The Secrets of Saving
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1 The Secrets of Saving
2 TRYING TO SAVE.CAN BE TOUGH!
3 Activity Time! Jelly Bean Introduction (pass out beans) Power of Pennies Savings Activity
4 What Could happen tomorrow? Savings is the portion of income not spent on current expenses ideal for: Emergency vet visits Flat Tires Appliance breaking Medical emergencies not covered by insurance Savings prepares us for unexpected events.
5 Debt may be used Credit cards, loans, or going without the item Financial Stress Unable to live the style one is accustomed to Give up going out with friends, participating in activities, etc.
6 What are Reasons to Save? The future is unpredictable Unexpected events or emergencies Savings provides a state of well-being
7 What is Saving? Saving accumulation of excess funds by intentionally spending less than you earn Results in Savings portion of income not spent on consumption (purchase of goods and services)
8 Fun Reasons to Save New Electronics Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 8
9 TREATS! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 9
10 Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 10
11 Steps to Reach Savings Save 10-20% of net income until appropriate amount of savings is reached Net income (take home pay) Income after taxes have been taken out of a paycheck Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 11
12 Where can money be saved? Piggy Bank Coffee Can Depository Institution Jar Under a Mattress Which is the safest method? Depository Institution! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 12
13 1.4.1.G1 Depository Institution Depository Institution is a business that offers financial services to people Money is insured from loss Offers accounts that earn interest Take Charge Today October 2014 Pay Yourself First Slide 13 Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at the University of Arizona
14 What is Interest? Interest - price of money Depository institution accounts may earn money from interest Interest earnedcalculate a percent of total amount of money in account This percent is the interest rate Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 14
15 TREATS! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 15
16 Characteristics Definition What accounts at depository institutions earn interest? Savings Account Money Market Certificate of Deposit (CD) Holds money not spent on current expenses Pays a higher interest rate than a savings account Pays interest on a lump sum of money Money stored until needed Minimum deposit often required Specific time requirements Interest earning # of monthly withdrawals often limited Higher interest rates for longer time periods Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 16
17 Time Value of Money Value of money saved in these accounts increases! Time value of money- money paid in future is not equal to money paid today Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 17
18 Factors affecting the Time Value of Money Interest Rate Save at the highest interest rate possible! Amount of Money Time Save as much as possible, as often as possible! Save for as long as possible! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 18
19 $500 saved at 3% interest Amount of money Year account is worth Initial amount saved $ $ $ $ $ $ What could you do with $80 extra dollars?!? Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 19
20 Years Time Value of Money Magic! Year 20 Year 15 Year 10 Year 5 Year 1 Initial Savings: Interest $ Earned: at 7% interest $ Interest Amount Earned: Savings $79.19 is Worth: $ Interest Amount Earned: Savings $56.46 is Worth: $ Interest Amount Earned: Savings $33.26 is Worth: $ Interest Amount Earned: Savings $7.00is Worth: $ Amount Savings is Worth: Year 50 Interest Earned: $ Amount Savings is Worth: $ $0.00 $1, $2, $3, Dollar Value Family Economics & Financial Education August 2010 Get Ready to Take Charge of Your Finances Saving Slide 20
21 TREATS! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 21
22 save money over spending money A Strategy Set aside money for saving before spending any money Save then spend! Why? Creates a habit Saving is not what is left at end of month Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 22
23 To successfully practice pay yourself first Goal- End result of something a person intends to accomplish Financial Goal- Specific objectives to be accomplished through financial planning Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 23
24 Importance of setting financial goals Helps identify and focus on items that are most important Make decisions that help obtain what is most important Such as choosing to save over spend! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 24
25 Is there a secret to saving $$ Is this hard?...yes!!! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 25
26 Pay Yourself First Set financial goals Examine Current Spending Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 26
27 TREATS! Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 27
28 What are the secrets to saving money? Because of the unknown of the future, save money to pay for unexpected events or emergencies To be considered financially secure, save at least six months worth of expenses To reach this amount, save 10-20% of net income Money saved at a depository institution is protected against loss and can earn interest Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 28
29 What are the secrets to saving money? Take advantage of the time value of money Save as much as possible, for as long as possible, at the highest interest rate possible! Saving money is accomplished by practicing pay yourself first and setting goals Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 29
30 Discuss Jelly Bean Activity What did this represent? Each 5 slides = 1 year of savings. SAMMY SPLENDOR ADVICE COLUMN Family Economics & Financial Education December 2010 Get Ready to Take Charge of Your Finances The Secrets of Saving Slide 30
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