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CREDIT

4. One should revise their budget after a major life change occurs. For example: a raise, marriage, birth of a child or divorce. By doing this you can be sure to stay out of debt and keep all spending under control.

Example of what a budget would look like.

• A credit report is a lot of information about how a person pays their bills and how they repay loans. It also shows how much credit they have available and what their monthly debts are. It shows if you have good or bad credit.

Budget

credit

Creating a budget

3. a way to stop this is to go through your budget and weed out all the unnecessary expenses or try and limit the amount of money for each group.

1. Find your total expenses such as bills, food, cloths, etc. then subtract that from your total income.

• Credit Can get you into financial troubles if you dont use it right.

Only purchase things you actually need, you shouldn't purchase a new tv, because it isnt a necessity. Unless you know that you can pay it off within a few months don't purchase "wants" purchase nesecities

2. The amount remaining tells you of you have a good budget. If the number is positive than you are doing great and shouldnt change a thing. But, if the number is negative than you are on your way to creating debt.

• Credit can be good if you use it wisely.

Citations

visa, "Practicemoneyskillsforlife."Lastmodified 2014. Accessed January 6,2014.

http://www.practicalmoneyskills.com/personalfinance/savingspending/bUdgeting/.

Money Managemant international,"top five personal finance questions."Last modified 2013.Accessed January 6,2014. http://www.moneymanagement.org/budgeting-tools/credit-articles/money-and-budgeting/five-things-you-need-to-know-about-money-and-personal-budgeting.aspx.

Credit Can be good,if you set a spending limit and a budget, for paying a credit bill each month.

If you don’t pay credit card bills and have a lot of debt the chances of getting accepted for a loan decrease dramatically.

It can also be good for college

If you need books and you cant afford them at that momment you can open a credit card, so you can purchase them, but remember to pay a amount of the bill each month so you dont create debt.

"Experian Website" Jan 16th, 2014

http://www.experian.com/credit-advice/topic-credit-card-information.html

http://credit.about.com/od/buildingcredit/tp/building-good-credit.htm

"credit website" Jan 16th 2014

Debt

understand the type of debt

Escrow , principal, and Interest: find out what your money is going towards

  • Escrow is the third party that holds the debt and is given a percentage of the payments (banks)
  • Principal is the amount of money owed
  • Interest is a percent of the total Principal payed

pay extra and now where that extra is going to

with things like mortgage, there are two types of interests fixed and variable

  • Fixed mortgage doesn't change price and the contract is negotiable
  • variable allows the interest to increase drastically and you can't do anything about it

know the specifics of your debt

  • don't get a car or object that will be useless and your still paying it off.
  • know how long you will be paying the debt off

Debt is not scary as long as its managed

  • don't pay for something that will be useless before you pay it off
  • ex. don't by a car you will be paying for 10 years from now
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