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					 FINANCE$
“Dollars and Sense”
“How Do I Pay For Stuff??”
   When buying a product or service
    you can use…
     Cash

     Debit Cards

     Credit Cards

     Loans

     Checks
CA$H
             CA$H
 The simplest form of
  payment.
 Keeps your spending

  “in check.”
 You may not always

  have enough for big
  ticket items.
DEBIT CARD$
DEBIT CARD$
      Closest to cash
      Amount of
       purchase is
       deducted from
       your bank
       account right
       away.
        DEBIT CARD$
   If there’s not enough money in
    your account to cover your
    purchase:
     Your card will be refused.
     Or-

     You will be charged an overdraft

      fee.
7 $igns of $mart Debit Card Use
   1.   Memorize and protect your pin.
   2.   Immediately record transaction
   3.   Sign back of card
   4.   Keep receipts
   5.   Use your bank’s ATM
   6.   Be aware of your surroundings
   7.   Immediately report lost/stolen card
CREDIT CARD$
     CREDIT CARD$
 Easy to take a “buy
  now, pay later”
  attitude.
 You DO pay an
  interest amount on
  anything you don’t
  pay in full right
  away.
     CREDIT CARD$
 With unpaid balances, the “real”
  cost adds up fast.
 If you pay only the minimum
  balance each month, it could take
  years to pay off your balance.
 Credit card debt is one of the top
  financial problems teens face.
LOAN$
LOAN$
 Another form of
  credit.
 You agree to pay
  interest for a set
  amount of time
  (months/years) in
  addition to the
  amount borrowed.
           LOAN$
 If you don’t make your
  payments on time, you can
  lose the item you purchased.
 You can risk ruining your credit
  history as well.
CHECK$
            CHECK$
   When you write a
    check, money is
    deducted from you
    checking account
    balance once the
    merchant deposits
    it in the bank.
Using a Checking
    Account
  “Writing Checks”
          6 Things
 The date
 Person receiving the check

 Amount in numerical form

 Amount spelled out

 Signature

 Memo
         Deposit Slips
 Name

 Amount  deposited
 The date

 How the money is being
  deposited
         Recording
 Why    is it important to record
  all charges or credits?
 Fill in the following:
           Recording
 Check number
 Date

 Description of transaction

 Payment/debit

 Fee if any

 Deposit/credit

 Balance
How to Save
 Just a few tips…
  Keep Track of Spending
 Try this: for 1 month, write
 down every penny you spend.

 Whether it is $2 for a drink at
 the mall, or $200 dollars for
 your new video game.
 Keep Track of Spending
 Don’t be surprised to find that
  you’re spending a lot on
  things that you really don’t
  need.
 Impulse purchases add up
  fast.
 Stories?
        Do It Yourself
 Cooking your own meals.
 Using a home dry-cleaning kit.
 Changing your own oil in your
  car.
 Be sure to stick to jobs you can
  handle.
 Ideas?
Think Before You Spend
 Wait a day or two before
  making a purchase.
 Ask yourself: Do I really need
  a digital camera to take on my
  trip?
  Could I get a disposable camera?
  Could I borrow my sister’s camera?
Think Before You Spend
 If you’re replacing an item
  that’s broken, first see if it
  makes sense to have the old
  one repaired.
 Stories?
      Get it For Less
 Save money by choosing
  store brands.
 Use coupons.
 Watch for sales.
 Shop at discount stores.
       Get it For Less
 Online shopping saves money
  too.
    www.half.com
 Buy in bulk when it makes sense.
 Consider buying second hand
    Platos closet
    Stories?
         Be Creative
 You can get more use out of old
  things by seeing them in a new
  way.
 Ripped jeans could be used as
  new shorts.
 You can frame calendar pages
  or make something yourself for
  wall decorations.
         Be Creative
 Before investing in something
  new, look for a creative way to
  reuse something you have or
  create some new works of art!
 Stories?
Bank Accounts
Know the facts….
    Minimum Balances
   You may need a certain
    amount in the account.

   If you drop below that
    level you have to pay a
    penalty.
           Fees
 Some accounts have a
  service charge each
  month just to maintain
  your account.
 You may also be charged

  for each check you write.
             Fees
   You can be charged for
    each use of your
    ATM/debit card.

   Avoid accounts with these
    types of charges.
     Transaction Limits
   Some accounts limit the
    number of withdrawals or
    other transactions you can
    make each month.
Types of Bank
Accounts
Savings Account
 Simplest type of account.

 When you have money to
  deposit, you take it to the
  bank and give it to the teller.
Savings Account
 When you want to take
  money out, you go to the
  bank and make a withdrawal.
 If you prefer you can make
  deposits and withdrawals at
  an automatic teller machine
  (ATM).
Money Market
 When you open a money market
  account, the bank invests the
  money you deposit.
 This means that money market
  accounts pay higher interest
  rates than regular savings
  accounts.
Money Market
 The catch is that you usually
  have to keep a minimum
  amount, such as $2,500 in
  the account.
 Most money market accounts
  limit the number of checks
  you can write on the account.
CDs
 With a CD (certificate of
  deposit) you agree to deposit
  your money for a certain
  length of time.
 This can be anywhere from
  three months to five years.
CDs
  This is in exchange for a specific
   interest rate that is usually higher
   than any other accounts.
  If you withdraw your funds early,
   you pay a penalty.
  Don’t commit for a long period if
   there’s a good chance you will
   need the money sooner.
Checking
 You can use checks to pay for
  things you buy, and the money
  comes out of your account.
 Using checks lets you make
  purchases without having to
  carry large amounts of cash.
 Its also better to mail a check
  than cash.

				
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