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Personal Finance

Personal Finance

Assessment

Presentation

Business

University

Practice Problem

Hard

Created by

Kyla Medina

FREE Resource

7 Slides • 5 Questions

1

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Personal
Finance

2

Budgeting Skills

How do we handle it?

  • Tracking our expenses: Keeping a record all your expenses and learn where your money goes

  • Setting Financial Goals: Set short and long term financial goals to guide your budgeting decisions

  • Allocating Funds: Set asside a specific amount of money for your essentials expenses (Some may include rent & utilities, savings, and discretionary spending)

3

  • Accruing significant interest: You may underestimate the impact of interest accrual over time, resulting in higher repayment amounts.

  • Defaulting on loans: Lack of understanding could lead to missed payments or defaulting on loans, damaging your credit score and financial future.

Potential long-term implications if you don't comprehend your student loans may include:

It's important to understand the terms and conditions of student loans because:

  • You need to know the interest rates to calculate the total cost of borrowing and plan for repayment.

  • Understanding repayment plans helps to choose the most suitable option based on your financial situation after graduation.

Understanding Student Loans

4

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Risks associated with using credit cards irresponsibly include:

  • Accumulating debt: overspending and carry a balance on a credit card, resulting in high-interest charges and long-term debt.

  • Damaged credit score: Missed payments or high credit utilization can negatively impact your credit score, affecting the ability to borrow in the future.

    Strategies to manage your credit card usage include:

  • Paying off the full balance each month to avoid interest charges.

  • Setting a budget for credit card spending and sticking to it.

  • Monitoring your credit card statements regularly to track spending and identify any unauthorized charges.

ResponsibleCredit Card Usage:

5

Timely Payment of Rent and Utlities:

​Inconsistent payment of rent and utilities can impact relationships with roommates and living situation by:

  • Straining relationships: Late payments can lead to tension and resentment among roommates, affecting their living environment.

  • Risking eviction: Consistent late payments may result in eviction or damage your rental history, making it difficult to secure future housing.

    You can ensure timely payment of rent and utilities by:

  • Setting up automatic payments or reminders to avoid missing due dates.

  • Communicating openly with roommates about financial responsibilities and addressing any issues promptly.

6

Balancing Academic and Work Commitments:

Strategies to balance having a part-time job with studies:

  • Prioritizing tasks and deadlines to manage time effectively.

  • Creating a schedule that includes dedicated time for studying, work, and personal activities.

  • Seeking support from professors, employers, and campus resources when feeling overwhelmed. Prioritizing commitments is important to avoid burnout and achieve your goals. For example:

  • You can prioritize attending classes and completing assignments on time to maintain academic success.

  • You can also prioritize self-care activities such as exercise, relaxation, and spending time with friends and family to maintain overall well-being.

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- Offering workshops or seminars on budgeting, student loans, and credit management.

- Providing online resources such as articles, videos, or interactive tools for self-paced learning.

​​Strengths of existing financial literacy resources may include

- Limited accessibility: Workshops may have limited availability or attendance, leaving some students without access to valuable information.

- Lack of personalized support: One-size-fits-all resources may not address the specific needs or challenges of individual students.

​​Weakness of existing resources may include:

- Personalized financial coaching or counseling services for students like Sarah who need tailored guidance.

- Peer-led financial literacy workshops or mentorship programs to foster learning and accountability among students.

​​Additional Resources or support systems could include:

​Enhancing Financial Literacy Resources:

8

Multiple Select

You receive a monthly allowance from your parents but struggles to stick to a budget. Identify at least three key components of an effective budgeting plan that you should consider implementing. (Select all that apply)

1

Tracking Expenses

2

Setting Financial Goals

3

Allocating Funds

4

Rely on your parents to track your funds

9

Multiple Select

Evaluate the current financial literacy resources available on campus for. Then identify two strengths of the existing resources.

1
  • Offering workshops or seminars on budgeting, student loans, and credit management.

2

Workshops with limited availability or attendance, leave some students to access to valuable information.

3

One-size-fits-all resources address the specific needs or challenges of individual students.

4

Providing online resources such as articles, videos, or interactive tools for self-paced learning.

10

Open Ended

Question image

Recommend two actionable steps someone can take to ensure a student meets their financial obligations promptly and maintains positive relationships with their roommates.

11

Fill in the Blank

Missed ______ or high credit utilization can negatively impact a students credit score, affecting their ability to borrow in the future.

12

Poll

What are the best credit cards for students?

Discover it Student Chrome

Capital One SavorOne Student Cash Reward

Chase Freedom Rise

Bank of America Travel Rewards

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Personal
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