personal finances 101. agenda creating and managing a budget power of compounding pros and cons of...
TRANSCRIPT
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PERSONAL FINANCES 101
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AGENDA
Creating and Managing a Budget
Power of Compounding
Pro’s and Con’s of Credit Cards
Smart Borrowing: Student Loan Programs
Credit Fitness: Why it is important!
Protecting Your Identity
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CREATING AND MANAGING
A BUDGET: KNOW YOUR HABITS
First, “know your habits” by tracking
your expenses to fully understand
how you spend your money
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SECOND, DO THE MATH!
DETERMINE YOUR
MONTHLY INCOME
MINUS EXPENSES
Total Monthly Take-Home Income (minus taxes, health insurance, other payroll deductions, 401K)
$
Household Expenses
Rent or Mortgage $
Utilities (water, sewer, gas/electricity) $
Home/Cell Phone $
Groceries $
Other Household (Cable, etc.) $
Transportation Expenses
Car Loan Payment $
Gas, Tolls, Parking, Other $
Car Insurance (set aside if paid annually or semi-annually) $
Other Expenses
Pet (Food, Vet) $
Insurance/Co-pays, Prescriptions $
Fun (entertainment, dining out, move rental, etc.) $
Minus Total Expenses $
Total Monthly Surplus/Shortage $
CREATING AND MANAGING
A BUDGET: INCOME V EXPENSES
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LITTLE SAVINGS ADD UP…ITEM ANNUAL COST ALTERNATIVE ANNUAL COST
One Cup of coffee daily at a Coffee
shop ($3)
$1,095Gourmet
coffee brewed at home
$176
One CD weekly ($12.99)
$ 675 Download individual songs you like ($1)
$375
Pizza delivery once a week ($10)
$ 520 Gourmet frozen pizza at the grocery ($5)
$260
Eating lunch out 5 days a week ($5
per lunch)
$1,250 Bring your lunch to work 5 days a
week ($1.50 per lunch)
$375
Total Annual Savings of $2,354!
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CREATING AND MANAGING
A BUDGET: WANTS V NEEDS
Wants versus Needs!
Do I have to have it today?
What will happen if I don’t buy it?
How have I managed this long without it?
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NEW CAR VS. OLDER CAR
New 2009 Honda Accord EX Cost: $24,000 Payment: $476 Insurance: $ 78
Monthly difference: $176Annual difference: $2,112
Used 2003 Honda Accord EX• Cost: $14,483• Payment: $305• Insurance: $ 73
Car Cost/Payment Source: www.edmunds.com Based on financing for 60 months. New car interest rate of 7.11%; Used car interest rate of 7.35%. Car Insurance Cost Source: www.geico.com Insurance rates for a 25-year-old single male with a clean driving record.
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INCOME Take-home pay minus taxes,
social security, health insurance, 401K
CREATING AND MANAGING A BUDGET:
SAMPLE BUDGET
Based on 60% solution from msn.Money
FIXED EXPENSES: 60%Rent/Mortgage, Utilities, Home/Cell phone, Commuting, Car payment, Insurance, Work-related (clothes, dry-cleaning), Student Loan Payments, Credit Card Payments
SAVINGS: 20%Money set aside for vacations, major repairs, new appliances, to pay down existing debt, emergenciesa down-payment on a car or house, charity
RETIREMENT: 10%Ideally, 10% of your gross income
JUST FOR FUN: 10%Everybody needs some fun
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CREATING AND MANAGING A BUDGET: MONITOR YOUR
BUDGET Commit to your budget
Track and compare actual expenses against monthly budget
Make choices to reduce expenses
Start saving for your short and long-term needs
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POWER OF COMPOUNDING:START SAVING NOW!
SAVING $1 A DAY AMOUNT YOU PUT IN ACTUAL WORTH*
Year 5 $1,825 $ 2,013
Year 10 $3,650 $ 4,591
Year 20 $7,300 $12,069
Year 30 $10,950 $24,250*Assumes $365 is deposited at the end of each year for the # of years listed. Return is compounded annually. Above amounts are pre-tax.
Source: www.taxtips.ca
Benjamin Franklin said: "If you know how to spend less than you get, you have the philosopher's stone."
