Power point- financial workshop due un 24 hrs

Presented by the

Office of Student
Financial Aid Services

Your Money Matters
A Financial Literacy Workshop

Training Topics
• Financial Plan
• Budgeting
• Saving
• Debt
• Helping Others/Giving
• Investing
• Banking
• Credit vs. Debit Cards • Credit Report vs

Credit Score
• Interest Rates
• Student Loans
• UConn Students
• Important Sites

Financial Plan

A financial plan is a
comprehensive overview of
your financial goals and the
steps you need to take to
achieve them.

Budgeting helps you:

• Control your spending

• Meet your financial goals

• Minimize debt, and over
borrowing

• Feel financially organized

• Prepare for emergencies

• Save and give

Why is Budgeting Important?

Income – Expenses = Available
Funds

Available Funds: can be:

* Positive cash flow – money left
over after expenses have been
paid

* Negative cash flow – expenses
exceed cash flow; sometimes
causing individuals to turn to
borrowing and credit card use

Positive vs Negative Cash Flow

Amy’s Budget – Positive
Cash Flow

Amy’s Monthly Income = $2,500
 Rent: = ($850.00)
 Groceries = ($300.00)
 Student Loan Payment = ($200.00)
 Electricity/Wi-Fi = ($200.00)
 Gas= ($140.00)
 Car Insurance = ($100.00)
 Cell Phone = ($100.00)
 Entertainment = ($100.00)
—————————————
Amy’s Total Expenses = $1,990.00

Funds Remaining : $510.00

Dakota’s Budget – Negative
Cash Flow

Monthly Cash Flow

Dakota’s Monthly Income = $2,000.00

 Cell Phone = ($100.00)
 Groceries = ($500.00)
 Transportation = ($200.00)
 Apartment Rental = ($1,000.00)
 Student Loan Payment = ($300.00)
 Electricity, Cable & WiFI = ($150.00)
—————————————–
Dakota’s Total Expenses = ($2,250.00)

Overspent: ($250.00)

Top Reasons to Save

•Emergencies

•Your Future/Retirement

•Major Purchases

•Help Others/Give

•Avoid Debt

Saving for the Future

$100 * 45=
$381,472

$100 * 45=
$381,472

$200 * 45=
$762, 943

$200 * 45=
$762, 943

$400 * 45=
$1,525,887
$400 * 45=
$1,525,887

Example:
 You are age 20
 Retirement age 65
 Monthly saving of $100, $100 or $400
 Years to save, 45 years
 Your investments are earning 7%

Saving – Start Early
$381, 472

Age 20 Age 30 Age 40

$181,156

$81,480

Example:
Save $100 a Month
Start age 20, 30, 40
Annual Interest rate 7%
Total saved by Age 65

Limit Debt
Impact of too much debt:

• Hard to pay bills on time
• Can damage your credit

score
• As interest accrues on

loans or credit card
balances, debt increases

• Difficult to achieve your
financial goals

• Can cause stress or anxiety

TimeEmpathy
Kindness

Skill Money

Teach
Mentor

Material
Goods

Helping Others: Give

Helping Others: UConn Departments

Community Outreach

Careers for the Common Good

Investing
• To invest is to allocate money in the expectation of

some benefit in the future. In finance, the benefit
from an investment is called a return.
– Retirement accounts, education savings plans, stock market

accounts
• Investor / Investment Company
• Choosing a Financial Advisor

Banking

• Banks safeguard and
lend money

• Products:
– Checking Account
– Savings Account
– Certificate of Deposit
– Home Mortgage

Credit Card Charges:
 Must be repaid
 May accrue interest charges if a balance

exists, typically after 30 days
 Credit Limit based on credit rating, FICO score

Credit Card vs. Debit Card

Debit Card:

 Connected with a bank account.
 Comes directly out of the account balance.
 Account balance is $100. You make a purchase

for $10, now your account then has $90
remaining

Credit Score vs. Credit Report
FICO Score:

 Fair Isaac Corporation
(FICO) was founded in
1956 by Bill Fair & Earl
Isaac.

 3 digit number which
determines your credit limit
and eligibility for lending.

 Primary score used by
lenders.

Credit Report: a record of your
history managing and repaying
debt.

FICO Credit Score

Very Poor Poor Fair Good Excellent

300 580 640 700 750 850

FICO Credit Score Determination

35%

30%

15%

10%

10%
Payment History

Amounts Owed

Length of Credit History

New Credit

Types of Credit Used

Credit Reporting Agencies

Interest Rates

• A fixed rate is a set interest rate that remains at the
same level for the duration of the loan period

• A variable rate is a changing interest rate over the
duration of the loan – the rate may increase or
decrease depending on interest rate environments

Your Student Loans

• A Federal Direct Subsidized Loan
does not accrue interest while
you are in school

• A Federal Direct Unsubsidized
Loan accrues interest from the
point of disbursement

• Your annual federal student loan
eligibility is based on your year in
school and dependency status

• Borrow only what you need

Undergraduate Loans at a Glance
Repayment

Begins
2020-2021

Interest Rate
Credit
Check

Required?

BorrowerProgram

Six months
after graduation

2.75%NoStudents with financial
need enrolled at least

half-time

Federal Direct
Subsidized Loan

Six months
after graduation

2.75%NoStudents enrolled at
least half-time

Federal Direct
Unsubsidized Loan

Sixty days after
second

disbursement
unless deferred

5.30%YesParents of
undergraduate students

enrolled at least half-
time

Federal Direct Parent
Loan for

Undergraduate
Students

Varies by loan
product

Variable or fixed;
usually depend on
borrower/cosigner

credit scores

YesStudents with a
creditworthy cosigner

Private/Alternative
Loans

UConn Students

Receiving Federal
Loans, 44%

Median Debt at
Graduation,
$12,000 to

$28,000

Graduation Rate
82%

Students who
Return After Their

First Year, 93%

Salary After
Completing by Field
of Study $20,140 to

$82,440

Typical Monthly
Loan Payment

$114 to $267/mo

Data obtained from CollegeScoreCard.ed.gov.

Important Sites

• Financialaid.uconn.edu

• Yourmoneymatters.uconn.edu

• Studentaid.gov

Thank you!

We look forward to talking with you soon.

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