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Critical Skills Financial Literacy

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by

cassidy montoya

on 8 November 2013

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Transcript of Critical Skills Financial Literacy

EXPENSES
Fixed
Variable
Periodic
Anything that you have to pay out for.
Always same dollar amount
Happens every month
Rent
Loan payment
Varying dollar amounts
Happens every month
Groceries
Electric Bill
Happens every now and then
Can be same or varying dollar amounts
Car maintenance
Auto Insurance
Paying back loan from parents
SMART GOALS
Specific
Measurable
Attainable
Realistic
Time Bound
Short term:
0-3 Months
Intermediate Term:
3 Months - 1 Year
Long Term:
1 year or longer
Making $ Work For You
Delayed Gratification
Holding off on buying something until a better time
PYF
Pay Yourself First
SAVE
Smart
Money Management

First Step:
Ask yourself
"Where is all my money going?"
Smart Money Managers know how much money is coming in and going out at all times
Smart Money Managers know how much is in their account at all times.
NEEDS
VS
WANTS

Benefits of PYF
Gives room in your budget to be flexible
Guarantees an “emergency” fund is available
Allows more room for the “Wants” that sneak their way into your budget
Deductions
Money Going Out
Federal/State Taxes
Medicare
Social Security
BUDGETS
Spending Plan
People without a budget:
Less likely to know what they have
Have no plan
Come up short before next payday or allowance
Less able to save for more expensive goals
FINANCIAL LITERACY
What affects your decisions?
The answer is:
EVERYTHING AFFECTS YOUR DECISIONS
SAVE!!!
Full transcript