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PRO’S AND CON’S OF CREDIT CARDS
Although credit cards may seem like your ticket
to buying anything you want…
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…..but it is important to understand just how much that little piece of plastic
could really cost you…
PRO’S AND CON’S OF CREDIT CARDS
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What you may not be aware of are ALL the
potential costs associated with
using a credit card
PRO’S AND CON’S OF CREDIT CARDS
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May charge late fees if you are late making a payment? Could be as much as $50!
May not have grace periods? Meaning interest starts accruing as soon as you charge.
May have low introductory interest rates that increase dramatically over time? That 2.9% could go to 22% just like that!
May charge annual fees? Could cost you $50 just to have the card!
May charge a transaction fee for cash advances and the interest starts immediately? A percentage of your cash advance amount is added to your balance.
May charge a fee for going over your limit, and for every month you remain over your limit? Another $50 added to your balance!
Did you know credit card companies…
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Additionally, balances on your account
accrue interest when you don’t pay them
off each month
PRO’S AND CON’S OF CREDIT CARDS
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Once you have a balance, making the minimum
monthly payment won’t make much of a difference…
PRO’S AND CON’S OF CREDIT CARDS
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HOW LONG WOULD IT TAKE TO PAY OFF IF…
Your credit card balance is $2,500
You pay the $50 minimum monthly payment each month
The interest rate is 20%
You don’t charge anything else to this card
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109 months or 9 Years + 1 month!
(yes, that’s right)
PRO’S AND CON’S OF CREDIT CARDS
109
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PLUS…….Over those nine + years, you will have paid a total amount of $4,430 for initial charges of only $2,500
That’s $2,920 in interest alone!!
Source: www.bankrate.com
PRO’S AND CON’S OF CREDIT CARDS
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PRO’S AND CON’S OF CREDIT CARDS
BENEFITS:
Helps build credit history
Builds financial management skills
Provides emergency protection and enhanced security
Makes purchases convenient
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Saves you money
Qualifies you for better interest rates
Makes it easier for you to rent an apartment
Makes it easier for you to buy a car
PRO’S AND CON’S OF CREDIT CARDS
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Limit yourself to one card
Read the fine print regarding rates, fees and introductory offers
Make your payments on time, and try to pay more than the minimum
Begin with and keep a low credit limit — one you can easily pay off (try $250 or $500)
Know your credit limit and NEVER go over
If you can eat it, wear it, or drink it, don’t charge it!
Think before you charge
CREDIT CARD TIPS
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ADDITIONALLY…
Limit cash advances – they come with costly fees and higher rates
Protect your identity – never lend your card to a friend
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STOP UNWANTED SOLICITORS
National “Do Not Call” registry
888.382.1222
www.donotcall.gov/
Curtail pre-approved credit and insurance offers
888.5OptOut
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SMART BORROWING:FEDERAL STUDENT LOAN
PROGRAMS “SMART debt”, good investment
option if used wisely
Easy access to funds
No credit check involved
Interest paid by the Federal government for neediest students
Many borrow benefits not available to average consumer
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SMART BORROWING: FEDERAL STUDENT LOAN
PROGRAMS Remember it is a loan, not free money, it must be repaid back at some point in time
Borrow wisely, only what you need
It is a loan to pay educationally related expenses, not a spring-break trip
Understand the total cost of the loan, (principal and interest)
Defaulting on a student loan will make you ineligible for additional financial aid
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STAFFORD LOAN REPAYMENT CHART
LOAN AMOUNT *
MONTHLYPAYMENT
INTEREST PAID
TOTAL PAYMENTS
$10,000 $110.68 $3,283 $13,282
$15,000 $163.53 $4,624 $19,624
$19,000 $207.14 $5,857 $24,857
$27,000 $294.36 $8,323 $35,323
$30,000 $327.07 $9,247 $39,247
$35,000 $381.58 $10,789 $45,789
$40,000 $436.09 $12,330 $52,330
* Interest rate of 5.6%, 10 year repayment period
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SMART BORROWING: PRIVATE LOAN
PROGRAMS Should be a “last resort” loan option after federal loan
programs
Usually requires a co-signer, credit check involved, loans can be denied based on no or poor credit history
Higher cost loans, variable interest rate loans, not fixed rates like federal loans
Tier-pricing based on credit history of borrower or co-borrower, good credit gets lowest fees and best interest rate
Principal and interest can be deferred but interest is being added to principal, (interest on interest)
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CREDIT FITNESS: WHY IT IS IMPORTANT!
