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Patricia Kelly February 26, 2016 What we will cover Overview of your financial life Banking Your college budget Elements of Your Financial Life Job/Taxes Investing Budget Your Finances Insurance Savings Goals of managing your money Pay your expenses Be responsible Handle emergencies Plan for the future Gain financial independence Learning to handle your money is your responsibility Know how much you have in the bank Know your expenses Do not spend more than you have Understand the different between your wants and needs Pay your bills on time—fees, penalties, interest expense, credit score Gain the skills to manage your finances or, what you buy stuff with Off to college….. Put Money in the Bank… • Checking • Savings • Investment Account Make Purchases with… • Cash • Check • Debit card • Credit Card • PayPal, Apple Pay, Venmo For things you need… • Books/Supplies • Living Expenses • Extras Wells Fargo Checking $1,000 Savings $500 Wells Fargo Visa Credit Card Wells Fargo Checking $1,000 Savings $500 Wells Fargo Visa Credit Card What happens if you spend more than $1,000? What’s a check? What’s a credit card? Loan Pay off balance every month, Or, pay interest on the unpaid amount If you miss a monthly minimum payment, you are charged a penalty Good for emergencies If you do not pay your bill on time, your credit score will fall Credit Reports and Score FICO score (Fair Issac Corp) A measure of your credit worthiness; how likely it is you will pay your bills Factors effecting score (300-850 best) 35% 30% 15% 10% 10% Paying your bills on time 35% Amount you owe relative to borrowing capacity (usage ratio) Credit history Credit mix new credit applications Watch all your accounts closely Know your bank balance Look at your accounts deposits (and payments) “post” purchases familiar fees Don’t pay fees! Call the bank with questions—and ask for your parents help The financial side of going to college What does it cost to go to college? How is college paid for? Costs of Going to College EXPENSES per year Tuition 45,000 Room and Board 14,000 Health Service Fee 500 Activities Fee Books and Supplies 1,425 Personal Expenses 2,625 Travel Total Expenses 63,550 How you might pay for college Funds (Income) example Parents/Family 20,000 Grants 10,000 Scholarships Loans Work/Study Summer Work Savings Total Funds Available 1,000 30,550 1,500 500 63,550 Costs of Going to College EXPENSES per year Tuition 45,000 Room and Board 14,000 Health Service Fee 500 Activities Fee Books and Supplies 1,425 Personal Expenses 2,625 Travel Total Expenses 63,550 Difference between wants and needs Needs Wants Think about purchases Do you need it? Do you want it? Is it useful? Do you love it? Can you afford it? Do you have the money now? Can you pay it off over its useful life? Am I ok financially if something bad happens? Creating a Budget Get Organized Execute your plan Create Budget Identify Expenses Know Income Some College Expenses Living on campus Think about…. Living off campus Room and board Cell phone/data rent Dorm fees New Computer, devices water, gas and electric, Entertainment/travel internet food transportation to campus Personal Items Events clothes Sports and equipment soap, toothpaste, shampoo, Hobbies make-up, razors medicines laundry hair cuts Music Travel to and from school Planes, trains, automobiles Having a car Drama gas Art and supplies parking Lab costs maintenance Greek System Fees insurance, registration What we will covered Overview of your financial life Banking Your college budget
