1. YOUR MONEY, YOUR FUTURE PAYMENT AND BUDGETS

2. PRE-ASSESSMENT
Log in to Kahoot, search Senior Seminar Your Money Your Future

3. LEARNING GOALS
Types of Accounts Credit Union vs. Bank Ways to Pay Tracking Spending Budgeting

4. TYPES OF ACCOUNTS Checking Savings For frequent transactions
Limited transactions
Debit Card, Checks or Branch
Debit Card, ATM Card, or Branch
May be fees for services
Usually no fees but may have minimum balance
Usually don’t pay interest
Pay interest
You can deposit or withdrawal funds from your checking account by using a debit card, check or branch.
Many financial institutions change minimum balance fees, ATM fees and overdraft fees.
ATM card is like a debit card but can only be used in ATM

5. TYPES OF ACCOUNTS Money Market Account Retirement Accounts
Certificate of Deposit (CD)

6. THE CREDIT UNION DIFFERENCE
CREDIT UNIONS
BANKS
STRUCTURE
Not-for-profit cooperative made up of member-owners
For-profit corporation, owned by stockholders
OWNERSHIP
Each member owns one equal share of the credit union
Owned by stockholders, who may or may not be customers
PROFITS
Profits are returned to members in the forms of better savings rates, lower loan rates, and low or no fees.
Profits are returned to the stockholders
INSURANCE
Deposits are federally insured up to $250,000 by the NCUA.
Deposits are federally insured up to $250,000 by the FDIC
Rogue over 11,000 volunteer hours
Rogue donates over $200,000 every year to the community
Rogue Rewards: give profits back to members in the form of dividend.

7. HOW TO OPEN AN ACCOUNT Rogue High School Account: Age 15-17
Live or work in one of many counties in Oregon (proof)
SSN
Valid ID: Drivers License, Passport, School ID + Transcript
Counties: Benton, Clackamas, Clatsop, Columbia,  Coos, Crook, Curry, Deschutes, Douglas, Gilliam, Hood River, Jackson, Josephine, Jefferson, Klamath, Lake, Lane, Lincoln, Linn, Marion, Multnomah, Polk, Sherman, Tillamook, Wasco, Washington, Wheeler, and Yamhill counties in Oregon
For students 18 and over, need only the last three bullet points. Your credit will also be checked.

8. METHODS OF PAYMENT
Cash
Debit Card
Credit Card
Check
Online
Mobile Pay

9. ONLINE AND MOBILE PAY Online Apps BIG RISKS Paypal Popmoney
Google Wallet
Ect…
Square
Venmo
Apple Pay
Ect…
BIG RISKS
No firewall protection
Potential for fraud
If someone has access to your phone, they can use your account

10. CHECKS Yes, they are old fashioned, but many people still use them.
Good for paying rent or paying people that do not use technology for finances.
Have student complete the check writing activity.

11. CHECK WRITING ACTIVITY
Get a blank check sheet
Write a check to Jane Doe for $975 for your rent.
What is the routing number?
What is the account number?
What is the check number?

12. TRACKING YOUR SPENDING
Use online banking or a budgeting app:
Keep receipts
When your transaction posts, you can throw away the receipt.
Quicken, Mint, YNAB (You need a budget)
Using this method, you keep receipts until the transaction posts on your online banking. You can also enter your transaction into a budgeting app right away. Either way, if you have receipts in your wallet, that means that you have less in your bank account than your online banking may say.
Good idea because some transactions take a while to post on online banking. Can keep you from overdrafting. Also a good tool to catch errors.

13. BUDGET BASICS Budget Guidelines:
Write down all expenses and income. Set monthly limits for expenses.
Income and expenses should be equal to have a balanced budget

14. BUDGET BASICS
50/20/30 rule applies to take home pay (after taxes and health insurance)!
50% to essentials: rent, car, gas, utilities
20% to future (savings, retirement, investments)
30% Lifestyle (everything else!)
Explain the 50/20/30 rule and then give each group a poster, have them write down as many things they can think of for each category.

15. BUDGET EXAMPLES

16. BUDGET EXAMPLES Great budgeting apps:
Mint.com: Free, connects to your bank accounts and helps you budget.
Mvelopes: An envelope style budgeting tool that lets you electronically separate your money.
LearnVest: Connects to all of your accounts and gives advice on how to reach your goals (not free).

17. M&M BUDGET ACTIVITY Get an M&M Budgeting sheet and a bag of M&Ms.
Don’t worry you will get to eat them; just not yet!
Have student use 20 M&Ms to create a budget. Each item will have circles next to it representing how many M&Ms it costs. Encourage students to use the 50/30/20 rule which means about 10 M&Ms should go to essentials, 6 to lifestyle and 4 to future.
Once students have their M&Ms set, ask them if they felt like they had enough. Why or why not?
Then tell the students they broke their wrist (or some unexpected health issue). If they have Comprehensive coverage they owe 0 M&Ms, if they have complete or basic they owe 2 M&Ms, if they have catastrophic they owe 3 M&Ms and if they don’t have coverage they owe 4 M&Ms.
You can do a couple more examples like this. I also use something that is not covered by insurance like and unexpected flight to see a sick grandma (3 M&Ms). When you are finished, ask where they pulled the M&Ms from. Point out that if they didn’t save, they had to pull from essentials.

18. BUDGET TIPS AND TRICKS Easy tricks to help you stick to your budget:
Save the Change is a program from Rogue Credit Union where your everyday debit card purchases will be rounded up to the nearest dollar. That change will be debited from your selected checking account and deposited daily into your high-yield Ownership Account.
Never spend a $5 bill, put it in a jar and start saving!
Cut back on non-essential expenses (do you really need unlimited data or can you use wifi?)

19. GOTS AND NEEDS Please get an index card and write down:
2 things that you learned today
2 things that you would like to add to this class or still have questions about.