The Role of Climate Living things adjust to their environment—up to a point Things you won’t see….
Financial Wellness for Residents - Harvard Medical …...Tips • Money is fun: Cut expenses you...
Transcript of Financial Wellness for Residents - Harvard Medical …...Tips • Money is fun: Cut expenses you...
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HUECU
Financial Wellness for Residents
Migdalia Gomez Financial Education Services Specialist
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HARVARD UNIVERSITY EMPLOYEES CREDIT UNION
The Harvard University Employees Credit Union is a
financial institution exclusively serving the students,
alumni, faculty and staff of Harvard University and the
affiliated organizations. Family members are also eligible.
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MISSION
“ To enhance our members’ lives by developing and
offering trustworthy products that are easy to understand,
easy to use and best suited to meet their financial needs.
”
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NOT-FOR-PROFIT
All earnings returned to the members
in the form of better value and
enhanced services.
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COOPERATIVE MODEL
• Member deposits used to fund loans for other
members.
• Every member is an equal shareholder
• Volunteer Board of Directors elected by members
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• Financial Personality
• Now: Residency Expenses
• Soon: New Salary, New Budget
• Future: Planning
• Resources
AGENDA
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What are your financial goals?
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Financial Goals
Travel
Home Ownership
Education
Savings
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Psychology of Spending
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Key Takeaway #1 KNOW YOUR GOALS & FINANCIAL PERSONALITY
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Relocation Expenses
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Common Expenses
• First, last and rent deposit
• Moving expenses
• Apartment set up costs
• Rental Insurance
Some moving costs may be tax
deductible. Visit IRS.gov for details.
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New Salary, New Budget
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Monthly Gross Pay $5,083*
Federal Taxes $784
State Taxes $222
Social Security $315
Medicare $74
Take home pay $3,688
Sample Budget $61,000/year
*Estimate only based off 1 federal and 1 state allowance www.paycheckcity.com
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Monthly Gross Pay $5,083*
Federal Taxes $784
State Taxes $222
Social Security $315
Medicare $74
Take home pay $3,124
Pre-taxed Benefits
*Estimate only based off 1 federal and 1 state allowance www.paycheckcity.com
Medical Insurance $200
Vision $10
Dental $50
Retirement (5%) $254
Flexible Spending Account $50
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Sample Budget ($61,000/year) A) Monthly Income $3,124
Housing (Rent/mortgage, utilities, insurance, taxes, etc.) $1,300
Food (groceries) $300
Cell phone $100
Student loan payment $750
Savings (emergency) $100
Entertainment (dining out, movies, etc.) $150
Transportation (MBTA, parking, taxi, car etc.) $100
Other (disability insurance, laundry, haircuts, clothing, children, pets, etc.) $300
B) Total Expenses $3,100
A) Total Income $3,124 Minus Total Expenses - $3,100 C) Monthly Discretionary Income/Deficit $ 24
Exp
ense
s
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Creating Your Budget
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Needs/ Fixed Costs
Wants/ Flexible
Spending
Savings/ Financial
Goals
Emergency savings, retirement, etc.
20%
Entertainment, clothing, dining out, etc.
30%
Home, travel, medical
expenses, etc.
50%
Spending Plan
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HOW MUCH DID YOU SPEND?
Today?
This week? This month?
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Track your spending
• Online tool/apps
• Excel
• Cell phones
• “Envelope”/cash only method
• Review credit card and bank
statements
Know Your Money
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Know Your Money
Set alerts • Daily balance • Spending over X amount • Bill payment reminders Automate Use separate accounts
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Reducing Expenses
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Places To Go
Share “Family Style”
Appetizers instead of Main Courses
Potlucks
Times To Meet
Swaps
Easy Ways To Save
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Prep
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89%
75%
81%
76%
Budgeting Tips
• Money is fun: Cut expenses you won’t miss OR don’t bring you joy.
• Adjust your budget frequently.
• Make a date with your money.
You’re going to go off budget…life happens.
Those are opportunities to reevaluate.
