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Financial Literacy
15
Financial Literacy
Workshop
Financial
Literacy
Financial Literacy
Financial Literacy?
Financial literacy is the ability to understand and effectively apply various financial skills, including personal financial management, budgeting, and investing.
Definition
Importance?
Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively. Without it, our financial decisions and the actions we take—or don't take—lack a solid foundation for success.
Importance
Wants vs Needs?
Wants
vs
Needs
Wants...
Want — have a desire to possess or do (something); wish for.
Examples
- Video Games
- Air pods
- Puppy
Wants
Needs...
Need — require (something) because it is essential or very important rather than just desirable.
Example
- Air
- Food
- A house
Needs
Making Money?
Making
Money
Earning Income!
Income
Here are ways to Earn Income as a student...
Ideas
- Chores
- Shovel snow
- Landscaping
- Babysitting
- Walking dogs
Budgeting
Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would want to do.
Budgeting
How To Budget
Budgeting
- First you take your income and subtract all your monthly expenses and purchases
- What ever is left over is the money you can either save or spend
- 50/30/20 rule
- 50% of your income towards needs, 30% of your income towards wants, 20% of your income towards savings
- EXAMPLE: If you make $1,000.00
- $500 to expenses, $300 to purchases and $200 to savings
Saving Goals
Saving
Goals
Short and Long Term Saving Goals
Long/Short Term Goals
- A long term saving goal is when you save money a need or want that will take over year or longer to save up for.
- A short term saving goal is something that you can save up for in a reasonable amount of time
EXAMPLES
- Short Term Saving Goal
- New pair of jeans
- New video game
- Long Term Saving Goal
- College tuition
- A new house
- A new car
Investing?
Investing is the act of allocating resources, usually money, with the expectation of generating an income or profit. You can invest in endeavors, such as using money to start a business, or in assets, such as purchasing real estate in hopes of reselling it later at a higher price.
Investing
Checkings & Savings
Account
Checking
&
Savings
Checking Account?
Checking Accounts: A checking account allows you to deposit and withdraw money to make payments. It is where people often keep the money they need for everyday expenses.You can access your money using a debit or credit card.
Checkings Account
Savings Account
Savings Accounts: A savings account is a place where you can store your money and earn interest. Usually, this money is the money you would like to “save” for a later date.
Interest: A savings account will accrue interest, the amount varies from financial institution to financial institution.
Savings Account
Closing!
Thank you!