Be a Great Money Manager

• Take Control of Your Finances

  Look to the Future

  College marks the beginning of financial independence. Use your future career goals as a motivator for becoming financially savvy. If you can’t manage your money now, it is not likely you will do better when you have more to spend. Work toward a financial goal for after graduation.

  Recognize Income and Acknowledge Expenses
  Count It All	Current Job Income Summer Job Earnings Money from Parents Special Occassion Monetary Gifts Financial Aid
  Know Where It Goes	Regular Expenses Rent Utilities Car Payment Variable Expenses Entertainment Food
  Be Honest With Yourself	Acknowledge ALL the ways in which you spend money. Own up to bad money habits. Necessary for taking control of your financial situation.
  Budget for Success
  Budget Time Frame	Weekly Monthly Bi-yearly Yearly
  Budget First, Spend Later	Anticipate upcoming expenses and make sure they don’t exceed your projected income. Set limits on what you will spend in each expense category.
  Spend and Reflect	Look back at what you earnedand spent. Assess where your money went. Make necessary adjustments (save or recover).
  Plan to Save
  Expect Emergencies	It’s important to know where the money will come from. Discuss potential scenarios with your parents. Clearly understand your obligations prior to budgeting. Specifically define what constitutes an “emergency.”
  Anticipate Enjoyment	Identify something you want in the future and take steps to afford it. Future enjoyment is a good motivator for saving money. Anticipate cost of future goals, budget according to the time frame for achieving them.
  Learn Ways to Save	Saving money is all about choices. Large scale cutbacks. Cheaper housing. Additional Roommates No car – make use of public transportation. Small scale saving methods. Clip coupons. Shop at discount stores Cook most meals.

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• Find the Right Place for Your Money
  Bank Account
  Checking	Cost of checks Debit or Check Card (ATM) Watch out for fees Look for free accounts when new banks open Maintain a minimum balance. Find accounts that pay interest
  Savings	Put money in and rarely take it out. Check out money market accounts
  Take Advantage of Additional Services
  Manage Your Accounts
  Balance Your Checkbook	Use your checkbook register. Fill in all deposits and expenditures. Record information immediately. Include ATM withdrawals and check card use. Reconcile monthly statement with register. Recognize outstanding checks. Note closing date on statement for deposits and checks not included. Be aware: Banks make mistakes! Follow up discrepancies.
  Keeping Track of Savings	Serious savers open a separate savings account. Commit to saving on a regular basis. Consider automatic monthly deposits from checking into savings. Include these deposits when balancing your check book. Be sure and note the interest accrued on your savings’ register.
  Invest for the Future	Many investment options exist. You should only consider investing if you have substantial savings. Mutual funds require only a small regular investment, yet can yield dramatic results over time. Investments are designed for long-term financial gain.

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• Explore Financial Resources
  Get a Job
  Work With Caution	Too much work can hinder progress towards the degree. Students who work long hours are more at risk for failing and dropping courses. Failing and dropping courses costs money – money you cannot get back.
  Investigate Work Study and Internships	Work study programs are funded by the federal government. Work on campus or in the community. Working on campus is beneficial to students. Based on financial need. Check for internships in your chosen field of study. Good experience and respected by future employers.
  Look for Jobs with Light Work Loads	Nanny Receptionist/Switchboard operator Toll/Parking booth attendant
  Be Your Own Boss
  Be Assertive in Seeking Your Ideal Job	Nontraditional jobs may have to be sought out. Often internships are not advertised publicly. Talk with the people you know (friends, parents, professors, advisors). Call establishments where you’d like to work and communicate your interest and situation.

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• Pursue Financial Aid
  Scholarships (Gift Aid)	Rewarded on the basis of Academic merit A talent or skill Group membership Religious affiliation Putting together scholarship applications can pay off substantially. Be wary of scholarship scams.
  Grants (Gift Aid)	Federal Pell Grant Based on financial need No academic requirements or GPA minimums Requires filling out the Free Application for Federal Student Aid (FAFSA) Forms and information are available in your school’s financial aid office.
  Loans (must be repaid)	The Stafford Loan & Perkins Loan: federal loans for students. Based on financial need. PLUS program for parents Most government loans offer low interest rates and deferred payment options. Requires filling out the FAFSA. Loans are available through other financial institutions.
  Just Do It
  Visit your campus Financial Aid Office. Meet with a Financial Aid Advisor. Inquire about the possible scholarships, grants, and loans that you might be eligible for. Imagine how you might maximize your budget if you had this additional income. Search the Internet for scholarships. Identify several that seem right for you and spend time to prepare applications to submit.

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• Understand Credit
  Know the Basics
  Work to establish good credit.	Handle your accounts successfully. Don't move too often Don't change jobs to often. Make payments on time and in full. Don't co-sign a loan with anyone. Consider what your credit report will communicate to those who view it – such as future employers, mortgage lenders, etc.
  Avoid Problems with Credit Cards
  Calculate the costs of credit.	Shop around for the best interest rates and waived annual fees. Read the small print regarding fee and rate increases.
  Pay the balance every month	Paying interest adds up quickly. You will pay significantly more and take substantially longer to pay your balance off if you only make the minimum payment.
  Use credit only in emergencies.

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• Say Good-Bye to Debt
  	Know your debt-to-income ratio to help budgeting. Reduce your expenses. Re-route your money. Investigate additional sources of income. Use other money for critical expenses. Pay bills off sooner. Use cash only. Consider friends and family for assistance.

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• Recognize the Incredible Value of School

  The majority of students who drop out of college have a GPA of 2.5 or above! Being a great money manager frees you up to focus on your education. Earning a degree is one of the most valuable things you can do for yourself. Money is often a necessary sacrifice during your college experience. Your education will pay off tremendously and make it entirely worth it.

• One Minute Motivator

  Make a list of your fun financial goals. Think of things you would like to work towards having in the future. Think of smaller things you would like to have sooner. Prioritize your goals. What would you like to be able to afford the most? What kind of savings schedule would realistically enable you to reach your goal?

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