: Want is a desire Need is essential Question each purchase
4 Setting Goals What do you want to do with your money? Three basic goal types: Short-term 1-yr. Mid-term 1-3 yrs. Long-term 3 + yrs. Goals are specific: price/date = $ saved each month. Be flexible
5 Budgeting What are your sources of income? Expenses should never be more than income! Pen and paper or computer spreadsheet
6 Budget Example INCOME Part-time job = $300/month Allowance from parents = $100/month Total income = $400/month EXPENSES Cell Phone bill = $50/month Car Insurance = $200/month Total expenses = $250/month Budget balance = $400 - $250 = $150 available to spend or save
7 Income
8 Spending Plan
9 Preparing for Future Bills Moving out: Moving costs First / last month s rent Cleaning / security deposit Utilities / phone deposit Furniture/appliances, etc. Household bills: Utilities Telephone Health club membership, etc. Pay bills on time
10 Buying a Vehicle Know how much you can really afford: Revisit budget Monthly payment, insurance, maintenance and repairs, gas, parking, etc. The more you borrow (finance) the more the vehicle will cost Make as large a down payment as possible Compare the financing deals
11 Checking and Savings Accounts Teen account Custodial or joint accounts Savings / Savings Plus account Checking / Checking Plus account
12 Checking and Savings Plus Checking Plus High-yield on the first $500;.50% APY on the remaining balance estatements/visa Check Card required Savings Plus High-yield on the first $500; standard rate structure on the remaining balance estatements required
13 Managing a Checking Account Always know how much is in your account Read statements for accuracy; dispute errors immediately Don t bounce checks Use overdraft protection Keep track of deposits, checks, ATM withdrawals, fees Never write a check for more than you have in account Keep account balanced
14 Online Banking/ Mobile Banking Online Banking Check your balances and make transfers 24/7 Pay bills through Online Bill Paying Mobile Banking Keep track of your account through your phone as safe as Online Banking and even more convenient!
15 Using Your ATM Card or Debit/ Check Card ATM card: withdrawals, deposits, transfer money, obtain balance Debit/Check card: ATM + store, restaurant, etc. $ automatically deducted from account Memorize PIN Never share cards Contact financial institution immediately if lost or stolen
16 Card Types Unsecured credit card Secured credit card Charge card Store / gas card Debit card Prepaid card
17 Credit Cards Short-term loan Repay in full or make minimum payment Remaining sum revolves, interest added
18 Credit Card Example Balance $2000 Interest rate 19% Making only the minimum payment (2% of balance) It will take 36 years to payoff! Total finance charges: almost $6200!
19 What To Look For In A Credit Card Low APR Long grace period Low cash advance fees No annual fee Low penalty fees
20 Credit History Credit reporting bureaus: TransUnion, Experian, and Equifax. On reports: Date account opened Late payments Collections Current debt Credit limits Debt-related lawsuits
21 Use Credit Wisely Never charge more than you can afford to repay by due date Always pay more than the minimum payment Pay on time Limit the number of cards Keep cards private and safe
22 Credit Scores Mathematical risk assessment Need good score for: Buying a vehicle Getting a cell phone Renting an apartment Getting a job Qualifying for low insurance rates Buying a home
23 Summary Obtain more personal finance education Learn from mistakes Have fun money is for security and enjoyment!
24 BALANCE Financial Fitness BALANCE Financial Fitness is a free financial education and counseling service available as a benefit of Credit Union Membership Money management counseling Debt repayment options Credit report review ID theft assistance
25 Thank you for attending Visit our web site: Visit us on Facebook enter in our full name: IBM Southeast Employees Federal Credit Union Questions?
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