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Money Matters!

Money Matters!. Chelsie Andera and Hannah Ruona. Budgeting. “In a correctly formed budget, income should equal expenses. There should not be money left over.”. Why keep a budget?. Match income with expenses Predetermines how money is allocated Pay bills on time Tracking your spending

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Money Matters!

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  1. Money Matters! ChelsieAndera and Hannah Ruona

  2. Budgeting

  3. “In a correctly formed budget, income should equal expenses. There should not be money left over.”

  4. Why keep a budget? • Match income with expenses • Predetermines how money is allocated • Pay bills on time • Tracking your spending • Adjusting expenses • Are you spending too much? • How to save • Evaluation of a budget

  5. What have you taught your children about budgeting?

  6. Savings/Checking Accounts

  7. “Ten percent of earnings should be set aside for savings.”

  8. Benefits of Accounts • Savings Account • Why save money? • How to save money • Checking Account • To properly track • Alternative to a credit card • Debit card

  9. Do your children have checking and/or savings accounts?

  10. Credit Cards

  11. “You should never charge more on a credit card than can be paid off each month.”

  12. Credit Cards • 84% of undergrads had a credit card (2009)* • What to look for • Benefits • Build credit • Buying power • Secured/Limited • Drawbacks • Can hurt credit score if used incorrectly • Accumulated interest • Credit Card Act ** • Inform customers when rates/fees change • Time to pay off balance using minimum • Under 21 requires cosigner * “Coping with Cash 101.” USA Today. 2009. ** “How Will the Credit Card Affect Me?” Time.com.

  13. What have you discussed about credit cards with your children?

  14. Building credit

  15. “You don’t need a credit card to build credit.”

  16. Credit Building • Other ways to build credit • Separate cell phone account • Being employed • Why it’s crucial to build credit • Future loans (house, car, etc.) • Employers • Renters

  17. What ways have your children started to build credit?

  18. Communication

  19. “Talk to your kids about finances!”

  20. Who’s Paying? • Which expenses? • Examples: • Cell phone • Car insurance • Gas • Groceries • Eating Out • Expectations

  21. Have you discussed with your children what their financial responsibilities will be?

  22. Discussion Points • Budgeting • Match income with expenses • Savings/Checking Accts • Start saving now for the future • Keep track of your spending • Credit Cards • Charge what you can pay off • Building Credit • Look into options other than credit cards • Communication • Plan and don’t be surprised

  23. Final Thoughts • Fall Seminars • Budgeting • Building Credit/Credit Cards • Contact Information • ChelsieAndera • CANDERA@uwsuper.edu • Hannah Ruona • HRUONA@uwsuper.edu

  24. Thank You! Contact Information ChelsieAndera CANDERA@uwsuper.edu Hannah Ruona HRUONA@uwsuper.edu

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