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Presentation/PPT
27/08/2022
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.
The writer is very fast, professional and responded to the review request fast also. Thank you.
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