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ON YOUR OWN

ON YOUR OWN. Objectives. At the end of this class participants will have knowledge of: Banking basics – savings to eBanking Things to consider when selecting and Financial Institution Budgeting – taking charge of your money Types of debt Strategies for financing college. BANKING BASICS.

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ON YOUR OWN

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  1. ON YOUR OWN

  2. Objectives At the end of this class participants will have knowledge of: • Banking basics – savings to eBanking • Things to consider when selecting and Financial Institution • Budgeting – taking charge of your money • Types of debt • Strategies for financing college

  3. BANKING BASICS

  4. Savings • Safe – NCUA/FDIC • Available when needed • Get started with minimal cash • Direct Deposits • Recurring Deposits • Different types can be offered – Interest bearing • Statement Savings • Money Market • “E” accounts - Holiday and Vacation e-clubs • Some financial institutions charge fees for not maintaining the minimum

  5. Checking • Can be used to deposit money including paychecks, refund checks, pay bills, etc. • Convenience – tied to check card • Online banking • Budget – Money$mart • Helps you track your expenses and income • You can set up alerts (prevent overdraft) • Fees

  6. Checking All checks have the following components: • Date • Amount • Maker • Payee • Endorser • Routing Number • Account Number

  7. Debit/Check Cards • You can use this in place of cash. To avoid PIN-related (debit) charges always choose “credit” when asked. • Debit v. Credit Card • ATM Charges • Lost or Stolen Cards • REPORT IMMEDIATELY!

  8. eBanking/PFM

  9. What to Look for in a Financial Institution • Convenience • Services • Minimum Deposit Requirements • FEES • To hold your Money • Access Your Money • Overdraft/NSF • NCUA/FDIC

  10. BUDGETS

  11. Take Charge of Your Money • Define your financial goals • Make plans to reach your goals • Take action BUDGET A budget is a way of keeping track of the money you get and the money you spend.

  12. Why Make a Budget? • Puts you in control • Helps you create a visual spending picture It can be simple or detailed

  13. App or “Paper” LEARNVEST http://www.moneyunder30.com/free-budget-spreadsheet

  14. Tracking Spending • Pen and paper • Smartphone apps • https://itunes.apple.com/us/app/slice-best-package-tracker/id475854271?mt=8 • https://itunes.apple.com/us/ app/spending-tracker/id548 615579?mt=8

  15. Reality Check… SOURCE: http://www.naceweb.org/uploadedFiles/NACEWeb/Research/Salary_Survey/Reports/SS_Jan2013_ExecSummary.pdf

  16. Show me the Money… Occupation: Business Salary: $53,900 (2012 average) College Debt: $35,200 (2013 average)*

  17. Thinking Points… • Saving (PAY YOURSELF FIRST) • Cut your expenses • Resist peer pressure • Use student discounts • Want and Needs • Opportunity Costs • Stay on Campus v. Commute • Housing - Dorm v. Apartment • Meal plans • All inclusive v. design your own • Meals v. dining dollars

  18. DEBT

  19. Types of Debt • Parents • Credit Cards • Auto Loans • Student Loans • Direct • Private

  20. WHAT’S NEXT…

  21. Considering College • Cost of Attendance • Tuition • In-state • Out-of-state • Private • Room and Board • Books • Technology • Fees

  22. Paying for College • Savings • Scholarships • Grants • Student Loans • Federal Direct Loans • Private Loans • Work Study • Part-time Job FAFSA

  23. Student Loans • Federal Direct • Subsidized • Unsubsidized • Direct PLUS • Perkins • Work Study • Private Loans

  24. Golden Rule The 20-10 Rule recommends that an individual's total debt should be no greater than 20% of the individual's net annual income and that monthly debt payments should total no more than 10% of the individual's monthly net income. Bottom Line: Live within your means.

  25. You Will Survive! • K.I.S.S. • Discipline • Make educated and planned decisions • Use all your school’s resources

  26. Resources • http://www.moneyunder30.com/ • http://www.nerdwallet.com/blog/2013/9-budgeting-apps-college-students/ • http://www.tuition.io/blog/2013/07/17-ups-and-downs-of-the-student-loan-lifecycle/ • http://www.creditdonkey.com/blog/student/ • http://www.fafsa.ed.gov/

  27. THANK YOU!

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