$tarting Off RIGHT

$tarting Off RIGHTNumerica’s Financial Education Program: Elementary Program

Copyright ©2018 Numerica Credit Union. For educational use only. FE_EP 0318

Kids SMART Goals

What’s your money saving goal?

Goals need to be Specific, Measurable, Attainable, Relevant and Time-bound. We like

to refer to these types of goals as SMART goals. Use the provided sheet to reach your

goals in no time!

Specific – detailed outcomes criteria

• The goal should state what your goal is and why it’s your goal.

Measurable – measurement criteria

• To achieve objectives, you must be able to observe and measure your progress.

Attainable – realistic criteria

• Goals should challenge you to do your best, but they need to also be achievable.

Relevant – significance criteria

• Why do you want to reach this goal?

Time frame – answers “by when?” criteria

• Deadlines help you to work harder to get a task completed.

• New toys

• Camp

• New clothing

• Giving back to charity

•

Please be as detailed as possible. Writing down your goals will help you achieve them. If you have a clear picture in your head of where you want to go and how you want to get there, you will get there much faster.


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or or

If you saved $.25 every day for a year (365 days), you would have $91.25 after a year! Remember, every penny, nickel, dime and quarter count towards your saving goal! Let the couch shake down begin!

Did you know:

or

Practice your money counting skills, by circling which amount is more.

When we talk about savings goals, it is important to remember that every penny counts!

Which is more?


Let’s talk about earning a bounty!

It’s never too early to talk about money and saving! Even if you don’t have a lot of extra cash to pass around, you can still teach your kids to save. This can be saving for device time, a fun one-on-one activity or candy! While these things can cost very little, you are instilling the notion to save.

The attached sheets will help get you started. On the attached sheet there are two columns, Bonus Tracker and Tasks/Violations. This lets your kids see that not only are there rewards for their actions, but acting poorly will result in a violation (You could take points away that they have previously earned). A good way to start is figuring out how many Bounty points he/she will receive and for what. Write these down using the attached sheet and display it so everyone can see what the expectations are from the start. Teaching your children early in life that there are consequences for their actions will benefit them down the road. Not only in regards to money, but life in general.

On the back of this sheet you can list out how many points it will take to earn each reward. You and your child can sit down and figure out a good plan that works for you and your family. (i.e. For every 5 points earned, a full size candy bar will be awarded. For every 1 Device point, you receive 10 minutes on a video game. 10 activity points will earn an hour of mom/dad one-on-one time doing what you want - within reason of course). We also encourage you to use the savings points. This may be $0.25 for every point or $1, you pick. Gift points are also an option. This means the kids are earning points to make a donation with their bounty (25 points = $25 to a charity of their choice).

Remember, it’s all your choice! Whatever works best for you and your family.

Candy Device Saving Activity Giving


Candy

Candy

Example

Device Saving

Activity Giving

2 points = Fun size candy bar

5 points = Full size candy bar

10 points = King size candy bar

20 points = Fro-Yo Trip

Let’s talk about earning a bounty!


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Welcoming a pet into the family is a big responsibility. The well-being of our animals not only means giving them plenty of our time, but money and energy to make sure they live well.

Here are some things, and average costs, to think about according to the ASPCA:

It’s not all about the money. Animals need daily attention. Especially for kittens and puppies, high energy is going to demand lots of playtime. As animals get older, take time to ensure their well-being continues.

Dog CatOne time fees:

Adoption Varies Varies

Spaying/Neutering $200 $145

Medical Exam $70 $130

Collar/Leash $30 $10

Litter Box $25

Scratching Post $15

Bed $95 $25

Carrying Crate $60 $40

Training $110

$565 $390

Annual expenses:

Food $500 $300

Medical Exams $375 $250

Litter $200

Toys & treats $55 $25

License $15

Grooming $145 $45

Boarding $95 $80

Pet Health Insurance $225 $175

Misc $45 $30

First Year Cost $1,455 $1,105

Pet Chore Chart

Task

Name:

Pet’s Name:

Feed Daily Clean Water Wash Bowls

Clean Up Brush Give Treats

Play Cuddle Walk LOVE

S M T W T F S

The cost of owning a pet


vs

Paying with plastic is convenient! Who wants to carry around a bag of cash? But not all cards are the same. In fact, they are very different.

