RésumésEmployment Letters

&Great Research Tips!

moneymatters

Money Management

Initial basics of managing finances include:

• INCOME – Earnings vs. Take-Home Pay

• MONTHLY BUDGET – Living Expenses

• SAVING – How to Begin

• CREDIT – Establish & Build

Earnings

Paycheck Breakdown:• Earnings

• Deductions – Medical Insurance Costs– Retirement 401k– Dental & Vision – Taxes: Federal, Local & State

• Hours Worked

• Hourly Rate Or Salary

• Take-Home Pay

BudgetMonthly Expenses:

Rent

$550.00

Electric (Heat incl.) $125.00

Cable & Internet$100.00

Cell Phone$75.00

Car Payment$200.00

Car Insurance$100.00

Groceries$200.00

Gas for Car$100.00

Total: $1,450.00

WAYS TO REDUCE EXPENSES:

• Get a roommate

• Car pool

• Pack your lunch

• Clip coupons or buy generic brands

SavingsTips and ideas for aneasy transition intoliving on your own:• Know your monthly expenses

• Give yourself an allowance

• Become creative

• Start a savings account

Source: www.suzeorman.com

Savings Can Add Up Quickly

Day 1 $3.50 Day 2 $7.00Day 3 $10.50Day 4 $14.00Day 5 $17.50Day 6 $21.00Day 7 $24.50Day 8 $28.00Day 9 $31.50Day 10 $35.00Day 11 $38.50Day 12 $42.00Day 13 $45.50Day 14 $49.00Day 15 $52.50

Day 16 $56.00Day 17 $59.50Day 18 $63.00 Day 19 $66.50Day 20 $70.00Day 21 $73.50Day 22 $77.00Day 23 $80.50Day 24 $84.00Day 25 $87.50Day 26 $91.00Day 27 $94.50Day 28 $98.00Day 29 $101.50Day 30 $105.00

Energy Drink or Coffee – $3.50 per Day:

SAVINGS: 30 Days = $105 | 6 Months = $630

12 Months = $1,260

Establishing Credit

There are multiple ways to establish credit; some safer

than others:

STUDENT LOANS

CAR LOANS

HOUSING

CREDIT CARDS

Establishing Credit

Credit Score

• FAIR ISAAC CORP (FICO) – System used to calculate a credit score

– Ranges from 300-850

• CREDIT REPORT – Consists of payment history for personal loans, mortgages, credit cards, etc.

– Predicts how likely you are to pay future bills based on criteria such as:

Past payment history Debt to Income – How much

you owe vs. what you earn

Credit Score

“Goal Getter” Tip

Source: Job Demand in the Cosmetology Industry 2007, NACCAS December 2007.

Have you ever thought of starting your own business? There are many benefits to being self-employed:

• Job Security

• Flexibility with hours and schedule

• Independence and ownership

• Freedom in creativity and style

• Financial Reward

• Being your own boss

Money Management Success

• Understand and monitor your paycheck

• Create and manage a budget

• Make saving as easy as a few dollars a day

• Establish and maintain good credit

• Good credit opens doors of opportunity in personal finances and professionally for those with business ownership goals

Love what you do!

Insert picture with happy students and large Love what you do in our EEG Graphics/font.

VIDEO 5Empire Promo Video