Budget & Credit: Consumers learn how to manage money by ...



FinLit Workshop Descriptions, Goals, and Course OutlineBudgetingThe course can be taught in a series or components of the series can be taught as a single workshop. The goals for this workshop are as follows: Consumers will learn about various personal finance topics, including budgeting, credit, and credit scores, banking and savings, retirement, insurance, and taxes;and Consumers will understand the basics of establishing short-term and long-term financial goals using SMART Goals and;be able to create a budget and understand the need for establishing periodic updates and evaluation. Course Outline Discussion: What do I do with my money? Discussion of spending and saving.Why develop a budget? What happens when you don’t? Planned and unplanned LIFE Events requiring funds. Then what? Savings? A loan? Good credit?Setting short-term and long-term financial goals using SMART goals.What is the process or cycle of budgeting look like?Gathering information (receipts, bills, bank statements, pay stubs.)Record all sources of income (salary, public assistance, child support, social security, pension.)Create a list of expensesBreak down expenses into fixed, periodic, and variable.Review periodically and reviseWhat percentage of your money should go towards Housing, Transportation, Debt, Investments and Savings, and all other expenses? The recommended average percentages for these. How to calculate.What budgeting tools are out there?Understanding Credit The goal of this second workshop or single workshop is for consumers to understand What credit is; Why Credit is Important, What the 5 C’s of credit are, What information creates a credit score, and how to improve a credit score. It also covers the best strategies for paying down credit card debt. Course OutlineWhat is Credit?Types of CreditRevolving, Installment, Non-Installment, Service, High-RiskThe 5 C’s of CreditCapacity, Capital, Collateral, Conditions, and CharacterWhy is Credit Important (Credit does not equal Debt)Credit checks for employmentCredit checks for Loans, Rental, Insurance, What is a Credit Bureau?Experian, Equifax, and TransunionGetting a Free Credit How Can You Build Credit?What about Credit Scoring? Credit Score Ranges of six credit bureausWhat Determines Your Credit Score?The percentages of Payment History (35%), Amounts Owed (30%), Length of Credit (15%), New Credit (10%), and Types of Credit in Use (10%)Correcting Credit Report ErrorsDangers of Credit TroubleManaging DebtCreate a budgetIdentify who you oweIdentify how much you oweInterest rate, monthly payment, balancePrioritize Your DebtCreate a Debt Reduction PlanExamples of DRP’sIdentity Theft The goals of this workshop are:A consumer understanding of what Identity Theft is and how it occurs.A consumer understanding of various forms of ID Theft and ScamsThrough consumer knowledge of forms, to develop an ability detect ID Theft and to deter it.A consumer understanding of the steps to take to report and resolve ID Theft.A consumer understanding of best practices for protection from ID Theft.Course OutlineThe definition of ID TheftStatistics for Reported Fraud and Loss by AgePercentage Frequency of Types of Fraud in MassachusettsTop ID Theft Types in MAMethods of Theft and What You Can Do to PreventDumpster DivingDiverting MailSkimmingPhone SolicitationPhishing via EmailMalwareSetting Up Accounts under Your NameStealingSocial Security MisuseFraudulent Electronic WithdrawalsReport within 2 days and your loss limited to $50 maxReport within 60 days after the unauthorized electronic fund transfer appears on your statement and you could lose up to $500 of what the thief owes.More than 60 days to report and you could lose all of the money from your account.Detection and Deterrence TipsCheck each credit report once a year for freeUse secure networks and protected computersDirection and Deterrence Tips list for dumpster diving, skimming, mail diversion, stealing, phone solicitation, email phishing, Malware, and fraud.Using a secure smartphoneDiscussion of Best Practices to avoid ID Theft 8.The Steps to Take if You are a Victim of ID Thefta. Place an initial fraud alert or freeze on your credit reportsb. Close the accounts you know or believe, have been tampered with or opened fraudulently. c. File a report with the local police department where the theft occurred.Submit a complaint to the FTC ................
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