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Managing Money, Identity Theft and much more...

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Managing Money, Identity Theft and much more...

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consumer.gov

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Learn to keep your money and identity secure with the latest from the FTC, America's consumer protection agency.

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This course is filled with projects, engaging activities and great discussions that you will remember for a lifetime!  Many former students have commented about how much they utilize the information taught in this class!  I promise...all the knowledge you acquire will be put to use at some point in your life.  Guaranteed!!

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This course is filled with projects, engaging activities and great discussions that you will remember for a lifetime!  Many former students have commented about how much they utilize the information taught in this class!  I promise...all the knowledge you acquire will be put to use at some point in your life.  Guaranteed!!

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This course fulfills the IL Consumer Ed graduation requirement. Within this course you learn the basics of financial literacy that include budgeting, banking & checking, credit, taxes & insurance.

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Do you know your consumer rights? Do you know who to contact if you feel you have been discriminated against or wrongfully denied something? You will learn about the local and national government agencies that can help you.

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Credit--The Most Important Topic of Your Life!

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Credit--The Most Important Topic of Your Life!

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You need to know how to manage credit. Your credit score impacts a great deal of life choices you make, such as buying a home, buying a car, getting loans. You will be given the knowledge of how to manage your own credit--a life skill you absolutely need to know!

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Do you have a savings and checking account?

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Do you have a savings and checking account?

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You will learn how to open an account at any financial institution--whether online or at a local bank. We will also show you how to manage a checking account.

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Guess what? It doesn't have to be.

Yep. No matter where you are in your budget journey-fresh face or old pro-this guide's got what you need. Let's get moving.

How to Create a Budget

How to Track Your Transactions (And Why It's So Important)

How to Save for the Future

How to Tackle Debt

How to Stay on Track and Motivated

8 of Our Best Budgeting Tips

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The EveryDollar Complete Guide to Budgeting has all the info you need: from how to make your first budget to how to tackle debt-and everything in between.

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When you're working to build or rebuild your credit history, how you use credit is everything. You must use credit the right way to build and maintain a good credit score. Unfortunately, credit cards don't come with a manual telling you how to use them responsibly.

You may have already learned the hard way about the devastating effects of credit misuse, but it's never too late to start over. For those of you who haven't yet begun building your credit, taking the time to learn good habits now will give you a financial advantage that you can benefit from throughout your life.

Get Started With Credit

If you're just getting started with your first credit card, ease into it slowly. Don't go out and immediately max out your credit card. In fact, you should never max out your card. Instead, make small charges on your credit card and pay the balance in full each month. The goal of a credit card isn't to buy things you don't have the cash for. Instead, you want to use a credit card to begin building a good credit history and good credit habits.

One way to get used to your credit card is to use it for a small monthly subscription or another recurring bill. Let this be the only charge you make on your credit card for at least six months. This will help you stay below your credit limit and pay your balance in full every month-two habits that will have a positive effect on your credit score.

Make Bigger Purchases When Prepared

Once you've established a habit of paying your bill in full, you're better prepared to use your credit card for slightly larger purchases. Continue to keep your purchases low to ensure that you never use more than 30% of your credit limit.﻿﻿ For example, if your credit limit is $100, don't let your balance go above $30.

When you make a credit card purchase, put enough cash aside so you won't spend it before your bill comes. Then, when it's time to pay your credit card bill, you already have the payment ready. In most cases, you won't have to wait until the bill arrives. You can make a credit card payment as soon as a transaction is processed and added to your account balance.

After several months of using your credit card the right way, your creditor might increase your credit limit, allowing you to charge more on your card. Continue to stay within 30% of your limit, even as your limit increases. If you start using your credit card irresponsibly, your credit card issuer can cut your credit limit just as quickly.

Practice Self-Discipline

Using a credit card the right way requires self-discipline. You'll have to tell yourself "no" when you want to use your credit card to make a purchase that you know you won't be able to pay in full at the end of the month.

When you put money aside to pay your credit card bill, make sure you don't spend it on something else before your credit card statement arrives. Remind yourself that you have already spent that chunk of money you've set aside-you just haven't gotten the bill yet. If the temptation is too much to handle, send in your payment as soon as the transaction posts to your account.

It's easy to accumulate too many credit cards, especially if card issuers keep sending credit card offers. You can stop credit card offers so you won't be tempted to open new credit cards. If you choose to opt-out temporarily while you get used to using credit, you can opt-in later to survey better credit card deals.

