Financial Literacy On A Cloud Workshop

What is Financial Literacy?Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions.

• Knowledge refers to an understanding of personal and broader financial matters;

• Skills refer to the ability to apply that financial knowledge in everyday life;

• Confidence means having the self-assurance to make important decisions; and

• Responsible financial decisions refer to the ability of individuals to use the knowledge, skills and confidence they have gained to make choices appropriate to their own circumstance.

Financial Literacy is an essential life skill and we need tools to help better manage them.

What is Cloud Computing?• Cloud computing is the delivery of computing as a service rather

than a product, where users share resources, software, and information typically over the Internet that permit them to access computers and other devices as a utility over a network similar to the electric power grid.

• Some are fee-based services while others are “free”.

• Free services will typically offer a limited-version of the service with additional fees for the “full-package”.

Cloud graphic provided by http://blogidol.caHotmail, SkyDrive are registered trademarks of © 2012 MicrosoftGoogle Docs and Google Doc Connect are registered trademarks of Google Inc.YouTube is a registered trademark of YouTube, LLC

Microsoft SkyDriveGoogle Docs

What is Mint?

Mint© provides consumers with a tool to manage their financial responsibilities in a user-friendly manner.

It is a highly-secure and read-only application -no funds are transferred between you and any institution.

It permits you to track and budget for your current and future financial plans.

Mint.com is a registered trademark of Intuit Inc.

Now What?

• Mint Demo 90 Second Video Overview – YouTube© • Mint Online Demo Tutorial• Create a Personal Account

YouTube is a registered trademark of YouTube, LLC

Mint Account Categories• Asset Accounts

• Cash, Investments and Property

• Debt (Liability) Accounts• Credit Cards, Loans

• Personal Net Worth• Net Worth (Assets - Debts)

Cash vs Debt

During the period of October and March Cash $ __________Debt $ __________Net Worth $ __________

4,997466

4,531

Net Income

Net Income (Income – Spent (Expenses)) Income $ ____________Expense $ ____________Net Income $ __________

15,50014,393

1,106

Why Budget?

• A budget helps you see and manage how much money you receive,

– how much you spend and finally, – how much you save.

• It allows you to set spending limits and to learn how to live within your means.

• It helps manage ways to get rid of your debts, reduce costs and have more money for things that are really important to you. These are “wants” that many of us confuse with our personal “needs”.

What are your Financial Goals?• Do you need to pay off your debt(s)? Do you want to

save to buy a car or begin saving for a vacation? • Do you want to go to a post-secondary school? • Do you want to save some money in case of an

emergency? • How are you planning to pay for it?

Keep it Real!!!

What is Your Credit Score?

• A credit score is a numerical range between 0 and 830 based on a statistical analysis of a person's credit files and,

• It represents the creditworthiness of that person.

• A credit score is primarily based on credit report information typically sourced from credit bureaus (Equifax, Experian and TransUnion).

Create Your Personal Mint Account

• Open the website, http://www.mint.com• Fill in the form and click on• The account login/password will be different

from your online banking account.