1. Logix Federal Credit Union Smarter Banking
Steve Artis
Matthew Onstad
Tina Orellana
Kevin Rishko

2. Agenda Understanding Terms Basic Checking Saving Money
Credit & Loans “Buy now pay later”
Ice-breaker, something to get them moving or engaged.
Questions like what type of car do you want, how much will it be, etc

3. Terms
Checking Account – An account where the focus is placed on using the money to pay for other things
Savings Account - An account where the focus is placed on saving money rather than taking it out
Discuss APY

4. Terms
Credit Card - A credit card is a payment card issued to a person for purchasing goods and services and obtaining cash against a line of credit established by the issuer
Loan- A loan is a thing that is borrowed, esp. a sum of money that is expected to be paid back with interest
Budget – A plan of how much you need to spend and save each month to reach your goals

5. Checking Accounts Convenient Access Electronic Services
Checks, Debit Cards
Electronic Services
Keep track of how much you deposit and how much you spend – know how much you have in your account!
Monthly Charges & Usage Fees
Overdraft Protection
Subtract service fees and usage charges
Processing Policies
Checks as Records/Receipts
Record transactions
Check bank statements for mistakes
Really focus on fees and how to use

6. Writing Checks What are the major parts of a check?
Ask the class to fill in a blank one on the board

7. Balancing your book Each student starts with $150
Every Friday, you receive $50 for allowance
You can choose to spend the money or save
How much do you have at the end of 3 weeks?
You cant borrow from your parents
Week 1:
Starbucks-$10
Movies-$15
Lunch out daily-$30
Dinner at the game-$15
Week 2:
Friend needs a B-day gift-$35
Concert time-$75
Extra Chores for +$30 but can’t go to the movies
Week 3:
Starbucks again-$10
New Video game-$50
Its your B-day and you get $75
Going to the big game-$20
You break your phone-$300
Do this as an activity. Give the kids time to decide how to spend their money

8. Savings Facts The average American family has about $3800 in savings
40% of Americans not saving for retirement
Only 18% of American’s confident about having enough saved for retirement

9. Savings Accounts Share Savings: reports transactions monthly
Money Market: typically require minimum balance and offer higher interest rates
Certificate Accounts: pay higher interest rates based upon agreement to leave a specific amount in the account for a set amount of time
401k retirement plans and IRAs: an opportunity to save with taxes being deferred. Can be through employer or on your own

10. How saving adds up! How Much to save in 6 months for that $500 I-Pad?
A month _____?
A week _____?
A day _____?
Give the student time to fill this out
Month is $83.33
A week is $19.23
A day is $2.74

11. Long Term Savings Rich Moore Les Little
Saving $3,000 a year starting at 19
Stopped at age 26 (8 years)
At 60, has deposited $24,000 but actually has $964,129
Les Little
Saving $3,000 a year starting at 27
Stopped at 60 (34 years)
Has deposited $102,000 but only has $810,073

12. The Rule of 72
How can you double your money?

13. Savings Vs. Checking Checking? * Savings? *
Ask the class to come up with the examples

14. Budgeting How much money do you have each week?
Balance vs. Available-pending withdrawals
Use your computer, smartphone, phone to check balances before spending
Use text alerts
Are you looking to save for something specific?
Car?
Play-Station?
College?
Can you afford an emergency?
How much should you save?
Ask kids again what they want to save for and how they decide to spend money on something.

15. Credit
Credit allows individuals to use money they currently don’t have
Allows for more manageable monthly payments on large purchases like homes and cars
Good credit allows for lower interest rates so saves you money
On a $20,000 car loan, 1.95% means a payment of $350 and 7.99% means a payment of $403 (or $3,180 more over 5 years)
Be aware of the fees
Be aware of the interest
Don’t make the minimum payment on credit cards
Balance $500, Min payment $15, interest rate 15%, will take 3.7 years to payoff and $151 in additional fees
Credit is important not only for the purposes of lower fees and rates but for jobs and renting-Can start at age 18
Discuss APR

16. Links Balance a checking account tools Checking account education
Checking account education
Teens and Money
If time, use these links and show them online to use

17. Questions?