1 Getting a strong start Money Management 1-2-3 A project of Consumer Action | www.consumer-action.org Funded by Consumer Action’s Money Management Project.

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Presentation transcript:

1 Getting a strong start Money Management A project of Consumer Action | Funded by Consumer Action’s Money Management Project © 2010 Rev. 2/16

Money Management 1: Getting a strong start Money Management Getting a Strong Start

Pay stub Net vs. gross Withholding Voluntary deductions Earning income Money Management Getting a Strong Start

Tax rates Money Management Getting a Strong Start

Tax tips Stay organized and don’t wait until April Be aware of credits and deductions Plan for health insurance Money Management Getting a Strong Start

Checking and savings accounts Money Management Getting a Strong Start Bank vs. credit union Compare options Account opening requirements

Money Management Getting a Strong Start

Budgeting Money Management Getting a Strong Start

Budgeting tips Identify wants and needs Write it down (paper or electronic budget forms) Convert income/expenses to monthly amounts Track your spending Adjust as needed Money Management Getting a Strong Start

Building your savings Money Management Getting a Strong Start

Employment, insurance, home rental, utilities, wireless service Achieve goals Pay over time Emergencies Importance of good credit Money Management Getting a Strong Start

Financial cost of bad credit 48-month car loan of $20,000 Credit score: Interest rate:9.364%3.26% Monthly payment:$501 $445 Total interest paid:$4,056$1,359 Cost of a low credit score: $2,697 (almost $700 per year additional interest!) Source: Scoring is on a scale of 350 to Money Management Getting a Strong Start

FICO score calculation

Establishing and building good credit Money Management Getting a Strong Start

Installment vs. revolving Interest rate (APR) and type (fixed/variable) Repayment term (length of credit) Fees Money Management Getting a Strong Start

Credit, debit and prepaid cards Money Management Getting a Strong Start

Financing a vehicle

Congratulations! You’ve completed Part 1 of the Money Management training. Money Management Getting a Strong Start