1. Road to Financial Maturity Banking & Consumer Smarts

2. This presentation is designed to have you take a more detailed look at what influences your spending and the proper utilization of banking services. How can you be a more savvy consumer?

3. Consumer Smarts How does media influence purchasing? Many factors can influence a person's spending, however one of the most powerful is media. Billions of dollars are spent annually on the advertisement of goods and services and enticing customers. Print, radio and commercial sales techniques Marketing is a very profitable industry. What is appealing in some ads and what is it about the ad that makes you want to spend money? Brand name items vs. generic items Many times youth are not interested in generic items because they are not recognized in media. Essentially, name brand items are only more expensive because of their marketing costs.

4. Consumer Smarts How does media make wants seem like needs? The goal of some ads is to make a person think the product is "cool" and to create a sense of purchase- pressure. Go comparison shopping It is important to realize that we cannot have all of our wants and we sometimes have to compromise. TIP: Compare prices in different flyers, clip coupons and try bargaining for prices and services. Comparison shopping is a great budgeting technique, and will also provide a consumer with ways to accommodate wants with savings.

5. Banking Basics: Banks vs. Credit Unions Services offered at both banks and credit unions: accounts, loans and money transfers. Safety of financial institutions Money, is safe and available. Money kept in banks and credit unions is insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA).

6. Banking Basics: Banks vs. Credit Unions

7. Banking Basics Why are checking accounts important? There are various payment options that come from having a checking account: check, debit card and money order. Despite checks being used less in today‘s economy, it is important for you to know the proper way to write a check, as there are still circumstances when payment by check is required. How to open a checking account Steps of opening a checking account: going to the bank and talking with a representative, filling out an application, giving proper ID, signing a Signature Verification Card and depositing an opening balance. Most formal financial institutions have youth accounts.

8. Banking Basics Payment options There are pros and cons of each payment method: cash, check, debit card, credit card and money orders. Pros and cons include: safety, tracking ability, credit and transaction costs. In the next activity: Practice writing a proper check. See Checking out Checking Accounts Handout