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Financial Literacy

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Financial Literacy Debt & Budgeting * * * Good debt includes anything you need but can't afford to pay for up front without wiping out cash reserves or liquidating ... – PowerPoint PPT presentation

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Title: Financial Literacy


1
Financial Literacy
  • Debt Budgeting

2
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

3
Is there such a thing as good debt?
  • Need verses Want

4
Problems With Debt
  • It can be like quicksand
  • You end up paying more than you originally spent
  • It takes away your financial freedom

5
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

6
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

7
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

8
Ways To Reduce Debt
  • The basics are simple

9
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

10
Creating A Budget
  • List your expenses
  • Be realistic
  • Plan to include savings
  • Its OK to have some fun money
  • Prioritize your expenses

11
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/

12
Tracking Your Spending
  • Excel spreadsheet
  • Envelope method
  • Online sites
  • http//www.mappingyourfuture.org/
  • http//money.cnn.com/magazines/moneymag/money101/

13
Are You Financially Fit?
  • Take the following quiz to find out
  • http//www.mappingyourfuture.org/money/fitnessquiz
    .htm

14
Are You In Financial Danger?
  • Take the following quiz to find out.
  • http//www.mappingyourfuture.org/money/dangerquiz.
    htm

15
Need More Information/Help?
  • Work with your Financial Aid Office
  • Seek Credit Counseling
  • http//www.mappingyourfuture.org/money/creditcouns
    eling.htm

16
Things You Need To Know About Finances at IU
South Bend
17
OneStart
  • Log in at https//onestart.iu.edu
  • Click the Student Self-Service on left side of
    the page

18
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.

19
Sample Fall 2010 Bill
20
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.)

21
Signing Up For Direct Deposit
  • Click Direct Deposit Sign-Up
  • Click Bursar Refunds
  • Follow the on screen instructions

22
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.

23
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.

24
  • 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.

25
Contact Information
Financial Aid Office Email sbfinaid_at_iusb.edu Phon
e 574/520-4357 FAX 574/520-5561 Visit us
Adm 157 Bursars Office Email
bursarsb_at_iusb.edu Phone 574/520-4253 FAX
574/520-5001 Visit us Adm 100
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