Debit Card A debit card is connected to your checking or savings account. When you swipe or enter your card, you’re taking money from your account to make a purchase.

If you don’t have enough money, your card may be declined.

Connect each balloon to the right type of card.

Credit Card A credit card lets you make purchases using a pre-approved amount of money called your credit limit. It’s money you borrow from your bank or credit union and have to pay back with added interest. Credit cards can be used for an emergency, or if you don’t have enough funds in your checking (debit) account.

If you don’t pay off your credit card balance every month, you have to pay back the amount you spent plus interest. Some credit cards can have interest rates as high as 29.99%!

Answers: Debit: 1, 3, 4, 9. Credit: 2, 5, 6, 7, 8, 10

Pay back purchase

plus interest

Good for everyday

purchases

Can be as young as 13 years

old

Builds your

credit score

Uses your

money

Doesn’t build credit score

Uses borrowed

money from bank/credit

union

Use in an Emergency

Need to be at least 18 years old

Might have a

yearly fee

12

3

4

5

6

7

8

9

10

DEBIT CREDIT

Debit vs Credit


SAVE, SPEND & SHARE

How do you decide how much to SAVE, SPEND and SHARE?

That all depends on you!

Let’s say you want to deposit $10.00 into your account. You then decide you want to save 25% ($10.00 x .25 = $2.50), spend 70% ($10.00 x .70 = $7.00) and share 5% ($10.00 x .05 = $0.50). Below is an example of what that will look like. Keeping track of your habits is a critical piece of the puzzle. We have created sweet envelopes to help keep your goals on track!

Easy Peasy. Money Management.


Date

Example: 10/27/17

Example: 10/31/17

Deposit

$10.00

+$10.00

$20.00

SAVE%

$2.50

+$2.50

$5.00

SHARE%

$0.50

+0.50

$1.00

SPEND%

$7.00

+$7.00

$14.00



Once you deposit your check , the funds may appear in your account. However, funds may have a hold on a portion or all of the deposit amount. This hold protects you from using funds that are not really there. Typically, it lasts from two to six days.

The check then goes to the Federal Reserve . They send it to the other person’s financial institution to see if they have the funds in their account . If they do have the funds the other institution will then pull the money out of that account, and the check clears . If there are not funds in the account they say, “Nope! No good,” and return the check back to the Federal Reserve .

If the Federal Reserve returns the “bounced” check to Numerica , those funds you thought you had will no longer be there, and you may be liable for a returned check fee. This process typically takes two days to two weeks.

1

2

3

4

5

6

IssuerDepositing CU

FI1

23

6

4

5

The life cycle of a checkA.K.A. Know how to protect yourself from check fraud

Signs of Fraud If you can say “Yes” to any of these, we should probably chat.

• Is the check for an item you sold online?

• Is the check for more than the selling price?

• Was the check sent overnight?

• Have you been informed of winning a lottery you don’t remember entering?

• Have you been asked to wire/ship/send money to a large US city or outside the USA?

• Have you been asked to pay money to receive a larger deposit from another country?

• Are you receiving pay or commission for facilitating a money transfer?

Numerica is always looking for ways to help reduce stress and help you live well. If you have questions, concerns or feel you are being a target for fraud, please contact 800.433.1837 x8333.


per person

= $4.24 per person

Have you ever really thought about how much it costs to eat out?

Say you are a family of four going out to a nice Italian dinner. The restaurant is having a dinner special for $9.99 that includes garlic bread, salad, spaghetti and meat balls. Everyone gets an iced tea to drink for $1.50 each. Including tax and tip for the server, it comes out to $15 a person, or $60.

But, how long would you have to work in order to pay for dinner?

Let’s say that mom makes $20 per hour. First, you have to subtract taxes out of her paycheck, making her actual take home pay about $15.40 per hour. She would have to work about 3 ½ hours just to pay for dinner. If you had made dinner at home, it would have only cost about an hour of work to pay for the meal.

Now THAT is food for thought!

Eating the same (or similar) meal at home might look something like this.

Dinner Drink Tax (8.7%) Tip (20%) Total

Spaghetti (4) Water (4) Bread (4)Salad (4)Meat balls (4) Total

$ 9.99$ 1.50$ 1.00

$ 2.50$ 14.99

$2.95$0.00$3.00$5.00$5.99

$16.94

Help the spaghetti make its way to the meatball.