Monitor Your Activity

Most credit cards allow you to view your account activity online. You may also be able to download a mobile app that allows you to quickly check your balance on your phone. If your credit card gives you this ability, sign up so you can monitor your credit card balance and pay your bill online. You can even sign up for paperless billing statements, which allow you to receive your statement online instead of through the regular mail service.

Learning the best way to monitor your credit activity is all about knowing your habits and what works best for you. Some people need a paper credit card statement in the mail to remind them to make their credit card payments. If you need the physical reminder, don't sign up for paperless billing. If you check your email inbox more than your physical inbox, you're probably fine sticking with paperless billing.

A Plan for When You Can't Pay in Full

There may be months that unexpected expenses keep you from paying your balance in full. During those months, make at least the minimum payment and don't increase your credit card balance by making more credit card charges.

If you know you don't have the money to pay your credit card balance, put the card away. Don't use it again until you can afford to pay off both what you owe and any new charges.

The Bottom Line

Building a good credit score takes time so don't try to rush it. Use credit responsibly and a great credit score will follow. If you start out with great credit habits, you won't have the difficult task of repairing your credit score later on.

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Beginner's Guide to Using Credit the Right Way

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When you're working to build or rebuild your credit history, how you use credit is everything. You must use credit the right way to build and maintain a good credit score. Unfortunately, credit cards don't come with a manual telling you how to use them responsibly.

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If you've used the Internet for banking or shopping in the last fifteen years, you've probably received numerous notifications, warnings, and bits of advice regarding ways to keep your information safe online. Security is fundamental to us at BankSimple, and below we've compiled six important tips that can help you independently safeguard your personal and financial data.

Use Trusted Computers

Always use trusted computers to access online banking. If you're using a public computer, there's no way to know that it's free of malware, spyware, or keystroke loggers. You can control and monitor your own computer's security by keeping your operating system, browsers, and antivirus software up to date, but you can't be sure if another machine is safe to use. One of the leading Trojan horse viruses, a program known as Zeus, can only function on certain un-patched Windows versions with Internet Explorer or Firefox. Regular updates to the system and browser may prevent current permutations of this and other viruses from stealing your login information. Once criminals have your user name and password, they may be able to transfer money out of your bank account.

Use Strong Passwords

Another way criminals gain access to your bank account information is via dictionary attack. By simply trying numerous password combinations, criminals are able to sign into any account secured with a simple password. You can protect yourself against dictionary attacks by using complex passwords with numbers, punctuation, and upper- and lower-case characters. For example, write a memorable sentence using proper names and select the first letter of each word to include in your password. Add a number and a symbol and you'll have a pretty strong password:

My friend Jerry wants a bank that doesn't Suck → MfJwabtdS23$$

Many banks and other online services require you to use a complex password, so you may already be less susceptible to these types of attacks. It's also a good idea to use different passwords for online banking services - in case one account is compromised, your other accounts may still be safe.

Multi-Factor Authentication is Your Friend

Even if you've got a strong password and feel somewhat confident that your computer is free of viruses, there's still more you can do. Some sites now offer multi-factor authentication (PDF), meaning that you'll need to provide more than just one password in order to log in. When you forget a password, most sites will simply email you a password reset link. Anyone with access to your email would then be able to reset your bank login and lock you out of your own account. Multi-factor authentication means that you provide a second way to verify your identity. If you try to reset your password or, in some cases, even log in to your account, some sites will require you to provide an additional code that has been sent to your phone by SMS or push notification.

Use Secure Wireless Networks

Of course, it's possible for your personal information to be compromised no matter how you manage your passwords. You may already know that accessing sensitive information on a public wireless connection is a bad idea, but how do criminals use your online activity to break into your accounts? A competent network administrator can take over an unsecured router and redirect your browser to different web pages without your knowledge. So, instead of visiting your bank's website, you're really visiting an internal page and submitting information directly to the criminal.

Don't Get Phished

You don't have to be on an unsecured network to accidentally wind up on a fake site designed to collect your information. Phishing scams are fairly well understood, but they still work and they're only getting better. Once a criminal obtains a list of customer email addresses, they'll send a flood of emails that appear to be from a bank or other service. These emails contain links asking customers to log in, but the links direct to a fake site that collects user names and passwords. Phishing scams can also use phone calls asking customers to call a number belonging to a criminal third party, or SMS containing the same false links.

Check for Encryption

One way to make sure that you're really on the right website-and not on a criminal's fake site-is to check for encryption (PDF). Most browsers display a lock icon somewhere in the window when you connect to a site using SSL (Secure Sockets Layer) or TLS (Transport Layer Security) encryption, and you'll always see "https" in the URL. Encrypted communication protects the identifying information sent between you and a remote server to help prevent it from getting into the wrong hands.

