Student Finance Seminar

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Student Finance Seminar

• The 3 Bs Budgeting, Balancing, and Borrowing

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needs
wants
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Step One
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Decision Making

• Analyze information
• Make an action plan

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Putting your Plan into Action

• Gather personal financial info
• Establish clear financial goals
• Develop a comprehensive financial plan
• Implement the plan
• Monitor the plan

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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

• ATMs and check card purchases will ruin your
  account without careful vigilance
• Keep all receipts until recorded, AND verified on
  your statement
• Free Point-of-Sales Not free Returns
• 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
• Use your body or hand as shield at ATM

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Protect Yourself

• Be alert
• Have your card ready to use
• Do NOT count your money in front of ATM
• Use well lighted ATMs
• Take a friend or family member at night, but have
  them stand back

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What is Credit?

• Credit is your financial REPUTATION
• Credit is a valuable money management tool
• Credit has a cost
• Credit is a source of revenue for your Credit
  Union

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What you need to build a credit history

• Manage your checking and savings accounts
  properly
• Buy something at a major store and make payments
  properly
• Open a department store charge account and pay
  bills promptly
• Apply for a loan against your car and make your
  payments promptly
• If you are turned down, find out why

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What are creditors looking for?

• Can you repay the debt?
• Will you repay the debt?
• Do you have a back-up source to repay the debt?
• Have you been a good credit risk in the past?

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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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Tricks of the Trade

• Check annual fee and A.P.R. (introductory rate)
• Minimum payment versus larger payments
• Cash advance requirements
• Credit limit
• Grace period
• Fees- over limit, late charge
• Rebate/reward

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The Challenge

• Be selective
• Control your spending
• Take advantage of your card
• Protect yourself, your card and your credit
  history.