Tips and Tools For Financial Success - Newton Free Library

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II. Banking Introduction to Banks Choosing a Bank and a Bank Account Checklist Opening and Maintaining a Bank Account Ways to Take Money Out of your Account Using Electronic Banking Activities: Checking Account Fees Writing a Check Record Transactions in your Check Register Reconcile your Check Register Name that Service Paper Money Banking Vocabulary Recommended Supplemental Materials: BOOKS 1. Freedman, Jeri. First Bank Account and First Investment Smarts, New York: Rosen Publishing, 2009. LIT 332.6 F87F 2. Hudak, Heather C. Everyday Economics: Banking, New York: Weigl Publishers, 2010. LIT 332.1 H86B 3. Mathematics of banking and credit, Steck-Vaughn/Houghton Mifflin, 2011 LIT 332 M42M VIDEOS 1. The Fundamentals of Banking: get serious about spending, saving, & investing. Jacksonville, FL : Linx Educational, 2009. DVD ESL 332.1 F96F (25 minutes) 2. Personal Finance Essentials: Checking accounts and everyday banking New York : Meridian Education Corp., c2011 DVD ESL 332.024 P43CH (31 minutes) 21
Introduction to Banks (from FDIC Money Smart) Banks, credit unions, and thrifts are businesses that offer you a safe place to keep your money and use your deposits to make loans. Banks, credit unions, and thrifts are also called financial institutions, since they offer many financial services. Reasons to Keep Money in a Bank Reasons why you should keep your money in a bank include: • Safety - Your money is safe from theft, loss, and fire. • Convenience - You can get money quickly and easily. Using direct deposit, for example, allows you quicker access to your money because funds that are electronically deposited are available sooner than if you deposited a check. We will talk more about direct deposit later. You can also use Automated Teller Machines (ATMs) to get fast access to your money. Most ATMs are available 24 hours a day, 7 days a week. Additionally, you can use your bank’s ATM or debit card to make purchases instead of cash. • Cost - Using a bank is almost always cheaper than using other businesses to cash your check. • Security - The Federal Deposit Insurance Corporation (FDIC) insures deposits up to the maximum amount allowed by law. This means that the FDIC will return the money to the customers if a bank closes and cannot give its customers their money. • Financial future - Building a relationship with a bank establishes a record of paying bills, can help you save money, and can help with getting a loan. Types of Financial Institutions Types of financial institutions include: • Banks and thrifts - Banks and thrifts make loans, pay checks, accept deposits, and provide other financial services. • Credit unions - A non-profit financial institution owned by people who have something in common. You have to become a member of the credit union to keep your money there. Credit unions accept deposits, make loans, and provide other financial services. Insured banks and thrifts are guaranteed by the FDIC. This means that if the bank were to fail the FDIC would return your money, up to the insured amount. • You can tell if the FDIC insures a bank by the displayed FDIC logo. • Most credit unions are insured by the National Credit Union Administration (NCUA). The deposit insurance rules are the same at NCUA-insured credit unions as they are at FDIC-insured banks. The FDIC has an online tool called the Electronic Deposit Insurance Estimator (EDIE). It lets you calculate the insurance coverage of your accounts at each FDIC-insured institution. You can find EDIE online at www.myfdicinsurance.gov/. 22
Page 1 and 2: Financial Literacy at the Library T
Page 3 and 4: Background and Acknowledgments Fina
Page 5 and 6: Chapter V. Credit Overview of Credi
Page 7 and 8: 6 Newton Free Library hosted Financ
Page 9 and 10: 8 © 2011 American Consumer Credit
Page 11 and 12: Goal Setting & Financial Planning (
Page 13 and 14: Financial Goals Worksheet (SMART)
Page 15 and 16: Planning For Unexpected Life Events
Page 17 and 18: 1. Determine what to keep at home a
Page 19 and 20: 5. Keep a close watch on your bank
Page 21: 20 Kip Child, FDIC Community Affair
Page 25 and 26: 24 Debit Cards • Fees? • Fee wa
Page 27 and 28: Ways to Take Money Out of Your Acco
Page 29 and 30: Using Electronic Banking (from FDIC
Page 31 and 32: Activity 1: Checking Account Fees (
Page 33 and 34: Activity 3: Record Transactions in
Page 35 and 36: Sample Check Register Check Number
Page 37: Paper Money Copy, cut, and put the
Page 40 and 41: III. Budgeting Practice Good Habits
Page 42 and 43: Create a Budget—and Pay Yourself
Page 44 and 45: Household Budgeting Worksheet Housi
Page 46 and 47: Read the scenario, review the Month
Page 48 and 49: Increase Your Income How might how
Page 50 and 51: Develop a Spending Plan A spending
Page 52 and 53: Implement Your Plan Seek Assistance
Page 54 and 55: • Educate yourself and learn more
Page 56 and 57: Budgeting Quiz 1. How long should y
Page 58 and 59: Budgeting Quiz -Answers 1. Correct
Page 60 and 61: IV. Saving and Investing Preparing
Page 62 and 63: The true magic of compound interest
Page 64 and 65: 9. Pay off high-interest credit car
Page 66 and 67: Risk-Return Relationship Table (FIN
Page 68 and 69: Compounding with Tables (FINRA Inve
Page 70 and 71: Retirement Savings Vehicles (FINRA
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In most cases, you roll over a trad
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Activity 2: Savings Goals Worksheet
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Investing Quiz 1. Which of the foll
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Investing Quiz - Answers 1. Correct
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Making your First Investments http:
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V. Credit Overview of Credit What i
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What Is a Credit Report? (from FDIC
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How the Credit Report Is Used (from
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How to Get Your Free Annual Credit
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Credit Cards: What Are They Used Fo
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Credit Card Comparison Chart (from
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ACCOUNT ACTIVITY Date of Transactio
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Activity 1: Maria’s Credit Report
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Activity 3: Who Poses the Most Cred
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Credit Terms and Definitions Bankru
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8. All of the following appear on y
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VI. Borrowing Basics Types of Loans
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Car Loans (from FDIC Money Smart) T
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To Rent or To Own? (from FDIC Money
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Activity 1: Which Loan Is Best? (fr
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Activity 3: How Much Mortgage Can P
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Note: Make sure you compare loan of
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Estimated prepaid amounts for inter
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Borrowing Basics Quiz 1. Which of t
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Answers for Borrowing Basics Quiz 1
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VII. Life Skills Menu Planning Work
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Grocery Shopping Tips 1. Clean out
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Computer Terms and Definitions Comp
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Housing Terms and Definitions Appli
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8. According to the 2010 Consumer E
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VIII. Glossary Glossary (excerpted
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Compounding: Interest paid on money
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Interest: A percentage of your bala
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Stocks: Parts of a company, called
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IX. Recommend Resources Bibliograph
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Careers and Life Skills Bostick, Na
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Heath, Julia A. Personal finance es
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Debt information for teens: tips fo
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Tutor/Teacher Cordell, Jane. Cambri
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Newton Free Library Financial Educa
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I. Learning English Online Resource
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Investor Knowledge Quiz - http://ww
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American Consumer Credit Counseling
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Nationwide Resources (from American
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This publication is made possible b
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