Money Management: The Basics March 2017 Money Management: The Basics By: Andrea Navarro ASA College Planning Center

About Us ASA College Planning Center

Multilingual Advisors What we do Free Services Walk-in only, no appointment necessary! One-on-one Advising Assistance completing applications and forms Resources on education, financial aid and loan counseling Multilingual Advisors English, Spanish, Chinese, French, and Haitian-Creole @ASAPlan4College ASA College Planning Center

Goal Setting How do I spend my money? Agenda Saving Budgeting Financial Accounts Agenda ASA College Planning Center

Main location: Boston Public Library, Copley Square Come visit us! Main location: Boston Public Library, Copley Square 700 Boylston St. Boston, MA 02116 (617) 536-0200 or Toll-free: (877) 332-4348 Mon-Thurs. 9AM-7:30PM Friday-Saturday 9AM-5PM Satellite Location: Bunker Hill Community College – Chelsea 70 Everett Ave. Chelsea, MA 02150 Every Monday, 11AM-5PM Satellite Location: Asian American Civic Association 87 Tyler St. Boston, MA 02111 Every Wednesday 9AM-12PM and 1PM-5PM ASA College Planning Center

How do I spend my money? ASA College Planning Center

How much money do I have (earn) per week? $ __________________ GOAL SETTING: What do I spend my money on? How much money do I have (earn) per week? $ __________________ What are the top three things I spend my money on? 1) _________________________________ [NEED or WANT?] 2) _________________________________ [NEED or WANT?] 3) _________________________________ [NEED or WANT?] What are my goals? What do I want to accomplish or buy in the next year? ______________________________________________ In the next 5 years? ______________________________ ASA College Planning Center

WHAT IS A BUDGET? If I save $ _________ per week, GOAL SETTING: Saving Saving your money is important. Everyone will save different amounts, but saving even just a little bit can make a big difference! If I save $ _________ per week, In 52 weeks, I will have $____________ saved! What are some ways we can save our money? WHAT IS A BUDGET? ASA College Planning Center

Budgeting ASA College Planning Center

My budget Needs vs. Wants Fixed vs. Flexible expenses Important to adjust your budget as you go along Use your budget to reach your goals Start building good money habits now for when you’re in college and beyond! ASA College Planning Center

Architect $65,000/year, after taxes, $4,500/month Budget Worksheet OCCUPATIONS AND MEDIAN SALARY Architect $65,000/year, after taxes, $4,500/month News reporter $33,000/year, after taxes $2,208/month Tree trimmer/pruner $28,000/year, self employed, $2,300/month Student with part-time job, $16,000/year, after taxes $1,083/month Teacher Assistant, $27,000/year, after taxes $1,916/month Doctor (Anesthesiologist), $120,000/year. After taxes, $7,500/month ASA College Planning Center

Financial Literacy: Accounts ASA College Planning Center

Financial Literacy Outline Checking Account Savings Account Writing Checks Account Safety Reasons to $ave ASA College Planning Center

What is a Checking Account? ATM Debit card Telephone/web/apps Services and fees vary depending upon the financial institution Common Financial Service Funds are easily accessed ASA College Planning Center

Why do people use checking accounts? Reduces the need to carry large amounts of cash Convenience – useful for paying bills Spending Plan Tool Keeps a record of where money is spent Safety – using checks is safer than carrying cash ASA College Planning Center

Savings Accounts A Savings account allows you to accumulate interest on funds you’ve saved for future needs. Interest rates can be compounded on a daily, weekly, monthly, or annual basis. You may require a minimum balance of $25 to open a saving account you have to be 16 years old and have a valid ID and social security card to open a savings account Free online banking, Bill Pay and eStatements Direct Deposit set up ASA College Planning Center

What Is A Check? ASA College Planning Center

To pay for items using a checking account What is a check? To pay for items using a checking account A check is given as a form of payment Must be completed and given to the person or business There pre-printed items on a check: Name and address of account holder Name and address of financial institution Check number Identification numbers (account, routing) ASA College Planning Center

A check ASA College Planning Center

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