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Get a Handle on Your Money Revised 2006 Your County Your Name Family and Consumer Sciences “Educating People to Help Themselves ” Futures Contracts Collectibles Pyramid of Investment Risk Aggressive Growth, Junk Bonds, Stocks and Mutual Funds Increased Risk Real Estate

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slide2

Your County

Your Name

Family and Consumer Sciences

“Educating People to Help Themselves”

slide3

Futures Contracts Collectibles

Pyramid of Investment Risk

Aggressive Growth, Junk Bonds, Stocks and Mutual Funds

Increased Risk

Real Estate

High Quality Corporate Stocks, Bonds and Mutual Funds

Life Insurance Investments Government Securities

Insured Savings, Savings Bonds, Money Market Funds, Certificates of Deposits

Goals

Emergency Fund

Budget

Financial Records

Credit Record

Life

Disability

Health

Property Liability

Financial Plan

Insurance

Financial Foundation

slide4

Cash Management

$ Earn maximum interest on funds

$ Maintain adequate funds to manage expenses, emergencies and financial goals

$ Keep cash and credit purchases in line with budget limits

$ Maintain purchasing power by exceeding inflation and taxes

slide5

Tools of Cash Management

$ Checking accounts

$ Savings accounts

$ Money Market accounts

$ Certificates of deposit and government savings bonds

slide6

Financial Institutions

Commercial Banks

Credit Unions

Savings and Loan Associations

Mutual Savings Bank

BANK

slide7

Checking and Savings Accounts Costs and Penalties

Automated teller machine transaction fee

Telephone, computer or teller information

Maintenance fee on minimum-balance account

Maintenance fee on average-balance account

slide8

Costs and Penalties

“Bounced” check

Delayed use of funds

Inactive account

Excessive withdrawals

Early withdrawal

Check clearing waiting period

Stop-payment order

slide9

Overdraft Protection

Automatic Funds Transfer

Automatic Overdraft Loan Agreement

slide11

Savings versus Investing --

What’s the difference?

slide12

Savings

  • Money set aside from current earnings
  • Money not currently needed
  • Money set aside temporarily
  • Return is usually lower
  • Safe, secure, convenient
slide13

Investing

Putting what you’ve saved to work to produce a higher return

Money that is set aside to meet longer term goals

Higher risk than savings

slide14

Reasons Families Save

Emergencies, seasonal expenses, major purchases

Educate self or children

Minimize taxes

Retirement income

Capital accumulation

New Home

Children’s Education

Toys

Candy

slide15

Every Little

Bit

Counts

slide16

Pay Yourself First (A little can add up)

Save this each week At % interest In 10 years, you will have

$ 7.00 5% $ 4,720 $14.00 5% $ 9,440 $21.00 5% $14,160 $28.00 5% $18,880 $35.00 5% $23,600

slide17

Savings Options

  • Savings Accounts
  • Certificates of Deposit
  • Money Market Accounts
  • Government Savings Bonds
  • Treasury Certificates
slide18

Low-Risk, Long-Term Savings

$ Certificates of Deposit Fixed or variable rate

$ U.S. Savings Bonds Series EE Series I

slide19

Value of $1 Saved Once

Interest Rate

4%

6%

8%

10%

Years

5 10 20 30

1.22 1.48 2.19 3.24

1.34 1.79 3.21 5.75

1.47 2.16 4.66 10.06

1.61 2.59 6.73 17.45

slide20

Value of $1 Saved Yearly

Interest Rate

4%

6%

8%

10%

Years

5 10 20 30

5.42 12.01 29.78 56.08

5.64 13.18 36.79 79.06

5.87 14.49 45.76 113.28

6.11 15.94 57.27 164.49

slide23

Finding $1,000 To Save

$ 60 clothing/dry cleaning

60 phone bills

120 groceries

180 entertainment

160 collect coins ($3.20 each week)

360 meals away from home

60 coffee/sodas

$1,000 SAVINGS

slide24

Painless Ways To Save

  • Pay yourself first
  • Reinvest interest and dividends
  • Set realistic goals
  • Be yield conscious
  • Keep it simple
  • Keep cash reserves to minimum
  • Use payroll deduction plans
slide25

Painless Ways To Save

  • Continue to make loan payments into savings after debt has been paid
  • Try a crash savings diet by purchasing only bare necessities
  • Kick a habit and save the money
  • Adjust your tax withholdings and save the difference
  • Save windfall money from lottery, inheritance and gifts
  • Save money from pay raise, bonus or working overtime
  • Start a part-time job and save the money
slide27

Your County

Your Name

Family and Consumer Sciences

“Educating People to Help Themselves”