Dollars and Sense

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Once you have completed school, you will once again need to revise your budget. How will your sources of income and your expenses change? Notice the difference in expenses from former budgets. If you do not know your net pay, estimate that 30% of your gross income will be taken out due to deductions. Income: Net Salary /Paycheck Other Total Income MONTHLY BUDGET Expenses: Fixed Expenses (expenses that are consistent each month) Rent/ Mortgage Car Payment Insurance Payment Student Loans Flexible expenses (amount varies from month to month) Food Power Cell Phone Clothing Gas ________________________ Cable/Internet Car Maintenance Doctor Dentist Medicine Hobbies Laundry Pet Care Hair Care Vacations Savings Total Expenses & Savings BUDGET SHORTAGE OR SURPLUS (Income — Expenses) 24
COMMON MISTAKES YOUNG ADULTS MAKE WITH MONEY $ Buying items on credit … and paying extra in interest $ Getting too deep in debt $ Paying bills late and tarnishing their credit report $ Having too many credit cards $ Not watching expenses $ Not having money in savings $ Paying too much in fees $ Not taking responsibility for their finances Source: FDIC Consumer News KEYS TO A FINANCIALLY SUCCESSFUL FUTURE: 1. Set Goals 2. Budget 3. Borrow Smart 4. Beware of Credit Cards 5. Spend Smart John F. Kennedy, 35th United States President: “Let us think of education as the means of developing our greatest abilities, because in each of us there is a private hope and dream which, fulfilled, can be translated into benefit for everyone and greater strength for our nation.” 25
Page 1 and 2: GET MONEY SMARTS Take Your First St
Page 3 and 4: Introduction The Office of the Comm
Page 5 and 6: Goals generally fall into one of tw
Page 7 and 8: Beginning Sound Money Management Pr
Page 9 and 10: Next — Open a Checking Account Ho
Page 11 and 12: The example below shows you how to
Page 13 and 14: Each month your bank will send you
Page 15 and 16: How much will your paycheck really
Page 17 and 18: How does a person choose a career?
Page 19 and 20: 17
Page 21 and 22: Visit www.mus.edu/Prepare to start
Page 23 and 24: What changes are on the horizon for
Page 25: It is very easy to fall into the ha
Page 29 and 30: All About Credit What is Credit? Cr
Page 31 and 32: What information should you researc
Page 33 and 34: Credit cards are easy to use becaus
Page 35 and 36: Credit cards don't put people in de
Page 37 and 38: SAMPILIE REP10,RT Consumer Credit R
Page 39 and 40: 3-in-1 Credit Report Continued….
Page 41 and 42: Once you have built an excellent cr
Page 43 and 44: Steps to Improve Your Credit 4. Avo
Page 45 and 46: Amy worked hard to graduate from hi
Page 47 and 48: Montana Colleges & Universities Sch
Page 49 and 50: www.fafsa.ed.gov The Free Applicati
Page 51 and 52: Scholarships Scholarships are a for
Page 53 and 54: An important part of your financial
Page 55 and 56: Year First-Year Undergraduate Annua
Page 57 and 58: Total Amount Borrowed 4.00% 5.00% 6
Page 59 and 60: 57
Page 61 and 62: When do I begin repaying my federal
Page 63 and 64: Consolidation Consolidation is the
Page 65 and 66: What is Default? To default means y
Page 67 and 68: I PLEDGE TO: $ Set goals for the fu

Dollars and Sense

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