1 Your Financial Check-up. 2 Lynn F. Little Extension Educator University of Maryland Extension Washington County.

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Presentation transcript:

1 Your Financial Check-up

2 Lynn F. Little Extension Educator University of Maryland Extension Washington County

3 W.I.I.F.M.?

4 $$$ Smart Money Tip CHART YOUR COURSE

5 What are your financial dreams?

6 Set S.M.A.R.T. Financial Goals! SS pecific MM easurable AA ction/Agreeable RR ealistic TT ime-Related

7 Change these dreams to specific goals: Pay off my credit card balance and not make any new charges. I will play Bingo every other week and I will use the $40 to pay extra on my credit card balance so my balance will be zero by June Drive a car that is paid for By packing (not buying) lunch 2 days per week, I will pay an extra $50/month on my car payment so my car will be paid off by December 2009

8 $$$ Smart Money Tip ORGANIZE FINANCIAL RECORDS

9 How long to keep records

10 Identity Theft - Are you a target?

11 $$$ Smart Money Tip KNOW HOW YOU ARE DOING

12 Your Net Worth Assets - Liabilities = Net Worth

14

15 $$$ Smart Money Tip BE A MONEY DETECTIVE

16 Create a Spending Diary

Does money slip through your fingers? Try to identify the leaks. 17

18 Separate needs from wants

Build A Budget/Spending Plan

20 Use 70% of take-home pay for living expenses Important Reminder Use 20% to repay debt. Save 10% for you and your future.

21 Make Your Spending Plan Useful A spending plan or budget is… $ Your spending guide $ Personal and unique $ Realistic $ Flexible

Track spending Review and Revise

23 $$$ Smart Money Tip Watch Your Credit!

24 3 Major Credit Bureaus:  Equifax  Experian  Transunion Credit Bureaus

25 What do Credit Bureaus do? Collect data:  Personal information  Employment history  Credit Use and Repayment history Provide information to:  Creditors  Employers  Insurers  Landlords

26 Start Here

27 What Makes Up Your Score? 10% New Credit 10% Types of Credit used 15% Length of Credit History 30 % Debt 35% Payment History

28  – Moderate to Low Risk  – Fair to Good Risk  – You may have difficulty Credit Score Ranges

29

30 $$$ Smart Money Tip PAY OFF DEBT

31 Minimum Payment Trap Credit card:Pay Minimum (4%) per Month: Balance of $3,000$120/Month 19% interest134 months to pay $1, = interest Total Paid: $4, Pay 5% of balance per month: $150/Month 103 months to pay $1, = interest Total Paid: $4, Difference: $ Source:

32

33 Signs of Credit Trouble Exceeding 20 percent rule Second salary used to pay debts Dishonest about credit use Credit not thought of as debt Use credit impulsively Use cash advances to pay bills Bills paid late Paying only the minimum due each month Defaulting on payments Anticipated income increase committed to credit Don’t know total amount of debt

34

35 $$$ Smart Money Tip DEVELOP A SAVINGS HABIT

36 Every Little Bit Counts

37 Pay Yourself First

Build an Emergency Fund –3-6 months net income

An emergency fund will… Help you feel in-control financially Pad your bank account to help you avoid overdraft fees Make it possible to deal with the emergency quickly and get back to normal Help you avoid extra interest charges for unexpected repairs or emergency purchases

40 $$$ Smart Money Tip Manage Risks

41 Emergency Fund GoalsBudget Financial Plan Financial Statements Financial Records Credit Record LifeHealth Insurance Disability Property Financial Foundation Liability

42  Ask about available discounts  Comparison shop – follow the rule of “3”  Don’t try to save money by reducing or dropping necessary coverage  Don’t select insurance company based on price alone  Don’t surrender a whole-life policy for its cash value

43  Consider disability income insurance  Consider long term care  Update beneficiary designations  Keep up with changes in Medicare as you approach retirement

44 $$$ Smart Money Tip INVEST WISELY

45 Saving Preserve principal while getting a small return. Investing Increase principal in hopes of getting a greater rate of return.

46 Do Your Own Ball Park E$timate For Retirementwww.asec.org/ballpark/

47 $$$ Smart Money Tip CREATE A PLAN FOR YOUR ESTATE

48 Your Estate Plan A will or trust A guardianship/trust for minor children or disabled loved ones A power of attorney (general, financial, health care) Health Care Advanced Directives Personal Property Inventory with named recipients

49 $$$ Smart Money Tip Make a TO DO list to help Manage Your Personal Finances!

50 Lynn Little Extension Educator University of Maryland Extension Washington County Office Your Financial Check-Up