Start

Finish

That’s a savings of $43.02!

Dinner vs Eating Out


The first $1 Federal Reserve note was issued in 1963, and its design—featuring President George Washington and the Great Seal of the United States—remains unchanged.

Federal Reserve note paper is one-fourth linen, three-fourths cotton, and contains red and blue security fibers.

The current design of the $5 note entered circulation on March 13, 2008, and features subtle background colors of light purple and gray.

1914 - the first $5 Federal Reserve note was issued. President Abraham Lincoln was, and still is, featured on the bill.

1914 - the first $10 Federal Reserve note was issued. President Jackson was, and still is, featured on the bill.

1914 - the first $20 Federal Reserve note was issued. President Cleveland was, and still is, featured on the bill.

1914 - the first $50 Federal Reserve note was issued. President Grant was, and still is, featured on the bill.

1914 - the first $100 Federal Reserve note was issued. Benjamin Franklin was, and still is, featured on the bill.

The first $10 notes were Demand Notes, featuring President Abraham Lincoln’s portrait and issued by the U.S. Department of the Treasury in 1861.

On July 14, 1969, the Federal Reserve and the U.S. Department of the Treasury announced that banknotes in denominations of $500, $1,000, $5,000, and $10,000 would be discontinued due to lack of use. Although they were issued until 1969, they were last printed in 1945.

Did you know? According to USCurrency.gov

Denomination Estimated Lifespan$1 5.8 years$5 5.5 years$10 4.5 years$20 7.9 years$50 8.5 years$100 15.0 years

Fun facts about money


The world of money and finance can be confusing. Understanding what terms mean can make a world of difference on the road to well-being.

Loan where the borrower uses the equity of their home as collateral. This loan is most often used to finance major expenses such as home repairs, medical bills, or college education. This loan creates a lien against the borrower’s house.

A relatively small amount of money that is lent at a high rate of interest with the agreement that it will be repaid when the borrower receives their next paycheck.

The amount borrowed on a loan.

Lingo used by lenders to compare a loan amount to the value of an asset.

The additional fee you pay for borrowing money.

Loan to purchase an automobile.

Type of loan to purchase property or real estate.

Small, plastic card issued by a financial institution that allows the holder to purchase goods or services with funds that are paid back later with interest.

Loan used to purchase an RV, camper, ATV, motorcycle, etc.

Loan designed to help students pay for school tuition, books, and living expenses.

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Match the following finance terms and products to their definition.

Credit Card

Auto Loan

Pay Day Loan

Toy Loan

Student Loan

Mortgage Loan

Home Equity Loan

Loan to Value

Interest

Principle

Answers: 1)G 2)C 3)J 4)H 5)I 6)B 7)F 8)A 9)D 10)E

Knowledge is power


If you are just putting your money in a piggy bank, it could take a long time. By putting your money into a savings account that earns compound interest, it could be quicker than you think.

Use the Rule of 72

72 ÷ INTEREST = NUMBER OF YEARS TO DOUBLE Take the number 72 and divide it by the interest you could be earning. That is the number of years it will take for your money to double.

Imagine if you deposited $5,000 into an account that earns 5% interest. It would take you 14.4 years to double your money to $10,000 (Because 72 divided by 5 is 14.4). If you kept on saving, that $10,000 would be $20,000 in another 14 ½ years, just by leaving your money alone in the account.

How long would it take your money to double?

Answers: 7.2 years; 10.3 years; 18 years

Now you try!

When earning your own money, “spend, save, share” is a great motto! A good goal is to spend 70% of your income on necessities. Save 25% for future expenses or things your can’t afford right now, and share 5% with your community! It’s a Win-Win!

AT 5%72 ÷ 5 =

14.4 YEARS

$5,000

$10,000

AT 10%72 ÷ ___ =___ YEARS

$500

$1,000

AT 7%72 ÷ ___ =___ YEARS

$250

$500

AT 4%72 ÷ ___ =___ YEARS

$1,500

$3,000


Summer is a great time to earn some extra money by starting a business. Whether you’re thinking of starting a lemonade stand, mowing lawns or babysitting, there are some common steps you can take in order to help achieve your goal.

