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Logix Federal Credit Union Smarter Banking

Logix Federal Credit Union Smarter Banking. Steve Artis Matthew Onstad Tina Orellana Kevin Rishko. Agenda. Understanding Terms Basic Checking Saving Money Credit & Loans “Buy now pay later”. Terms.

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Logix Federal Credit Union Smarter Banking

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  1. Logix Federal Credit UnionSmarter Banking Steve Artis Matthew Onstad Tina Orellana Kevin Rishko

  2. Agenda Understanding Terms Basic Checking Saving Money Credit & Loans “Buy now pay later”

  3. Terms Checking Account – An account where the focus is placed on using the money to pay for other things Savings Account - An account where the focus is placed on saving money rather than taking it out

  4. Terms Credit Card - A credit card is a payment card issued to a person for purchasing goods and services and obtaining cash against a line of credit established by the issuer Loan- A loan is a thing that is borrowed, esp. a sum of money that is expected to be paid back with interest Budget – A plan of how much you need to spend and save each month to reach your goals

  5. Checking Accounts • Convenient Access • Checks, Debit Cards • Electronic Services • Keep track of how much you deposit and how much you spend – know how much you have in your account! • Monthly Charges & Usage Fees • Overdraft Protection • Subtract service fees and usage charges • Processing Policies • Checks as Records/Receipts • Record transactions • Check bank statements for mistakes

  6. Writing Checks What are the major parts of a check?

  7. Balancing your book • Each student starts with $150 • Every Friday, you receive $50 for allowance • You can choose to spend the money or save • How much do you have at the end of 3 weeks? • You cant borrow from your parents • Week 1: • Starbucks-$10 • Movies-$15 • Lunch out daily-$30 • Dinner at the game-$15 • Week 2: • Friend needs a B-day gift-$35 • Lunch out daily-$30 • Starbucks-$10 • Concert time-$75 • Extra Chores for +$30 but can’t go to the movies • Week 3: • Starbucks again-$10 • Lunch out daily-$30 • New Video game-$50 • Its your B-day and you get $75 • Going to the big game-$20 • You break your phone-$300

  8. Savings Facts The average American family has about $3800 in savings 40% of Americans not saving for retirement Only 18% of American’s confident about having enough saved for retirement

  9. Savings Accounts Share Savings: reports transactions monthly Money Market: typically require minimum balance and offer higher interest rates Certificate Accounts: pay higher interest rates based upon agreement to leave a specific amount in the account for a set amount of time 401k retirement plans and IRAs: an opportunity to save with taxes being deferred. Can be through employer or on your own

  10. How saving adds up! • How Much to save in 6 months for that $500 I-Pad? • A month _____? • A week _____? • A day _____?

  11. Long Term Savings • Rich Moore • Saving $3,000 a year starting at 19 • Stopped at age 26 (8 years) • At 60, has deposited $24,000 but actually has $964,129 • Les Little • Saving $3,000 a year starting at 27 • Stopped at 60 (34 years) • Has deposited $102,000 but only has $810,073

  12. The Rule of 72 How can you double your money?

  13. Savings Vs. Checking • Checking? • * • * • * • * • * • Savings? • * • * • * • * • *

  14. Budgeting • How much money do you have each week? • Balance vs. Available-pending withdrawals • Use your computer, smartphone, phone to check balances before spending • Use text alerts • Are you looking to save for something specific? • Car? • Play-Station? • College? • Can you afford an emergency? • How much should you save?

  15. Credit • Credit allows individuals to use money they currently don’t have • Allows for more manageable monthly payments on large purchases like homes and cars • Good credit allows for lower interest rates so saves you money • On a $20,000 car loan, 1.95% means a payment of $350 and 7.99% means a payment of $403 (or $3,180 more over 5 years) • Be aware of the fees • Be aware of the interest • Don’t make the minimum payment on credit cards • Balance $500, Min payment $15, interest rate 15%, will take 3.7 years to payoff and $151 in additional fees • Credit is important not only for the purposes of lower fees and rates but for jobs and renting-Can start at age 18

  16. Links • Balance a checking account tools • https://www.balancepro.net/checking/index.html • Checking account education • http://www.balancetrack.org/checking/index.html • Teens and Money • http://www.balancetrack.org/teensandmoney/index.html

  17. Questions?

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