Tips and Tools For Financial Success - Newton Free Library

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Table Of Contents Introduction: How to use this Guide ............................................. 5 Chapter I. Financial Planning and Security Organizing your Financial Records ................................................ 8 Goal Setting and Financial Planning ............................................... 10 Financial Goals Worksheet (SMART) ............................................... 12 Planning for Unexpected Life Events .............................................. 14 How to be Financially Prepared for Disasters ........................................ 15 Identity Theft ................................................................. 17 What to do if a Wallet or Purse is Stolen ............................................ 19 Chapter II. Banking Introduction to Banks ........................................................... 22 Choosing a Bank and a Bank Account Checklist ..................................... 23 Opening and Maintaining a Bank Account .......................................... 25 Ways to Take Money Out of your Account ........................................... 26 Using Electronic Banking ........................................................ 28 Activity: Checking Account Fees .................................................. 30 Activity: Writing a Check ........................................................ 31 Activity: Record Transactions in Your Check Register ................................ 32 Activity: Reconcile Your Check Register. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Activity: Name That Service ..................................................... 35 Paper Money .................................................................. 36 Banking Terms and Definitions ................................................... 38 Chapter III. Budgeting Practice Good Habits ........................................................... 40 Create a Budget and Pay Yourself First ............................................. 41 Establish an Emergency Fund .................................................... 42 Household Budgeting Worksheet .................................................. 43 Activity: Monthly Income and Expenses ............................................ 44 Activity: Spending Plan Considerations ............................................ 48 Financial Recovery Plan ......................................................... 50 Budgeting Terms and Definitions ................................................. 54 Budgeting Quiz with Answers .................................................... 55 Chapter IV. Saving and Investing Preparing to Invest: Introduction ................................................. 60 Savings Tips ................................................................... 62 How your Money can Grow. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Risk-Return Relationship Table ................................................... 65 Compounding (with Tables) ...................................................... 67 Investing in your Twenties ....................................................... 68 Retirement Savings Vehicles ...................................................... 69 Activity: Pay Yourself First Action Plan ............................................ 72 Activity: Savings Goals Worksheet ................................................. 73 Investment Terms and Definitions ................................................. 74 Investing Quiz with Answers ..................................................... 75 Saving and Investing Online Resources ............................................. 78 3
Chapter V. Credit Overview of Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 What is a Credit Report ......................................................... 83 How to Read your Credit Report .................................................. 84 How the Credit Report is Used .................................................... 85 How to Get your Free Annual Credit Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 Credit Cards: What are they used for? .............................................. 89 Credit Card Comparison Chart ................................................... 91 Sample Credit Card Statement .................................................... 92 Paying your Credit Card Bill ..................................................... 94 Activity: Maria’s Credit Report ................................................... 95 Activity: John’s Credit Report .................................................... 96 Activity: Who Poses the Most Credit Risk? .......................................... 97 Activity: Using Credit Cards Responsibly ........................................... 98 Credit Terms and Definitions ..................................................... 99 Credit Quiz with Answers ........................................................ 100 Chapter VI. Borrowing Basics Types of Loans ................................................................. 104 Car Loans .................................................................... 105 To Rent or to Own? ............................................................. 107 Buying a Home ................................................................ 108 Activity: Which Loan is Best? ..................................................... 109 Activity: Beware of Dealer-Lender Relationships ..................................... 110 Activity: How Much Mortgage can Patricia Afford? ................................... 111 Mortgage Shopping Worksheet. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 Borrowing Terms and Definitions ................................................. 116 Borrowing Basics Quiz with Answers .............................................. 117 Chapter VII. Life Skills Menu Planning Worksheet ....................................................... 122 Grocery Shopping Tips .......................................................... 123 Grocery Shopping List . ......................................................... 124 Computer and Internet Terms and Definitions ...................................... 125 Housing Terms and Definitions ................................................... 127 Renting an Apartment Quiz with Answers .......................................... 128 Chapter VIII. Glossary Glossary (Excerpted from FDIC Money Smart). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132 Chapter IX. Recommended Resources Bibliography by Topic ........................................................... 140 Bibliography by Level of English Comprehension .................................... 144 Financial Education DVD Collection ............................................... 148 Online Resources .............................................................. 151 Community Resources .......................................................... 155 Nationwide Resources ........................................................... 157 4
Page 1 and 2: Financial Literacy at the Library T
Page 3: Background and Acknowledgments Fina
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 and 22: 20 Kip Child, FDIC Community Affair
Page 23 and 24: Introduction to Banks (from FDIC Mo
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
Page 72 and 73:
In most cases, you roll over a trad
Page 74 and 75:
Activity 2: Savings Goals Worksheet
Page 76 and 77:
Investing Quiz 1. Which of the foll
Page 78 and 79:
Investing Quiz - Answers 1. Correct
Page 80 and 81:
Making your First Investments http:
Page 82 and 83:
V. Credit Overview of Credit What i
Page 84 and 85:
What Is a Credit Report? (from FDIC
Page 86 and 87:
How the Credit Report Is Used (from
Page 88 and 89:
How to Get Your Free Annual Credit
Page 90 and 91:
Credit Cards: What Are They Used Fo
Page 92 and 93:
Credit Card Comparison Chart (from
Page 94 and 95:
ACCOUNT ACTIVITY Date of Transactio
Page 96 and 97:
Activity 1: Maria’s Credit Report
Page 98 and 99:
Activity 3: Who Poses the Most Cred
Page 100 and 101:
Credit Terms and Definitions Bankru
Page 102 and 103:
8. All of the following appear on y
Page 104 and 105:
VI. Borrowing Basics Types of Loans
Page 106 and 107:
Car Loans (from FDIC Money Smart) T
Page 108 and 109:
To Rent or To Own? (from FDIC Money
Page 110 and 111:
Activity 1: Which Loan Is Best? (fr
Page 112 and 113:
Activity 3: How Much Mortgage Can P
Page 114 and 115:
Note: Make sure you compare loan of
Page 116 and 117:
Estimated prepaid amounts for inter
Page 118 and 119:
Borrowing Basics Quiz 1. Which of t
Page 120 and 121:
Answers for Borrowing Basics Quiz 1
Page 122 and 123:
VII. Life Skills Menu Planning Work
Page 124 and 125:
Grocery Shopping Tips 1. Clean out
Page 126 and 127:
Computer Terms and Definitions Comp
Page 128 and 129:
Housing Terms and Definitions Appli
Page 130 and 131:
8. According to the 2010 Consumer E
Page 132 and 133:
VIII. Glossary Glossary (excerpted
Page 134 and 135:
Compounding: Interest paid on money
Page 136 and 137:
Interest: A percentage of your bala
Page 138 and 139:
Stocks: Parts of a company, called
Page 140 and 141:
IX. Recommend Resources Bibliograph
Page 142 and 143:
Careers and Life Skills Bostick, Na
Page 144 and 145:
Heath, Julia A. Personal finance es
Page 146 and 147:
Debt information for teens: tips fo
Page 148 and 149:
Tutor/Teacher Cordell, Jane. Cambri
Page 150 and 151:
Newton Free Library Financial Educa
Page 152 and 153:
I. Learning English Online Resource
Page 154 and 155:
Investor Knowledge Quiz - http://ww
Page 156 and 157:
American Consumer Credit Counseling
Page 158 and 159:
Nationwide Resources (from American
Page 160:
This publication is made possible b
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