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Transcript of FINANCIAL LITERACY
THE RULE OF MONEY
Habits of Spending
Easy to get
Immediate payment so you don’t go into debt
Say no to heavy wallets.
Cash back options at some stores
Card can be set up to prevent overdraft
It can be used as checking account, saving account, meal plan
You will be using your own money and not borrowed money
Simply a Credit card is an immediate loan for cash you don’t actually have on hand. It sounds good but spending can become addicting.
HOW TO MANAGE YOUR SPENDING?
Develop a budget based on information & insight gained in a worksheet.
Just like a game of monopoly or chess if you don't understand the rules then your chances of winning are minimal .
Budgeting: is basically making sure that you're spending less than you're bringing in and planning for both the short- and long-term.
IMPORTANCE OF BUDGETING
• Make long- and short-term projections about your financial situation.
• Avert a financial crisis.
• Get the most from your money.
• Plan for major financial changes
• Achieve peace of mind
Can’t be used to shop online since there is a high risk of theft
Overdraft (if it applies)
Minimum balance fees
Can’t improve credit score
Credit is a way of banks to money around electronically.
Banks give you an option to spend more than your available credit but then they charge you an overdraft fee
These fees could end up costing more in a year than the actual yearly interest you pay on the credit card.
Payments start to add up and eat up your income so that becomes another expense.
HOW IT WORKS
A debit card, also known as a “check card,” uses money from a linked checking account for purchases. It’s a safe and convenient alternative to using cash or checks, and it works for in-person and online purchases.
Know your “wants” from your “needs
Create a budget for yourself
Try different savings and budgeting methods to see what works for you
Try to create a “rainy day fund,” just in case of emergencies
Analyze your online account statement (four weeks is ideal) to help you determine where your money is going.
For example, how much money do you spend on coffee each week? Dry cleaning? Take out? Movies?
Write down all sources of income. With a list of your income and expenses in hand determine your priorities.
1. Take Only The Cash You Need
2. Know Your Spending Triggers
3. Visualize the Prize
4. Shop With a List
5. Know Your Weaknesses and Avoid Them
is a crime in which an imposter obtains key pieces of personal information, such as Social Security or driver's license numbers, in order to impersonate someone else.
WAYS TO PREVENT IDENTY THEFT
Secure your social security number (SSN). Don’t carry your social security card in your wallet or write your number on your checks. Only give out your SSN when absolutely necessary.
Don’t respond to unsolicited requests for personal information (your name, birth date, social security number, or bank account number) by phone, mail, or online.
Watch out for “shoulder surfers.” Shield the keypad when typing your passwords on computers and at ATMs.
Review your receipts. Promptly compare receipts with account statements. Watch for unauthorized transactions.
Shred receipts, credit offers, account statements, and expired cards, to prevent “dumpster divers” from getting your personal information.
Private and federal loans
Ways to control student loan payment
How to avoid getting in debt?
HOW TO UNDERSTAND SAVING ?
1.Understanding how money works
2.1. Credit Score
4.1 Ways to prevent identity theft
Saving is the portion of income not spent on current expenditure.
To become financial independent.
Getting out of debt
For short term and long term goals