Money Management

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Money Management

• The 3 Bs Budgeting, Balancing, and Borrowing

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What is a Credit Union?

• Financial Institution
• Owned by its members (account holders)
• Volunteer Board of Directors
• No stock holders to pay
• Fewer fees, Higher dividends on savings, Lower
  interest rates on loans

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Checking Accounts Plastic Cash
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Checking Account

• How to write checks to avoid fraud
• Keep careful records
• Do the math as you go, or every evening
• Reconcile REGULARLY

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Check Cards/Debit Cards

• Keep all receipts until recorded, AND verified on
  your statement
• Report lost or stolen cards immediately

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Protect your Card

• Dont loan the card to ANYONE
• Protect the magnetic stripe
• Sign the card, memorize the PIN
• Never sign a blank credit card receipt

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Benefits of a credit card

• Cash in an emergency
• Convenience
• Safer than carrying cash

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Credit Cards The good and bad

• Buy now pay later mentality
• Be careful of non-budgeted purchases
• Ask yourself, Why am I buying this on credit
  instead of saving for it?

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Credit Bureaus

• Experian (formerly TRW)
• Equifax
• Trans Union

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Your Credit Report Why Is It Important?

• Job
• Renting/Leasing a Home
• Future Borrowing

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Credit Reports The Good
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The Bad
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The Ugly