Most banks and services do everything they can to protect you from online fraud, but maintaining security on your own computer and network is critical. Staying informed and keeping your systems up-to-date is the electronic equivalent of walking on well-lit streets and not displaying valuables in dangerous places. If you ever think you've been a victim of online fraud, you can file a complaint with the FBI's Internet Crime Complaint Center. Tracking each instance of Internet crime helps law enforcement find patterns and stop elusive criminals before their techniques become widely adopted.

For more information about online banking security, check out this article.

Mae Saslaw is a writer and critic who lives and works in Brooklyn, NY. The illustration by Melanie Colosimo for Simple

Finance Technology Corp. is available through Creative Commons license (by-nc-nd 3.0).

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If you've used the Internet for banking or shopping in the last fifteen years, you've probably received numerous notifications, warnings, and bits of advice regarding ways to keep your information safe online. Security is fundamental to us at BankSimple, and below we've compiled six important tips that can help you independently safeguard your personal and financial data.

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If you've spent any time reading up on education or financial news lately, you've probably come across the term financial literacy. The goal behind teaching financial literacy is to help people develop a stronger understanding of basic financial concepts-that way, they can handle their money better.

That's a worthy goal, especially when you consider a few stats about how the typical American handles money:

Nearly four out of every five U.S. workers live paycheck to paycheck.

Over a quarter never save any money from month to month.

Almost 75% are in some form of debt, and most assume they always will be.

Ouch! With those numbers, it's no surprise that leaders in business, education and government want to help spread the benefits of greater financial literacy to as many people as possible.

In fact, it mattered so much to lawmakers, in 2004 the Senate passed a resolution officially recognizing April as Financial Literacy Month to "raise public awareness about the importance of financial education in the United States and the serious consequences that may be associated with a lack of understanding about personal finances."

As more people become aware of the importance of financial literacy, we should be asking: What skills, traits and best practices do people show who are "financially literate"? And, How does this skill set really affect personal finance?

What Is Financial Literacy?

Financial literacy is the possession of skills that allows people to make smart decisions with their money.

And don't be misled by the word literacy. Although understanding stats and facts about money is great, no one has truly grasped financial literacy until they can regularly do the right things with money that lead to the right financial outcomes.

When you have this skill set, you're able to understand the major financial issues most people face: emergencies, debts, investments and beyond. Financially literate people know their way around a budget, know how to use sinking funds, and know the difference between a 401(k) and a 529 plan. Here are the concepts financially literate consumers have mastered:

Budgeting

It's one thing to learn how to add and subtract in elementary school, but it's something else entirely to actually apply those principles to your own finances! Most Americans live paycheck to paycheck, and it's largely because of a gap between what the math says they can afford and what they actually spend. Financial literacy can make people habitual budgeters who are willing to save for their goals and delay gratification in order to have peace of mind, both today and in the future.

Emergencies

Only 39% of Americans would be able to cover a $1,000 emergency if one happened to them today. And actually, about 40% of Americans wouldn't even be able to cover a $400 emergency. But people who become financially literate learn how to build a $1,000 emergency fund -and from there, learn how to grow their emergency fund to include three to six months of expenses for those times when life throws a bigger curveball.

Debt

In addition to mortgages, which amount to nearly $9 trillion in debt nationwide, Americans are weighed down with auto loans, credit cards and student loans. The Federal Reserve Bank of New York reported in 2018 that the total consumer debt in America had reached $3.95 trillion. To see how that debt load impacts daily living, consider the fact Northwestern Mutual reported that 40% of Americans spend up to half of their monthly income in debt payments. A big part of financial literacy focuses on understanding how the time and money people spend on paying off debt hurts their ability to invest in their future.

Teaching financial literacy skills in schools is becoming more popular all the time. After all, what better place to communicate these life lessons around money than in the classroom? And you can probably guess that we believe financial literacy is as fundamental to learn as reading and writing!

How Many People Are Financially Literate?

Based on the stats that we've already considered, it's fair to guess that the majority of people don't know how to handle their money. And while there's no one sure way to measure how many people are financially literate, the lack of certain skills would confirm that guess.

For example, if you used the number of people who don't live paycheck to paycheck as an estimate of financial literacy, only about 20% of people would qualify!

Budgeting could be another skill for measuring financial literacy. And how do Americans stack up in that department? Sadly, not even a third of people earning a paycheck (32%) stick to a budget.

