Achieving Financial Goals

The Waffle Cones

Managing Credit and Debt

All people have goals in life, whether it be owning a home or being able to have a car. To achieve these goals, you have to plan how you're going to achieve these goals. Without a steady plan, it's easy to get into debt, especially with how complicated credit is. With this brochure we will make managing credit and debt responsibly easy, no matter what age.
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High School Students

As a student, you may want to get a job to earn a little bit of your own money. When you do get said job, you may get the money through direct deposit or through a check. Direct deposit is when your employer directly puts your paycheck in your bank account. Regardless of how you get your money, make sure to SAVE. The more you save, the more you'll have to come in handy for emergencies. Also you'll get a head start in saving for the future.
If you do get a job and you get a bank account, you'll most likely get a credit and/or debit card. Credit cards are cards issued that allow you to purchase goods and services on credit (which you'll have to pay back later). It's very easy to get into debt with credit if you do not pay attention to what you do. Debit cards are cards issued that allow you to purchase goods and services based on what you have on your account.
As a high school student, you most likely will be applying for college when you graduate and college is not cheap. This is when loans come in the picture. It's important to borrow responsibly, meaning you only borrow what you need. Before taking out loans you must search up other options such as grants and scholarships and also contribute as much money as you can. Also make a educational and financial plan, because all of this does affect your future.
It's really easy to get into debt if you do not take care, so do not spend more than you need to. A rule of thumb is that your debt should no be more than 20-25% of your take home pay.
Your credit score is a number assigned to you that shows lenders your ability to repay a loan. As a high school student you probably have not even built a credit score because you have not started taking loans. A good way to build credit is to get a checking account and keep up with payments, that will establish credit history. You could also put one or more utilities in your own name which can establish payment history.
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College Students and Young Full Time Workers

When paying bills you should make the monthly payment for loans and debt a priority; rent and food comes first. Water, and electricity second. Then long term loans third. With the remaining money, divide it into three different parts: one for the saving accounts, one for investments, and the remaining for emergencies or non important things.
Prioritize paying off car loans first, because you will have more time later for education bills.
The best way to save and invest to increase wealth is avoiding unnecessary purchases. So only spend money one what you need.
To build and protect your credit score make sure the most important payments and more immediate bills are paid regularly if not always on time. Also save money instead of wasting the few remaining dollars you have.
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22-50 year old adults

With the living expenses, using credit can help you, but can get you into debt if abused, so be aware of that.
Loans may pile up, so you should always only get loans that you really need and pay them over time. Too many loans will put you into extreme debt, that will interfere with your ability to get a credit card or invest into banks.
Credit is useful when if you're starting a family, it could help you buy a home, a car, or health insurance, but there is a bad side to it. Paying for the household expenses can be very expensive. Plus you might need loans to pay off a previous loan.
You can protect your credit score by always paying bills and loans on time and using your hard cash to pay, in addition to the money you got from a loan.
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50 - 70 older adults


Older adults between these ages can invest money for retirement by adding a little bit of their income to there savings account every pay check.

If your home is paid off then you could spend most of your earnings paying off any debts you have. Paying their debts on time is also a very smart choice.


The only way to avoid debt is to make good decisions and pay bills on time. When it comes to things like loans, retirement and credit, make sure you make the right decisions and take good advise so you're not in a predicament later in life.