4.13.15
Dave Ramsey Scholarship available!!!
Amanda Volz - avolz@ecsd.us
3.23.15
1. Check your ECSD email.
2. Update Budget Challenge.
a. Your auto insurance premium, student loan, and
cable invoices are available.
b. There is a quiz available on debt and credit. Take it
and score 100%!
3. Complete Journal #5 on Google Classroom.
3.16.15
1. Check your ECSD email.
a. Delete old emails!!
2. Log-in to your Budget Challenge account. Schedule payments.
a. Credit Card & Renters Insurance deductible bills available.
b. Double check all invoices to make sure all bills are paid.
3. Update your Budget & Cash Flow Tool.
4. Complete Budget Challenge - Journal #4.
5. Complete Michigan Auto Coverage assignment from Friday.
2.24.15
Tip: Financial Responsibility Quiz -
Available 2/27 WAIT!!
To Do - 2/18/15
Order of Payments
In what order does the bank process deposits, fees and checks?
There are several overlapping rules being enforced at the bank. During the nightly bank processing, all issued checks get processed first. Once that is complete, all fees are calculated. Next, the deposits are processed.
The reason deposits are last is because the funds are made available for you to use only after the deposited checks clear from the issuing bank. In real life, this can take anywhere from 0-5 days depending on the bank the check is issued from, whether it is in-state/out-of-state/international, and if the check in fact has funds. Within the Budget Challenge game, there is a 1 day hold for funds availability for all deposits.
Increasing 401K
Do I get points for keeping excess money in the checking account vs the 401K ?
One of the things we want to encourage through the Budget Challenge game is saving for retirement. We have made this an important component of the score because it takes some planning and calculation to figure out how much you can afford to save (while still leaving enough money to pay for bills).
In the game, you get points for putting that money aside into the 401K. However, once it is in the 401K, you can't pull it back out to your checking to pay for bills. On the flip side, if you keep too much money in your checking, you miss the opportunity to save into the 401K (which has tax benefits, employer match potential, and earns interest over time). You won't earn any points for keeping extra money in your checking account. Please note that you may need some extra money in the checking in case of an unexpected event (to cover any insurance deductibles or unexpected expenses), but beyond that you would want to take advantage of putting any excess money into the 401K.
End of Game Balances
Do I have to pay a bill if it is due after the simulation ends?
If a bill is due on a date after the simulation ends, you are not responsible for the payment of that bill. However, if a bill is due on the last day of the simulation you must pay it to avoid a late fee.
To Do - 2/12/15
ECSD Email - Educational Purposes Only
CAN you move the due date of my credit card back one day?
thnx
amanda
Good Morning,
I am inquiring about the due date of my most recent credit card bill (2/23). Unfortunately, I have fallen upon hard times financially and am unable to make a payment at this time. I am requesting a two-day extension on the due date of this bill with no penalty. It is important to me that I pay all my bills on time and would appreciate this one-time extension.
Thank you,
Amanda
H&R Block Budget Challenge
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