Money Management Resources

Make a budget 

Creating a budget will show you how much you make verses how much you spend each month. Here are some helpful resources for creating a budget:

You may want to take the following into consideration:

  • Taxes and federal with-holdings – Don’t forget to factor this in when calculating how much you really make. Approximately 28% of a paycheck is withheld from your gross earnings.
  • Tithes – Remember to include this into your budget. Many budget calculators don’t have a section reserved for it.
  • A Savings Account – It’s always a good idea to put some of each paycheck (about 5-10% is a good idea) you receive into a savings account to save for unexpected/emergency situations that may occur later.
  • Be honest, and include everything when keeping your log of spending. Your budgeting plan won’t work if you can’t be honest with yourself.

Money-Saving Tips.

  • Downsize – only buy what you need.
  • Sweat the small stuff! A $3 latte purchased five days a week, 50 weeks a year equals $750!
  • Consider buying generic brands instead of high-end fashion or expensive name brands that are identical.
  • Save on gas and car maintenance by walking, taking public transportation, and avoiding long, unnecessary trips in your car.
  • Look for the best and cheapest places to fill up on gas.
  • Look for coupons and use them!
  • Eat out less.
  • Turn off lights, and bundle up to save on your electric bills.
  • Un-subscribe from cable, newspapers, magazines, internet, or anything else that you can get at a local library or coffee shop for FREE!
  • Instead of going to a $10 movie, wait for it to be available via Red Box, or make it a point to go to matinee showings and/or to the theaters that offer student discounts.
  • Take advantage of the FREE on-campus activities like sports games or talent shows.
  • Use a debit card when purchasing items online as to not accumulate interest.
  • Only charge items on your credit card when it is ABSOLUTELY necessary (emergency situations with your car, etc.). Avoid credit card usage.