Money Management Resources

Creating a budget will first, give you a reality check regarding how much you really make verses how much you spend each month. To begin, determine how much you earn at your job(s) every month. Then determine how much you spend every month – keep a log and/or keep all your receipts. And be honest with yourself; make sure you include every detail because you may be surprised to find how quickly those little late-night snacks at the vending machine add up. Next, you will want to compare the two.

Click here to go to a basic online budget calculator from mapping-your-future.org or click here to go to a more in-depth budget calculator by the Access Group.

Are you spending more than you make? If you are, or if you’re cutting it real close, there may be some changes to make in your lifestyle for at least the next few years.

You’re in college…and education is expensive. That is why you will need to look for as many ways as you can to save money. Sometimes, saving money involves sacrifice – of certain luxuries, conveniences, and at times, fashion. For more tips on how to save money, see below.

Don’t buy something you don’t have the cash to pay for. It may seem so easy and painless to hand your credit card to the sales person across the counter at the mall, but the fact remains that if you are unable to pay off the balance right away, interest will build, and you may end up paying double what they really cost just a few months later. You may be concerned about building good credit for the future, but there are other ways besides opening a bunch of credit cards that will cause you to spend more than you can handle. Click here for more info regarding credit cards.

• Downsize – only buy what you need and what is necessary for sanity. We know that there is more to college than just the academic side, but don’t overdo it.
• Sweat the small stuff! A $3 latte purchased five days a week, 50 weeks a year equals $750! Track your spending to plug any leaks in your budget.
• 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. Sometimes, the same type of gas a few blocks down will be a cent or two cheaper than the one you normally buy. The few cents you save per gallon makes a difference at the end of the month.
• Look for coupons and use them! Coupons are offered for more than just food and grocery items. Music, books, concerts, movies, museums, restaurants, gas stations, hair salons… all of these places often have coupons and discounts offered.
• Eat out less. Use the meal plan you already paid for or cook your own meals. Remember that buying packaged foods can be more expensive than cooking from scratch. So if that’s a problem, find free recipes online.
• Turn off lights and bundle up to save on your electric bills.
• Un-subscribe to cable, newspapers, magazines, internet, or anything else that you can get at a local library for FREE!
• Instead of going to a $10 movie, rent a $4 video, or make it a point to go to matinee showings and to the theaters that offer student discounts.
• Take advantage of the FREE on-campus activities like sports games or talent shows.
• No impulse buying. If you have issues with this, go to the store when you’re not hungry, or don’t tempt yourself by going into expensive stores.
• Use a debit card when purchasing items online. Many debit cards can be used like credits cards. The biggest difference is that money is taken from your checking account instead of from the credit company, and no interest will accumulate later.
• Only charge items on your credit card when it is ABSOLUTELY necessary (emergency situations with your car, etc.). Avoid credit card usage at ALL costs!

• Keep your information safe!
• Shred financial documents and paperwork with personal information before you discard them.
• Protect your Social Security number. Don’t carry your Social Security card in your wallet or write your Social Security number on a check. Give it out only if absolutely necessary (you can always ask to use another identifier).
• Don’t give out personal information on the phone, through the mail, or over the Internet unless you know who you are dealing with.
• Never click on links sent in unsolicited e-mail messages. Instead, type in a web address you know.
• Use firewalls, anti-spyware, and anti-virus software to protect your home computer – and keep them up-to-date. Visit OnGuardOnline.gov for more information.
• Don’t use an obvious password like your birth date, your mother’s maiden name, or the last four digits of your Social Security number.
• Keep your personal information in a secure place at home, especially if you have roommates, employ outside help, or are having work done in your house.
• Make sure Web sites are secure before providing your credit card number or other personal information. Look for sites that begin with “https or have a small padlock icon along the bottom edge but outside the Web-page viewing area.
• Avoid “pharming” scams where you type in an almost-correct Web address but are redirected to a fake look-alike site.
• Throwing out your old cell phone or computer? Be sure to destroy any stored information about yourself first.