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Financial Wellness Curriculum

Introduction to Financial Management

More information available at www.YouCanDealWithIt.com

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Introduction to Financial Management

Understand short and long term goals

Where does your money go

How to use student loan money wisely

Learning to budget

Understand how to manage debt

Smart ways to think about money

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Setting Financial Goals

Short Term Goals: Have enough money to last the semester Go out Friday night Pay off a department store credit card

Long Term Goals: Buy a car Go to Cancun for spring break Buy a laptop

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Know Where your Money is Going

Evaluate and track spending Keep a record of all your receipts for an entire month Update your check register

Remember that spending beyond your limits is dangerous

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Track Expenses

Education expenses Books Transportation Meals

Living expenses Rent Utilities Cell phone

Debt payments Car Credit cards

Savings Pay yourself first

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70-20-10 Rule

Use this as a guide to show you how to divide your money successfully.

Spend 70% Use for living and education expenses - rent, food, clothing, tuition,

etc.

Save 20% 5% for emergency funds 5% for specific goals – vacation, computer, etc. 10% invest for the long-term

Spend 10% For debt payments – car loan, credit card, student loans

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Determining Financial Priorities

If you have $50 what would you spend it on? Savings or Personal Appearance Social Activity or Paying a Debt Sports or Eating Out Hobbies or Paying a Debt Personal Appearance or Sports Paying a Debt or Clothes Eating out or Savings

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Use Your Student Loan Money Wisely

Use student loan money for school-related expenses only Tuition Books Supplies Transportation

Loans are not free money

Don’t incur unnecessary debt

Remember: Your student loan must be paid back!

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Creating a Budget

Not restricting, but empowering

Lets you have more control over your life

Helps you see exactly where your money is going

Think spending plan, not budget

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Budget Calculator

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Managing Debt

Monthly debt: Credit cards Student loans Car payments Personal Loans

If your debt is: Under 15% - Relax 15-20% - Be Cautious Over 20% - Red Flag

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Before You Buy …

Do you spend without thinking?

Before you make your next purchase - even if it is a “just” a new pair of jeans – walk away for 15 minutes and think about the following:

Do you NEED it? How will you pay for it – cash or credit? Where are you going to put it? What will happen if you don’t buy it?

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Smart Ways to Think about Money

Make Your Money Last Find ways to increase your earnings Create and commit to a monthly budget Stay on top of your goals

Reduce Debt Stop charging Break the habit of paying only the minimum Transfer high rate credit card balances

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Debt Repayment Calculator

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Introduction to Financial Management

Understand short and long term goals

Where does your money go

How to use student loan money wisely

Learning to budget

Understand how to manage debt

Smart ways to think about money

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