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Key Takeaway #2 SEND YOUR MONEY WHERE YOU WANT IT TO GO
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Planning for the Future
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Taxes
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Tuition and Fees Deduction
IRS Publication 970 Request tuition bill for calendar year from school. The 1098T may not have all information you need.
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Student Loan Interest Deduction
IRS Publication 970
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Lifetime Learning Credit
IRS Publication 970
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IRS Tax Benefits for Education: Information Center
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Massachusetts Rent Deduction
• Up to $3,000 income tax deduction
(equal to 50% of the rent paid)
for Massachusetts residents
• Up to $2,500 for eligible non-residents
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Massachusetts Commuter Deductions
• May deduct against their income tolls
paid through the Massachusetts E-Z Pass
account or weekly or monthly MBTA
passes.
• Applies to commuter costs that exceeds
$150
• $750 maximum deduction per
individual.
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Key Takeaway #3 Know Your Tax Benefits
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Retirement
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Meet Iris and Lucas
Iris Lucas
Saved when they were 25 to 35 years old 35 to 65 years old
Investor.gov at 8% return and compounding interest monthly
Each saves $100/month...
…but when they start matters.
Total years saving 10 30
Total invested $12,000 $36,000
Future Value $200,089 $149,047
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Time is on Your Side
Iris saved $24,000 less, For 20 years less, And earned $51,000 more…
At minimum, contribute enough to
receive employer match, if offered.
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Contribute Extra Money to Retirement or Student Loans?
HelloWallet- Twos a Crowd, March 2016
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Savings
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Could you cover a…
$10
$100
$1,000
$10,000
emergency today?
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Some savings, is better than Zero Savings.
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Key Takeaway #4 Automate Savings
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Credit
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Credit Impact: Rates and Payments
Credit score APR Monthly Payment Additional Cost in a year
720-850 4.23% $741 $0
690-719 5.68% $757 $192
660-689 7.73% $780 $468
620-659 11.29% $822 $972
590-619 16.28% $882 $1,692
500-589 17.71% $900 $1,908
<500 Not eligible
---- ----
If your credit improves, you may be able to refinance your debt. Source: Myfico.com – 36 month car loan - $25,000
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Collect financial information from: Credit
Bureaus
Provide credit information on
individual consumers
Creditors, lenders, utilities,
debt collection agencies, the
courts, amongst other sources.
Three major U.S. credit bureaus:
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Credit Score Ranges
300
850
575
FICO Score ranges 300 to 850
Only 20% of population have a FICO Score of 800 or better National
average FICO score is 695
7% of population have scores below
500
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FICO SCORE
fico.org
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Credit Tips:
• Know your rates
• Pay your bills on time
• Be cautious of co-signing debt for someone else
• Protect your identity
• Check your credit report
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AnnualCreditReport.Com Receive a free annual copy of report from each of 3 bureaus.
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Key Takeaway #5 MAINTAIN A STRONG CREDIT SCORE
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RESOURCES
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HUECU Products and Services
• Secured credit cards
• Unsecured credit cards
• Credit builder loans
• Debt consolidation loans
• Student Refinancing loans
• One-on-one financial coaching
• Over the phone financial counseling
International members are eligible to apply for credit at HUECU.
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HUECU.org/Residents
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HUECU.org/Financial-Wellness
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Empowering people to lead financially healthy lives.
GreenPath Financial Wellness
• Free budget counseling and credit
review for HUECU members
1) Set Goals
2) Create Budget/Spending Plans
3) Develop customized Action Plan
• Immediate counseling
• Confidential
• Flexible Hours Monday –Thursday 8 a.m. - 10 p.m.
Friday 8 a.m. - 7 p.m.
Saturday 9 a.m. - 6 p.m.
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HUECU.org/Calculators
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HMS Financial Aid Office
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SFS.Harvard.edu/Financial-Fitness
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1. Know Your Money Personality
2. Send Your Money Where YOU
Want It To Go
3. Know Your Tax Benefits
4. Automate savings
5. Maintain Strong Credit
5 Steps to Financial Success
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Woo! You made it!
Thank You
617-496-7784 [email protected]
Migdalia Gomez Financial Education Services Specialist