Financial Literacy

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Financial Literacy

• Debt Budgeting

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Main Points of Discussion

• Debt
• Good Debt?
• Problems with Debt
• Warning Signs
• Getting out of Debt
• Staying out

• Budgeting
• What it is
• How to Create one
• Track Spending

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Is there such a thing as good debt?

• Need verses Want

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Problems With Debt

• It can be like quicksand
• You end up paying more than you originally spent
• It takes away your financial freedom

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Debt Warning Signs

• Making only the minimum payments
• Maxing out credit cards
• Not knowing how much is owed
• Using debt to pay for basic living expenses

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How To Get Out Of Debt

• Figure out how much you owe
• Create a budget
• Cut expenses and free up extra money
• Focus on paying off one debt at a time

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Staying Out Of Debt

• Focus on savings
• Change your lifestyle expectations
• Use a budget and stick to it
• If you dont have the cash for it, dont buy it

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Ways To Reduce Debt

• The basics are simple

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What Is A Budget?

• A plan for how you will spend your money
• http//www.youtube.com/watch?vnFY0HBkUm8o
• http//www.hulu.com/watch/1389/saturday-night-live
  -dont-buy-stuff

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Creating A Budget

• List your expenses
• Be realistic
• Plan to include savings
• Its OK to have some fun money
• Prioritize your expenses

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Creating A Budget

• List your income
• Pay your expenses, save the rest
• What if your income isnt consistent?
• SAVE, SAVE, SAVE
• What if your income is less than your expenses?
• CUT, CUT, CUT
• https//www.myedaccount.com/

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Tracking Your Spending

• Excel spreadsheet
• Envelope method
• Online sites
• http//www.mappingyourfuture.org/
• http//money.cnn.com/magazines/moneymag/money101/

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Are You Financially Fit?

• Take the following quiz to find out
• http//www.mappingyourfuture.org/money/fitnessquiz
  .htm

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Are You In Financial Danger?

• Take the following quiz to find out.
• http//www.mappingyourfuture.org/money/dangerquiz.
  htm

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Need More Information/Help?

• Work with your Financial Aid Office
• Seek Credit Counseling
• http//www.mappingyourfuture.org/money/creditcouns
  eling.htm

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Things You Need To Know About Finances at IU
South Bend
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OneStart

• Log in at https//onestart.iu.edu
• Click the Student Self-Service on left side of
  the page

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How Do I Find My Bill?

• On the right side of the Student Self-Service
  page under To Do there is a section for Bursar
  Account Status.
• This shows the current balance on your account.
  It also gives you a link to View or Pay your
  bill.

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Sample Fall 2010 Bill
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To Do List

• Financial Aid is in the To Do section directly
  below Bursar Account Status
• This is where Financial Aid applicants can see
  what may need to be turned in(taxes for
  verification, appeal, etc.)

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Signing Up For Direct Deposit

• Click Direct Deposit Sign-Up
• Click Bursar Refunds
• Follow the on screen instructions

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Official Withdraws

• You must officially withdraw from a class through
  One Start.
• If you stop attending class without officially
  withdrawing, you will receive a FN on your
  transcript for that class which means Failure for
  Non-Attendance. If you receive an FN you may
  also owe money to the Bursar.
• ALWAYS add before you withdraw. Sometimes you
  cant get in to the class you want to add.

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William Withdrawal

• Census is the end of the first week of classes.
• William is enrolled in 12 credit hours and has a
  Pell Grant of 2775.
• William withdraws from 1 class during the first
  week.
• His Pell Grant is reduced to 2082.
• William adds an additional class during the
  second week of classes.
• His Pell Grant cannot be increased because he did
  not add his class until after census.
• He now owes a balance to the Bursars Office.

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• Satisfactory Academic Progress (SAP) Policy
  that requires Undergraduate students to maintain
  a cumulative GPA of 2.0 or greater and pass 75
  of their credits to maintain eligibility for
  financial aid. Students who fall below these
  minimums are suspended from Financial Aid until
  they have met the minimum requirements. Visit
• www.iusb.edu/sbfinaid/progress for more
  information.
• Students may appeal a suspension. Visit
  www.iusb.edu/sbfinaid/forms to download the
  form.

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Contact Information
Financial Aid Office Email sbfinaid_at_iusb.edu Phon
e 574/520-4357 FAX [phone] Visit us
Adm 157 Bursars Office Email
bursarsb_at_iusb.edu Phone [phone] FAX
574/520-5001 Visit us Adm 100