1. Guide to Financial Literacy
Upward Bound Math and Science UTA
Lucy Carreño-Roca

2. Today’s focus: How to Create a Personal Budget
Understanding Checking Accounts
How to Start Saving Money

3. What is Financial Literacy?
"The ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being."
Earning Money
Managing Money
Investing Money
What is Financial Literacy?

4. What are Budgets and are they Necessary?
Helps you visualize where your money is being spent.
Learning how to build a budget that works for you, ensures your goals and dreams are attainable.
Top reason students give for dropping out of college is financial constraints
What are Budgets and are they Necessary?

5. How to Create a Budget Step 1 Step 2 Step 3 Income: Allowance Stipends
Figure out your Income
Step 1
Track your Spending (Flexible v. Fixed)
Step 2
Set your Goals!
Income:
Allowance
Stipends
Part-time/ Odd Jobs
Gift money
Step 3
Step 4
Make a Plan
Income:

6. Checking Account v. Saving Account
Checking Accounts:
Debit Card/ Checks
Use at any Merchant
Unlimited Withdrawals
Automatic Transfers to Savings
Direct Deposit (Jobs and Scholarships)
Saving Accounts:
ATM Card
Limited Withdrawals
Earns Interest!
Helps you set money aside
What is needed to open an Account?
Student ID or State Issued ID
Social Security or ITIN number
Minimum Deposit (ex. $25)

7. Top Questions to ask when Opening an Account
Is there any Maintenance Fees?
Is there a branch near by?
What happens if I try to withdraw more money than I have in my account?
Is mobile banking available?
Will it cost me money to transfer money?
Does the Account pay me interest?

8. Questions & Resources Understanding the Basics of Banking
Creating a Budget
8 tips for getting the most from your Checking Account