Create SMART Goals Saving for a specific reason? Make sure goals are S.M.A.R.T. (specific, measurable, attainable, relevant, and has a time frame to be achieved).

Figure out your priceA good practice in order to figure out how much to charge for a product or service is to first figure out the costs and then add in profit. If you set your price without knowing how much you are spending, you could actually be losing money.

There are two main costs to consider – the startup and ongoing costs.

Startup cost

First, figure out how much it is going to cost to get started. This is a “one-time” cost.

Marketing (posters, signs, etc.) $ Display (table, chair, table cloth, etc.) $ Total startup cost $

How much does it cost to make the item?

Supplies (lemons, sugar, cups, etc.) $ How many cups of lemonade will this make? Qty: Price per cup (quantity divided by supplies) $

Profit per cup $

Make sure to have a tip jar available! But remember, tips shouldn’t be budgeted or relied on.

Total Price (total startup cost + supplies) $

Getting a loanChances are you will need a little startup money to cover your costs. If this is the case, it’s even more important to know how much you will need to borrow. Add up the one-time costs with the supplies cost. Remember, this loan must be paid back before you can start keeping your earned profits.

Spend, Save, ShareWhen earning your own money, “spend, save, share” is a great motto! A good goal is to spend 70% of your income on necessities. Save 25% for future expenses or things your can’t afford right now, and share 5% with your community! It’s a Win-Win!

Turning lemons into lemonade


Most of us use social media to keep in touch with our friends and families. But fraudsters are becoming smarter at being able to use your social media posts to steal your identity and finances. Is your social media putting you at risk?

Cyberbullying is never ok.

If someone is cyberbullying you, make sure you report them and then block them. It’s hard to believe “sticks and stones may break my bones” in a situation where you are being bullied. It’s okay to speak up if you are being bullied. If you are the one who is cyberbullying, you may want to think twice before you do it. Being a cyberbully can have legal repercussions. You can’t hide behind a screen, and pretend that you are in a safe bubble. At the end of the day, nothing on social media stays hidden. It is hard to undo a bad reputation on social media.

Posting pictures of yourself that are inappropriate.

Sending pictures or videos of yourself could harm your reputation in the future.

Stop and think. Would I want my mom, dad, grandma, or teachers to see this? If there is any doubt, don’t do it!

Don’t trust a profile picture.

Not everyone is who they seem to be on social media. It’s very easy to create any type of account with someone’s picture and basic information. If you are unsure of someone who is trying to contact you, you can easily Google search their picture and see if it’s been used in other places such as other websites and profiles.

Nothing can be permanently “deleted” on the Internet.

Anything you post will be seen by someone. Remember that even though you might delete a post, it could already be too late. It is easy to save posts or take screenshots of anything that you have written or posted.

Be careful of accepting all friend requests.

If you don’t really know the person who has just sent you a friend request or if you share no mutual friends, it’s not a bad idea to hold off on accepting them as a friend. Remember that not everyone is who they seem online!

Snapchats don’t go away.

Keep your private info private. Keep in mind that conversations and Snapchats can be saved. Others are able to take screenshots or even have the ability to save what you have sent them. Be careful when sending snaps, since they can be used against you and be detrimental to your future.

Youth Social Media Safety


Money Hunt Word Search

ALLOWANCE

CENTS

CHORES

CREDIT

DEPOSIT

DOLLAR

MEMBER

MONEY

REWARDS

SCHOOL

SHARING

SPENDING

UNION

WITHDRAWAL

VAULT

Find and circle these words:

Q P P T R J X V U R P U F A GW J C Q R E W A R D S W S T MA C R E D I T G B Z J J A M OD M B D O L L A R E C S L I GQ C E N T S J B B M I A Q B CU C M X H F H W G F W Y G T HA L L O W A N C E A O J W V OU N I O N T U G R H L X C A RQ P U S P E N D I N G C M U ET R R I G I H G L D Q X J L ST N B C R T K M O N E Y D T FA Q Q A I E D E P O S I T T UF G H W Z S C H O O L Z M A JN S Z D M N S R Y T A D O D ER M P P X Z F C M E M B E R E

Any questions? Contact our Financial Education team!

numericacu.com/learn

KATIE SCOFIELD

Financial Education Officer

[email protected]

509.340.6300

DANIELA POULSEN

Financial Education Assistant

[email protected]

509.755.7348

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