Credit history can impact:
Purchasing a car/home
The rate you receive on a loan
Renting an apartment
Auto and life insurance
Seeking employment
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CREDIT FITNESS: WHY IT IS IMPORTANT!
Monitor and adjust your budget as needed
Pay your bills on time
If you’re having trouble, evaluate why
Lower your credit card balances
Pay off the higher interest rates first
Be realistic about how much debt you can afford
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OBTAIN A FREE CREDIT REPORT
Under the FACT Act, you can request a free credit report every
12 months from either Equifax, Experian, or TransUnion
• Go to www.annualcreditreport.com
• Call 1.877.322.8228
• Complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281
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Identity thieves are always on the look
out for your personal information…
PROTECTING YOUR IDENTITY…
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PROTECTING YOUR IDENTITY…
What should be protected?
Social Security #
Credit Card #s
Bank Account #s
Driver’s License #
Date of Birth
Mother’s maiden name
Personal ID # (PINs) and passwords
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How do they get your information?
Dumpster diving
Skimming, Phishing
Changing your address
“Old-fashioned” stealing
Wallet/purse
Mail, New Checks or Tax Info
New checks or tax info
PROTECTING YOUR IDENTITY…
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How is stolen information used?
Change the billing address on your existing credit card accounts and then charge on them
Open new credit card accounts in your name
Access your bank accounts
Take out loans in your name (i.e., auto loans, student loans)
Establish phone or wireless service in your name
Write bad checks in your name
PROTECTING YOUR IDENTITY…
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Source: Consumer Fraud and Identity Theft Complaint Data, January-December 2007; Federal Trade Commission, February 2008
ID THEFT BY PAYMENT METHOD JANUARY 1 – DECEMBER 31, 2007
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PROTECT YOUR IDENTITY!
Shred documents before trashingPre-approved credit offers, bank/credit card statements, credit card receipts
Be careful at ATMs, or when using your debit card that others do not see your PIN
Have checks delivered to your bank rather than your home
Do not put checks in the mail from your home mailbox--drop them off at a U.S. Mailbox or the U.S. Post Office
Empty your wallet of all extra credit cards and social security numbers, etc.
Never give out any of your personal information over the phone
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PROTECT YOUR IDENTITY!
Do not put your social security number on your checks
Do not put your telephone number on your checks
Do not put your credit card account number on the Internet (unless it is encrypted on a secured site)
Don't put account numbers on the outside of envelopes, or on your checks
In conjunction with a credit card sale do not provide your address, telephone number, or driver's license number
Monitor all your bank and credit card statements monthly
Check your credit at least annually
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SIGNS THAT YOU MAY BE A VICTIM…
Failing to receive bills or other mail
Receiving cards for which you didn’t apply
Being denied credit, or being offered less favorable credit terms, like a high interest rate when you know your credit is good
Getting calls or letters from debt collectors or businesses about merchandise or services you did not buy
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WHAT TO DO IF YOU’RE A VICTIM…
Contact the Federal Trade Commission to report it and get guidance
Call the three major credit bureaus (Equifax, Experian, TransUnion) so they can put an alert on your credit
File a report with your local police department
Contact any businesses where the identity thief fraudulently conducted transactions in your name
Contact your banks and credit card companies
Keep notes on every phone call, meeting, and conversation
Follow-up any phone conversations with an e-mail or letter
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IDENTITY THEFT RESOURCES
The Federal Trade Commissionwww.consumer.gov/idtheft
Identity Theft Prevention and Survivalwww.identitytheft.org
FDICwww.fdic.gov/consumers/consumer/guard/index.html
The Department of Justice www.usdoj.gov/criminal/fraud/idtheft.html
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HELPFUL PERSONAL FINANCE WEB
RESOURCES
Student Loan Calculators – www.finaid.org
Debt Management Resource - www.salliemae.com/bedebtsavvy
Investment Planner - www.salliemae.com/plan
Project C.A.S.H.- http://www.projectcash.unh.edu/index2.htm
Free Personal Money Management/Budgeting Software – www.mint.com
Personal Money Management Resource – www.doughroller.net