Smart Money Marathon

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• Smart Money Marathon
• April 12 - 15
• Be a Smart Money Winner!
• Longwood High School

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Pay Yourself First
You can open your own savings account at TFCU's
Longwood High School branch for just 1.00
Start saving for what you want the prom,
clothes, college, your own car!
http//www.teachersfcu.org/
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Benefits of Paying Yourself First

• Manage your money better
• Increase your savings
• Improve your standard of living

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Saving Tips

• Consider needs vs. wants
• Direct deposit to savings
• Pay your bills on time
• Use a checking account vs. check-cashing stores
• Save extra money from raises or bonuses
• Keep making loan payments to yourself
• Save cash gifts

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Saving 1 a Day
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Saving 5 a Day
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Savings Accounts

• Statement savings account
• Passbook savings account
• Club account
• Money Market account
• Certificate of Deposit (CD)
• Share Certificate

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Deposit

• A deposit is money you add to your account using
  a deposit slip.

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Balance

• Balance is the amount of money you have in your
  account.

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Withdrawal

• Withdrawal is the process of taking money from
  your account using
• Checks
• Withdrawal slips
• ATMs

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Fees

• A fee is when a financial institution takes money
  out of your account for
• Services (monthly maintenance fee)
• Penalties (bouncing a check)

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Interest

• Interest is extra money in your account that you
  receive for keeping your money in a financial
  institution.

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Dividend

• At a credit union, you earn dividends on your
  shares rather than interest.

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Accounts

• Savings Account
• Your basic account, designed for the purpose of
  safeguarding and accumulating money.
• Checking Account
• An account that lets you write checks to pay
  bills or buy goods.

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ATM
Automatic Teller Machine
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• An ATM is a machine you can use 24 hours a day to
  deposit, withdraw or transfer money.

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Debit Card

• A debit card is a plastic
• card that
• Is used to pay for goods or services
• Deducts funds electronically from your account
  at time of transaction
• Has a MasterCard or Visa logo

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Direct Deposit

• Direct deposit is one way of getting your
  paycheck or benefit check electronically.

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Money Order

• A money order is similar to a check. It is used
  to
• Pay bills
• Make purchases

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Online Telephone Banking

• Check your account
• Transfer money
• Obtain account history
• Stop payment on a check
• Get branch locations hours
• Get current rates

http//www.teachersfcu.org/
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Check It Out
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Check Register
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Sample Check
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The Back of a Check
ENDORSE HERE
DO NOT WRITE, STAMP OR SIGN BELOW THIS
LINE RESERVED FOR FINANCIAL INSTITUTION USE
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Sample Checks
2/26
Coffee Mart
19.75
Nineteen and 75/100
Your signature
coffee maker
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Sample Deposit Slips
0
0
3/22
30
0
0
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Checking Account Statement
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Reconciling Your Account
75.25
25.00
50.25
30.00
50.00
130.25
0.00
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Borrowing Basics
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Loans

• A loan is money you borrow from a financial
  institution with a written promise to pay it back
  later.

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You Will Know

• The value of credit
• Different types of loans

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Importance of Credit

• Can be useful in times of emergencies
• Is sometimes more convenient than cash
• Allows you to make large purchases

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The Three Cs

• Capacity - your present and future ability to
  meet your payment obligations.
• Capital - your savings and other assets that can
  be used as collateral for a loan.
• Character - how you have paid bills or debts in
  the past.

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Cost of Credit

• Amount Financed 5,000
• APR 12
• Finance Charge 675.31
• Total of Payments 5,675.31

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Collateral Items

• Automobiles

• Homes

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Obtaining a Car Loan

• You can obtain a car loan
• from the following
• Credit unions
• Banks
• Thrifts
• Finance companies
• Dealerships

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Consumer Installment Loans

• Automobile
• Computer
• Furniture
• College tuition

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Unsecured Installment Loan Benefits

• Fast approval time
• Interest rates might be lower than credit card
  rates

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Credit Cards

• Ongoing ability to borrow money for
• Household
• Family
• Personal expenses

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Fees

• Annual maintenance fees
• Service charges
• Late fees

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Pay Yourself First - Be a Smart Money Winner!
All family members of Suffolk County students are
invited to join TFCU, too.
Dont put off until tomorrow what you can start
saving for today! You can open your own savings
account at TFCU's Longwood High School branch for
just 1.00
http//www.teachersfcu.org/
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• Longwood High School
• Branch Hours
• Fridays
• From 900AM to 200 PM