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Financial Literacy

Financial Literacy. Debt & Budgeting. Main Points of Discussion. Budgeting What it is How to Create one Track Spending. Debt Good Debt? Problems with Debt Warning Signs Getting out of Debt Staying out. Is there such a thing as good debt?. Need verses Want. Problems With Debt.

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Financial Literacy

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  1. Financial Literacy Debt & Budgeting

  2. Main Points of Discussion Budgeting What it is How to Create one Track Spending • Debt • Good Debt? • Problems with Debt • Warning Signs • Getting out of Debt • Staying out

  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 don’t have the cash for it, don’t 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?v=nFY0HBkUm8o 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 • It’s 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 isn’t 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/creditcounseling.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 can’t 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 Bursar’s 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/progressfor more information. • Students may appeal a suspension. Visit www.iusb.edu/sbfinaid/formsto download the form.

  25. Contact Information Financial Aid Office Email: sbfinaid@iusb.edu Phone: 574/520-4357 FAX: 574/520-5561 Visit us: Adm 157 Bursar’s Office Email: bursarsb@iusb.edu Phone: 574/520-4253 FAX: 574/520-5001 Visit us: Adm 100

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