Practical Money Skills

• Acquiring practical money skills is essential for financial well-being.

Basic Budgeting Skills

• Budgeting is a foundational money skill, involving creating a plan for how to spend your money.
• It allows tracking of income and expenses, ensuring money is allocated to needs, wants, and savings.

Credit Card Basics

• Credit cards provide a line of credit for purchases, which must be repaid later.
• Understanding interest rates, fees, and credit limits is crucial for responsible credit card use.

Debit Card Basics

• Debit cards allow direct access to funds in a bank account for purchases.
• Transactions are immediately deducted from the account, preventing debt accumulation if used responsibly.

Identity and Finances Protection

• Protecting personal and financial information is vital to prevent identity theft and fraud.
• Secure passwords, monitoring credit reports, and being cautious of phishing attempts are key.

Prepaid Card Basics

• Prepaid cards are loaded with a specific amount of money and can be used for purchases until the balance is depleted.
• They offer an alternative to carrying cash and can help with budgeting.

Credit Score Control

• A credit score is a numerical representation of creditworthiness, influencing loan approvals and interest rates.
• Monitoring and improving credit scores involves paying bills on time and managing debt wisely.

Money Management and Living Independently

• Living independently requires effective money management skills to cover housing, utilities, food, and other expenses.
• Budgeting, saving, and making informed financial decisions are crucial for financial stability.

Retirement Basics

• Retirement planning involves saving and investing to ensure financial security during retirement years.
• Understanding retirement accounts, investment options, and estimating future expenses are essential.

Financial Life Events

• Financial life events such as college, buying a car, renting an apartment, buying a home, elder care, handling the unexpected, health care, and family life, all require clear goals, good planning and understanding the financial implications of each

Going to College

• Saving up for college is easier than acquiring it all at once
• Student loans are offered through the government, generally they have a lower interest rate than through a private lender
• Grants or scholarships do not need to be paid back, loans do need to be repaid

Buying a Car

• New cars depreciate in value the moment you drive them off the lot
• A used car may be a better option than a new car
• Research the value and reliability of any car before you buy it

Renting an Apartment

• Landlords will perform a credit check
• Landlords will require a month or more for a security deposit
• Leases protect you from rent increases during your stay

Buying a Home

• The ideal mortgage payment should be no more than 25% of your take-home pay
• Don't forget to budget for property taxes, home insurance, and HOA fees
• A good credit score will help lower your interest rate

Elder Care

• Having a plan will make handling elder care for loved ones easier
• Long term care facilities tend to be very expensive, plan for this in advance
• Talk to your family if you expect they may need to help care for you as you get older

Handling the Unexpected

• Start an emergency fund if you don't already have one, you'll thank yourself later
• Try to keep 3-6 months of expenses in an easy to access savings account
• If something unexpected happens, don't panic, make a plan

Health Care

• Health insurance protects from the costs of medical care
• Health insurance varies based on the plan
• Some plans allow you to invest tax free for future health expenses

Family Life

• Family life can be expensive, planning can reduce stress
• There are tax benefits when you have children
• The younger you start planning for college the easier it will be