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Individual shopping decisions. Creating a consumer savvy. Basics: room ... Beauty/barber shop. Home maintenance/lawn/security. Car payments. books, arts, toys and ...

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    Slide 1: Financial Help, Hope, Education, and Empowerment  How CCCS can serve your schools, students, and families Todd Mark, CCCS of Greater Dallas

           

    Slide 2:Hi, I am Todd, your host!

    Let’s just say I was a bit thinner when I was on CNN!

    “I enrolled in CCCS because I simply ran out of options” - Anjelica B. “He became hooked on credit cards” - Harlan Q. “We were on the verge of filing bankruptcy” - William C. “ I am a veteran, unemployed, living off my retirement check and savings intended for retirement” - Beverly T. “ I was self-employed and didn’t have steady work” -Jeremiah P. “I was never educated on the pitfalls of using credit” - Carrie V. “My husband lost his job. I was caretaker of my brother” - Linda M. Our Mission A financial emergency room Prevent and resolve crisis Provide help and hope Peace of mind and action plan A counseling and educational organization A consumer advocate Founded in 1974 Certified counselors by the NFCC Control Crisis Confidence Success

    Slide 5:What do we do?

    Budget and credit counseling Housing counseling Financial education Debt management plans Bankruptcy counseling

    Slide 6:NFCC agencies across the country

    www.nfcc.org 800-388-CCCS 106 CCCS agencies More than 1000 offices

    Slide 7:What are we seeing?

    Unemployment, cut-back in hours Mortgage delinquency Greater severity in debt levels and overall financial crisis Supporting other family members Traditional causes

    Slide 8:What is the Age of Acquisition?

      Differentiate wants from needs: Place to live – with furnishings and everything else to fill it Everything else provided and/or paid for by parents or school Car to drive Professional wardrobe Possibly a family A taste for saving and spending

    Slide 9:Needs of college students

    Establishing credit First-time costs living on own Individual shopping decisions Creating a consumer savvy Basics: room/board, tuition, books, activities, etc.

    Slide 10:The rite of passage: Credit

    Slide 11:Changing urgencies for students

    Mom and Dad didn’t come through Financial aid funding gap Job market meant no/less student income Costs of college Back-to-school for jobless

    Slide 12:What’s hurting Mom and Dad?

    Unemployment/underemployment Mortgage delinquency Investments crushed Property values devastated Savings gone Helping other family members in crisis Other traditional: death, medical, divorce, natural disaster

    Slide 13:What happens in counseling

    Reasons for crisis Income Budget Debts Action plan Always caring, compassionate, non-judgmental listener

    Slide 14:…or in consumer education

    College credit 101 Basic budgeting Setting financial goals (savings, debt) Banking skills Age of Acquisition CCCS.net/webinars

    Slide 15:Where does your money go?

    Observe what items you are spending now. Track your expenses for 30 days

    Slide 16:Create a spending plan

    How can you balance your income and your expenses? Identify your monthly income and write it down. Write all your monthly expenses and prioritize them. Subtract spending from income. If your expenses are more than your income, review your expenses and make adjustments so your income equals your expenses.

    Monthly Spending Plan Worksheet     Monthly Expenses Amounts Expenses continued Mortgage / Rent $ Laundry/dry cleaning 2nd mortgage, equity loans $ Beauty/barber shop $ Home maintenance/lawn/security $ Car payments $ books, arts, toys and hobbies Car insurance Gasoline, oil changes $ Parking, tolls, repairs $ Electricity $ Entertainment: DVD/CD/games Water/garbage/sewer   Natural gas $ $ Phones – both home and cell $ Cable/Satellite $ $ Total Net Income: Less Total Expenses: BALANCE:   TOTAL EXPENSES: Groceries/household/toiletries INCOME Food – eating out $ Monthly Net Insurance – medical, life $ Your monthly take-home pay $ Medical co-pays and prescriptions $ Spouse/other monthly income $ Child support/alimony $ Other monthly income $ Savings/financial goals $ Credit/debt payments   $ Education TOTAL NET INCOME: $ $ $ $ Contributions (religious, charity) $ $ $ Child care/elder care $ $ $ Internet/DSL $ Cable/Satellite $ $ $ $ Clothes Personal – tobacco, alcohol, etc Recreation: sports, concerts Clubs or memberships $ $ $ $ Amounts Gifts, donations Pets, allowance, miscellaneous Other Total all expenses from both columns at bottom left.

    Slide 18:Understanding liabilities

    Slide 19:Planning to meet your goals

    List your creditors and the amounts you are currently paying Prioritize bills, then use the “ladder system” Make a plan to payoff your debts

    Slide 22:Walk through resource spend-down

    Emergency savings Home equity Retirement Credit cards Other assets Family, local resources

    Slide 23:“Credit scores — why do I care?”

    What does your credit score impact? Mortgage Car loan Credit card or personal loans Insurance Employment

    Slide 24:What’s in a credit report?

    Identifying information Account summary Inquiries Public records

    Slide 25:What a FICO score considers

    Ten basic rules of money management

    Slide 26:Plan Set financial goals Assess your financial situation Develop a realistic spending plan Don’t allow expenses to exceed income

    Slide 27:

    Ten basic rules of money management Save Pay your bills on time Determine the difference between wants and needs Use credit wisely Keep a record of daily expenditures

    Slide 28:Questions and answers

    Slide 29:Thank you for attending how CCCS can help your school and students! For more information visit our website, www.cccs.net. To set up a counseling appointment at one of our 10 Dallas locations or 22 Texas locations, or for telephone counseling, call our main number: 1-800-249-CCCS (2227) For free, in-depth financial education classes, see the full webinar schedule at www.cccs.net/webinars, or call 214-540-6872. Todd Mark: tmark@cccs.net, 214-540-6810

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