THURSDAY, JUNE 6, 2013
Financial intelligence could refer to:
The act of gathering data about financial organizations
Business skills developed to deal with financial and account matters
Understanding personal finance matters like budgeting, investments, and savings
To managing your pernonal finances, you’ll need to know how to:money
- Balance a checkbook
- Monitor your accounts online or offline
- Calculate interest
- Create and follow a budget
- Make investments
- Understand income statements associated with investments or work
- Be able to understand or complete income tax forms
- Save money
- How do your skills add up?
Over 80 percent of households bank online at least once per year.
Half of all consumers pay at least one bill online each month.
Approximately 8 percent of Americans don’t have a bank account.
Understanding your personal finances can protect you from identity theft and fraud.
Over 8.5 million people fall victim to fraud each year.
The average financial cost for a fraud victim is close to $5,000.
Approximately 2/3 of fraud is associated with credit card information.
About 1/3 of fraud cases involve use of bank account information.
Use your financial intelligence skills to protect your funds.
Keep your personal information private.
Change computer passwords regularly, especially on things like PayPal or bank accounts.
Check your credit card and bank account statements regularly. Reporting fraudulent activity early can save you a lot of money and hassle.
Quick Guide to Balancing Your Checkbook
Using your statement, check off every check or debit card purchase that cleared (shows up on the statement.)
Make a list of items listed in your registry that didn’t clear.
- Do the same with deposits.
- Total the uncleared checks/debit card payments.
- Total the uncleared deposits.
- Take the balance provided by your statement and add the uncleared deposit amount.
- From that total, subtract the uncleared checks/debit card amount.
- If your checkbook is in balance, the amount you just calculated should be the amount you show available in the register.
If the amounts are not the same, double check your math, then review all the transactions in your register against the statement to figure out where you are missing information.
Once you balance, draw a line in your register and write the amount you know you have in your account in the total column.
Do it all again in a month.