Suggested Objective a: Develop a plan for spending and saving

What exactly is a spending plan? Why would I want to have a spending plan? Look at the KnowDebt.org website to learn the answers to these questions and more. You will even see how to start a spending plan and the budgeting process broken into simple steps. Click the KnowDebt.org link to learn more.

It is important to have a spending and saving plan. AmericaSaves.org provides a six step plan for spending and savings plans. These steps are as follows:

Identifying goals
Setting goals
Recording income
Determining expenses
Developing your savings plan
Using the plan

Each of the steps are explained in detail. The article provides information for holding yourself accountable to the plan. An interactive budget and financial calendar are posted as financial tools as well. Click the AmericaSaves.org link to view the information.

Unlocking the Magic of Compound Interest is a short article that explains how you can extra money (interest). In other words, you invest or save money. This invested money earns interest. When you leave this interest payment with your original investment (principal), this additional money will earn money. So, this extra money earned over time is called compound interest. Click the link to learn more.

Everyone should save money. The minute you start earning income, a portion of this money should be saved. You never know what emergencies could arise that would require extra cash to be available for covering these emergencies. Look at 10 Minutes with a Financial Planner - Savings Strategies for Young Americans to see a Question and Answer time for financial planning. Some of the questions and answers may surprise you.

Suggested Objective b: Describe how to use different payment methods

There are many different methods to pay for items. People can use cash. They can even use debit and credit cards. Checks are acceptable forms of payment. Look at the Pay Your Way pdf. It explains various payment methods and where these methods can generally be used. Information is provided regarding the costs of using each method and how quickly the payment is processed. Security is an additional concern when thinking of payment options. This flyer will aid you with understanding the security option and whether a bank account is used. Click the Pay Your Way link to learn more.

Suggested Objective c: Manage and maintain a functioning budget

The next two websites provide information for how to create and manage a budget. The first website is from Debt.org. The second website is from Mint.com. Click each link to learn more about creating and managing a budget.

Debt.org provides steps for creating a budget. Details are provided for doing so. Additional information for revisiting and revising budgets is provided. However, keep in mind that a strong commitment is needed for a budget to be successful. One must prepare for unexpected bills or emergencies when creating budgets. Read the the Debt.org information to learn the steps and benefits of budgeting.

Mint.com provides steps in creating a budget. The steps are similar to those provided earlier. The wording is different only. What is great about Mint.com is that each of the topics and steps has a clickable link to more detailed information. Example - How do I monitor and adjust my budget? Click the link to read financial literacy links and budgeting tools. Great resource with information to assist you with upcoming assignments!

Bill Cosby on Budgeting

Credit and Debt

Who Uses Your Credit Score to Make Decisions about You – and Why is a short article regarding who is looking at your credit score. Reasons are provided why others look at your credit score. For instance, if you wish to apply for a loan to buy a car, the lender will wish to see your credit score. This is to aid the lender with knowing if you are capable and likely to pay them the money owed in a timely manner. Your credit score determines what type of interest rate you are assessed when a loan is made. Click the link for the article to see more on this topic.

You have viewed information on who uses a credit score. Now let's look at what a credit score is and how the score is derived. Look at Anatomy of a Credit Score to learn the percentages that are used to make up your credit score. This is a very short article with great links to other financial information.

Now that you know who uses your credit score and what determines your credit score, are you curious as to what an average credit score is? What information is not included in your credit score? What factors can damage your credit score? All of these questions can be answered in the short post Your Credit Score Questions Answered. Click the link to learn more.

If you decide to use credit cards, you need to learn to read the statement (bill) for the credit card when it arrives. Look at Decoding Your Credit Card Statement to view a slideshow regarding the five areas of a credit card statement. You can also see information regarding summary of account activity. Click the link to learn more.

Be careful when using credit cards. There are four common mistakes that people make when using credit cards. View Ask the Expert: 4 First-Time Credit Card Mistakes. It relates in detail the four mistakes people make when choosing their first credit cards.

Applying for a card you won't qualify for.
Selecting a subprime offer.
Chasing rewards.
Falling for an in-person pitch.

Tax Returns

Once you begin working, every year you are required to complete a tax return. Look at Just the Facts: 5 Steps for Filing Your Own Federal Tax Return. Just as the title states, there are 5 simple steps for filing tax returns. Each step is explained. Look at the links for extra information related to each step as well.

Gather Your Paperwork
Do Your Homework
Explore Tax Filing Options
Reap the Rewards
Prepare for Next Year