PERSONAL FINANCE BASICS

Purpose

The purpose of this presentation is to allow students to explore the basics of personal finance such as check writing, writing a deposit slip, managing credit card payments, and saving for their future. Students will have the opportunity to explore the different aspects of personal finance independently and at the pace that suits them best.

Pennsylvania Family and Consumer Science standards

11.1.9.B Explain the responsibilities associated with managing personal finances (e.g., savings, checking, credit, non-cash systems, investments, insurance).

Personal Finance Basics

Check writing

Credit Cards

Filling out a deposit slip

To write a check go through the following steps…

Step 1: write the date

9/10/10

Step 2: write down who the check is going to

Giant Grocery Store

Step 3: write the amount of money the check is for in numbers

57.00

Step 4: write the amount of dollars in words and the amount of cents in the form of a fraction.

Fifty-seven and 00/100-----------------------------------------

If your writing doesn’t take up the entire line then draw a line to fill up the rest of the empty space. This is done so that no one can add extra numbers to your check.

Step 5: On the memo line write what the check is for.

Writing something on the memo line is not mandatory, but it can help you or the person the check is going to stay organized.

Groceries

Step 6: Finally, you must sign your name so that the check can be cashed or deposited.

Signature goes here

Now it’s your turn!

Take your blank practice check and fill it out using the following information:

write a check to Verizon Wireless in the amount of $52.75 for your cell phone bill.

Click here to find out more great information about checks and how to open a checking account of your own.

To find out what it means to balance your checkbook click here.

What is Credit?

A way to get things you need now while paying for them later. Major items bought on credit may include a car, house, student loans etc.

To learn about the dangers of bad credit click here.

On your worksheet list 3 reasons why someone may look at your credit history.

Filling out a deposit slip

Step 1: write the date of your deposits

Step 2: sign your name on the line below the date if you would like to receive cash.

Sign your name here

Step 3: Write down the amount of cash you would like to deposit.

Sign your name here

35 15

Step 4: List the check numbers and amounts below your cash.

Sign your name here

35 15

# 234

# 235

Check #234 is for $56.00Check #235 is for 75.00

56 00

75 00

Step 5: Add together the value of your cash and checks and place this next to the subtotal.

Sign your name here

35 15

# 234

# 235

56 00

75 00

***note – If you have more checks to deposit than will fit on the front of your deposit slip they must be listed on the back

166 15

Step 6: If you would like to receive cash back from the bank teller this can be listed next to “Less cash received.”

Sign your name here

35 15

# 234

# 235

56 00

75 00

166 15

20 00

Step 6: Subtract your cash back from the subtotal. Write this next to the Net Deposit. This is the amount of money that will be deposited into your bank account.

Sign your name here

35 15

# 234

# 235

56 00

75 00

166 15

20 00

146 15

Fill out the deposit slip on your worksheet using the following information:

You would like to deposit $20.00 in cash and two checks into your bank account. The first check is #15 and is in the amount of $82.24. The second check is #45 and is in the amount of $44.00. You would like to receive $35.00 cash back.

Resources

http://www.usposttoday.com/wp-content/uploads/2010/04/credit-card11.jpg

http://school.discoveryeducation.com/clipart/images/school-checkbook-color.gif

http://player.discoveryeducation.com/index.cfm?guidAssetId=ea17a212-aa42-4887-84b4-0feba037df5d

http://player.discoveryeducation.com/index.cfm?guidAssetId=09b9c8d6-362b-45ae-9250-b3355e3092a4

http://player.discoveryeducation.com/index.cfm?guidAssetId=a8f1c212-d311-45b6-86f6-2e208be46e1f