I. General Information

1. Course Title:
Money Management Skills

2. Course Prefix & Number:
CCST 1559

3. Course Credits and Contact Hours:

Credits: 1

Lecture Hours: 1

Lab Hours: 0

4. Course Description:

5. Placement Tests Required:

6. Prerequisite Courses:

9. Co-requisite Courses:

II. Transfer and Articulation

1. Course Equivalency - similar course from other regional institutions:

Alexandria Technical College, ECON 1404 Consumer Economics and Finance, 3 cr
St. Cloud Technical College, FNCR 1200 Personal Money Management, 3 cr
Ridgewater College, ECON 190 Personal Finance, 3 cr
MN State Community & Technical College, BUS 1146 Personal Finance, 3 cr

III. Course Purpose

Other - If this course is not required in a program or is not part of the MN Transfer Curriculum, it may be used for the purpose(s) listed below:

• Liberal Arts Elective
• Non-Transferrable General Education Course
• Technical Elective

IV. Learning Outcomes

1. College-Wide Outcomes

2. Course Specific Outcomes - Students will be able to achieve the following measurable goals upon completion of the course:

• Use a checking and savings account;
• Create a monthly budget;
• Formulate a financial plan, both short term and long term goals;
• Obtain and understand a credit report;
• Better understand credit cards and how they work;
• Develop a plan to reduce debt;
• Understand the importance of meeting financial commitments; and
• Understand the purpose of various insurance options.

V. Topical Outline

Listed below are major areas of content typically covered in this course.

1. Lecture Sessions

1. Credit Basics
• The basics of credit, including when to use it, when not to use it and how to get it
• The basics of a credit card and a debit card
• How to obtain a free credit report, what the report says and how to correct errors
2. Banking
• Checking accounts: how to compare accounts, open an account, write checks, use a check register and understand bank statements
• Savings account: how to compare accounts, open an account, use that account and understand bank statements
• Saving money: reasons to save, impact of saving and strategies for saving
3. Money Management
• Money management: difference between wants and needs, setting short and long term financial goals, and creating a financial plan to achieve those goals
• Monthly budget; income, fixed expenses, variable expenses and savings
• Strategies for saving money and trimming expenses
• Consequences of not meeting and trimming expenses
• Life insurance, health insurance, auto insurance and property insurance
• How to manage debt and develop strategies to reduce debt