Money and Time Management

Warm up

You have just inherited $50,000 from a family member. Explain what you would do with the money.

Objectives

Identify tips for good time and study management.

Identify benefits of effective time management.

Identify ways to be smart with your money.

Discuss reasons why a person must be careful when using credit cards.

List in order of importance (1=Most, 12=Least)

1. Family

2. Friends

3. Oneself

4. Chores and job responsibilities

5. School work

6. School activities

7. Physical Activities

8. Mental Activities (reading, learning)

9. Hobbies and entertainment

10. Rest and sleep

11. Healthful eating

12. Helping others

Time Management Tips

Time Management tips1. Set specific, realistic and achievable

goals.2. Set priorities and concentrate important

activities first. 3. Use a calendar to keep track of important

activities.4. Make a daily to do list.

**Allow time for sudden yet important activities that sometimes come up.

Study Time Management Tips

Speed dating activity: Talk to a partner about your study habits.

1. Determine your best study time.

2. Study difficult subjects first. Info is easier to learn when you are fresh.

3. Study in short time blocks, take periodic breaks.

4. Find your best study environment.

Benefits of Effective Time Management

More control of daily activities.

Studying is less stressful.

Keeps you from getting behind and missing deadlines.

Credit, Interest, Debit

Credit card: used to purchase items, for which the card holder agrees to pay later. Bill either paid in full or in part, if only part

of the bill is paid interest is charged on the balance.

Interest: a fee, charged by the credit card company, to the cardholder, for the use of money.

Debit: takes money straight out of your accounts.

Debt: condition of owing.

Did You Know?

If your CC balance was $10,000 and you made the minimum monthly payment of $175 at 18% interest, and never charged another thing on the card it would take you 11 years to pay off the debt. You would pay more than $13,000 in interest charges, which would bring your total of original debt plus interest to more than $23,000.

Managing Money

Base your spending decisions upon your budget. If something costs more than your budget will allow wait until you have saved enough money to purchase it.

Make sure you have the money before you spend it!!

US Statistics

http://www.usdebtclock.org/

What is our nation’s debt?

What is the national debt for the US?

What is the debt per citizen?

What is the population of the US?

What is the number of people who pay taxes?

What is the total credit card debt?

Investing Your Money

Savings accounts

Certificate of Deposit (CDs)

Stock Market

IRA’s

Retirement Accounts

Be Smart with Your Money

Following these tips to save money and spend wisely: Save first Think before you spend Don’t forget your goals Use credit cards with caution Let your money work for you