Let's look at the findings of the National Financial Capability Test given to over 17,000 people from all 50 states. The National Financial Educators Council (NFEC) reports that less than half (48%) of participants were able to pass the 30-question test that covered things like budgeting, paying bills, setting financial goals, and other personal-finance related topics.
Fewer than half are passing a basic exam on financial literacy-and the average test taker only answered 63% of the questions correctly!
On the bright side, there's a trend in the other direction: Many young people are boosting their financial literacy through personal finance courses in high school. And research shows it's having a positive impact! Ramsey Solutions Research surveyed over 76,000 American students who had taken a personal finance class, and many of the results are in stark contrast to the NFEC report. We found that students who had taken a course in personal finance highly understood key financial topics such as:

The difference between credit cards and debit cards (86%)

How to pay income taxes (87%)

How home, auto and life insurance work (90%)

How student loans work (94%)

Are You Financially Literate?

To help you decide whether you should include yourself among the financially literate, think through the following questions and give yourself some honest answers.

Do you know how to create a monthly budget that includes all of your basic expenses, your bills, any debts, and your sinking funds for future purchases?

Are you currently debt-free? Or are you taking active steps to reduce your debts?

Do you know about how much money you spend to cover living expenses over a period of three to six months?

Do you have an emergency fund in place that would allow you to get through a sudden large life event like a layoff or a totaled vehicle without having to borrow money?

Do you have an understanding of how compound interest allows invested money to grow over time?

Do you know the various kinds of insurance that are needed to protect your finances and investments?

Do you understand the difference between an investment and insurance?

What Action Steps Can You Take?

Hopefully you were able to answer "yes" to all- or at least some! -of the assessment questions. If so, congratulations! You're probably among the fortunate few who have achieved real financial literacy!

But in case you found yourself answering "no" to some of the questions, don't be discouraged! There are steps you can take to get a better understanding of how money works. In fact, the same Ramsey Solutions research we cited above shows that many who take personal finance courses experience awesome results with their money when following these steps:

1. Start a baby emergency fund.

Begin by saving up $1,000. This is to keep you from being thrown off track when those inevitable, tough financial events hit you. (You'll be making this emergency fund even bigger later on.)

2. If you're still in debt, get out of it.

You've seen for yourself how much debt slows down financial progress. To rid yourself of pesky debts, just list them from smallest to largest. Then use the debt snowball method to pay them off. As you pay off the smallest debt, roll what you used to pay toward it onto the next largest debt. Repeat this process until all your debts are cleared!

3. Finish your emergency fund.

This is another area where taking a class on good money habits helps, and many of those who do so save an average of $3,000 per year in personal earnings. To complete this step, move all the momentum you gained while paying off debt toward saving up three to six months' worth of living expenses.

4. Invest 15% of your income in retirement.

It's never too late (or early) to plan for retirement, as our research shows. Eighty-seven percent of students who take a finance class agree they feel confident about investing. You can face the future with hope when you have a plan that includes smart retirement investment. Use good growth stock mutual funds in a tax-advantaged retirement savings plan like a 401(k) or Roth IRA. Investing 15% can help ensure you beat inflation over the long haul-while still having enough income to put toward paying off your home.

5. Save for college.

Over half (51%) of students who learn about finance in high school plan to pay for college themselves. The best methods are Education Savings Accounts (ESAs) and 529 plans.

6. Pay off your mortgage early.

This monthly housing payment is one of the biggest expenses for most people. Imagine never sending out this payment again-and owning your home free and clear!

7. Keep building wealth and giving generously.

The purpose of financial literacy isn't just head knowledge. The real goal is to be able to use your money to do the things you truly want to do, like retire with dignity, spend free time with family, and give to other people and worthy causes.

Financial Literacy Is Changing Communities for the Better

By now, you've got a pretty good sense of where you stand in terms of your own financial literacy. Maybe you have a lot to learn, but it's encouraging to know that increasing financial literacy could transform whole families, communities and even the nation!

Many educators are already working hard to bring this kind of understanding to millions of students nationwide. Every year, thousands of graduates go through our middle school and high school personal finance curriculum, Foundations in Personal Finance, and gain financial literacy skills that empower them for a lifetime of money success. We love that so many young people are picking up these essential skills and habits!
Are you a teacher? If so, check out Ramsey Education to learn more about how you can equip your students with financial confidence! If you're not a teacher, tell the teachers in your life about our life-changing Foundations in Personal Finance curriculum.

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What Do You Need to Know About Financial Literacy?

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If you've spent any time reading up on education or financial news lately, you've probably come across the term financial literacy. The goal behind teaching financial literacy is to help people develop a stronger understanding of basic financial concepts-that way, they can handle their money better.