Fun with Finance$

Why a Finance Course? It is the #1 cause of stress & fights in marriage and long-term relationships Because Financial Literacy is so important to your future success Financial Literacy – means being good at understanding & speaking financial language. Because school only gives you so much of this – most of the financial skills you’ll learn out in the world- maybe we can give you a head start Part of our goal is to help you feel comfortable with a subject that’s often taboo at home or school

Why Nobody talks about Money Taboo subject- sshhhhhhh! Be sensitive when discussing Many people are embarrassed Never been taught They think rich people got lucky Most financial institutions talk in flashy words

Money & You Money & You

Find out what we know about Money Today we will be Getting information from you (participation incentive) Hand out General Questionnaire No one will be embarrassed or put on the spot in these classes (Except for Bridget and I)

Questionnaire Discussion Where are we at with our Financial Literacy? (What is Financial Literacy?) It’s our goal to help you start on the road to Financial Literacy

Financial Freedom Freedom to retire when you want (Freedom 55 or even 50) Freedom to choose with whom you work Freedom to buy whatever you wanted Freedom and financial ability to donate to a charity

Spending Plan Why do we need one? What is it?: Income and Expense statement

Source of Income Allowance/Parents Savings Job Scholarships Student Loans

Scholarships- Academic, community Leadership, athletic, & others We will spend more time talking about this at a later class

Your Job Find a job you can enjoy, whatever it is

Job Hourly rate x # of hours = Gross Salary $12/hour x 8 hours = $96 Gross Income $ Holiday Pay $ 4.00 $ Deductions CPP (over 18) $ 4.95 EI $ 1.73 Income Tax $ Staff Fund $ 1.50 Medical Plan $ 2.00 RRSP $ 4.00 Net Income $ 70.82

Spending Budget Savings Personal Vehicle & other transportation Food House Annual Expenses

Smart Rule: Rule # 1 - Set aside 10% for your Savings Account BEFORE anything else. Rule # 2 – Please re-read Rule # 1

Pay yourself first A little can add up! Save this each week…at this interest…in 10 years you'll have… $7.005%$4, $14.005%$9, $21.005%$14, $28.005%$18, $35.005%$23, You can buy two fast food meals or one movie ticket (and a candy bar) or save $7.00 this week. You can buy two small cheese pizzas or one large pepperoni pizza, delivered or one new CD or save $14.00 this week. What can you give up to save for your financial goals?

Personal Clothing – accessories, shoes, Cosmetics Entertainment-movies, CD’s DVD’s, concerts Pets Sports Cell phone Books Music Hair Care- haircuts, manicures, pedicures Medical – prescriptions, OTC products, eyeglasses

Vehicle Gas Repairs & Maintenance – tires, oil changes Insurance Car Payment Other transportation –Taxi, bus, plane

Groceries Eating Out Snacks Coffee Food

Apartment or House Rent / House Utilities –Gas –Electricity –Cable/Satellite –Water Property Taxes/Insurance Repairs & Maintenance Furniture Cleaning Supplies

Unexpected & Seasonal Expenses Holidays Gifts (for your Guest Speakers) Medical Vehicle Breakdowns

Spending Plan Project Explain and discuss