Cash Administration WORKSHOP

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Cash MANAGEMENT WORKSHOP. Learning Assistance Programs. Self-Assessment. It is safe to say that you are a decent cash director? In what manner would you be able to enhance your cash administration?. What’s Important?. Should be aware of your spending Need to be aware of your wage Manage your obligation Interest rates

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Cash MANAGEMENT WORKSHOP Learning Assistance Programs

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Self-Assessment Are you a decent cash chief? By what method would you be able to enhance your cash administration?

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What's Important? Should be aware of your spending Need to be aware of your salary Manage your obligation Interest rates Make a financial plan = Prediction of pay and costs

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Making a Budget Set needs for your spending What is most vital to me? What would I be able to manage without? Know that your needs are reasonable!!

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Making a Budget Consider a specific time span 1 year 1 month List pay List settled and variable costs

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Making a Budget Income Salary from work Savings Money from guardians, life partner, grandparents and so on. Money related guide …

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Fixed Expenses College food and lodging or lease Heat and water Car installment and protection Health Insurance Tuition …

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Variable Expenses Books, mentoring Snacks, drinks, goods, eatery suppers Movie tickets, show tickets, brandishing occasions Transportation – stopping, gas, auto support Personal costs – hair styles, toiletries, clothing Healthcare – specialist or dental practitioner charges, remedies Other – blessings, …

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Making a Budget Does your pay cover your costs? On the off chance that yes – great, yet don't raise your spending If no – in what capacity would you be able to improve your financial plan look?

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Increase Income Get work! Investigate the conceivable outcomes for money related guide …

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Decrease Expenses Look to the first-class things Use phone to value examination Wait available to be purchased Try to hold up one day with the buy Shop at second-hand stores Be mindful of value Use coupons!

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Decrease Expenses Cook your own particular dinners – Eat on grounds Conserve vitality Keep lodging down Pay in real money – platinum cards Avoid conveying money Notice what you spend on fun Shop on a full stomach

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College Students and Debt The normal undergrad graduates with $10,000 in the red (incorporates understudies without obligation) 64% of undergrads graduated with obligation in year 2000 Of understudies with obligation, the normal obligation by graduation is $16,000

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College Students and Debt 70% of understudies have Mastercards Typically convey an adjust of more than $2000 20% have parities surpassing $10,000

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What is a Credit Card? An agreement in light of your guarantee to pay later on for merchandise and ventures your get today Helpful in crises You improve as a cash supervisor when figuring out how to utilize charge cards mindfully

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Credit Cards Access to Mastercards as an undergrad Useful when utilized suitably Temptation to overspend can destroy your spending Credit record starts

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Credit Rating Your financial record is kept up by credit authorities as a credit report Will be assessed by bosses, insurance agencies, condo directors, and organizations for purchaser items Credit rating will tail you and effect future capacity to purchase a house or an auto

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Types of Credit Cards Secured Product serves as guarantee Unsecured Based on guarantee and mark Most Visas are unsecured

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Cost of Credit It is not allowed to have a Mastercard! Pay premium More enthusiasm with least installments Pay different expenses up to $50 every year

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Interest Rates Example 1: Interest: 18.5% Purchase of furniture: $2000 Years to pay off with least installment: 11 Interest charges: 1934

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Interest Rates Example 2: Interest: 18% Purchase of garments: $1000 Years to pay off with least installment: 6.5 Interest charges: 650 Interest: 12% Interest charges: 335

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Interest Rates Example 3: Interest: 19.8% Purchase of TV: $500 Years to pay off with least installment: 2.5 Interest charges: $150 Interest: 12% Interest charges: $78

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Grace Period A period in which you don't pay enthusiasm on your buys Usually 25 days Does not happen in the event that you have an exceptional adjust on your card Does not happen on the off chance that you need a loan

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Advice about Credit Cards Compare expenses Choose low intrigue cards Know when effortlessness period starts Watch least regularly scheduled installments Pay off obligation with your sparing

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More Advice Set a Mastercard breaking point and stick to it Use your financial plan to decide the amount you can spend every month If conceivable, pay of Visa adjusts every month Don't utilize Mastercards for things that will destroy before you complete the process of paying for it

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Do you need a Mastercard? You might need to get no less than one charge card while you are in school Have an approach to cover crises Allow you to build up a record of loan repayment Use credit as a viable apparatus rather than a money related trap A positive financial record is valuable later on!

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Alternatives to Credit Cards Get a low premium advance rather Choose charge cards rather Debit Cards/financial records on which cash is kept each month

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Additional Information Consumer Credit Counseling Service 1301 N. Kingshighway 573 334 7050 Financial Aid Services Academic Hall 573 651 2253