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Managing your money online2


									                        Russell Conwell Center

Managing your money
Tips to make it through the semester
Things you’ll learn and do
Budgeting is easier than you think!
• Keep track of what you earn and what you spend. Create a
  monthly budget and track to see if it is accurate.

• Be aware of when you are buying to fulfill a need such as food,
  compared to a want such as the latest CD. Skip purchasing
  some wanted items to show you can do it!

• Find ways to cut costs: Use a bicycle, get a roommate, learn to
  cook and buy used books.

• Establish a monthly bill-payment routine and set up a filing
Understand your debt
• Realize that the spending patterns you set today will have an
  impact on the rest of your life.

• Keep only one major credit card and use it sparingly. Set your
  own credit line and don't charge more than you can
  comfortably repay. Just because you have a $2,000 credit line
  doesn't mean you have to spend $2,000.

• Pay cash when you can and if you like the convenience of
  plastic, check into getting a bank debit card.
Track your money
• Once you realize how much impulse buying and other indulgences cost you,
  it will be easier to tell yourself "NO!"

• Be frugal. Going to the movies, riding the bus, or even ordering pizza might
  cost less if you show your student I.D.

• Keep a personal budget. You may want to designate types of money for
  certain uses.
  ▫ For instance: Think of student loans as an investment in your education
     and your future. Use student loan funds only to pay school expenses like
     tuition and books.
   ▫ Use money from home for things like groceries and phone bills.

   ▫ Give yourself an allowance. Track your spending to find where your
     money goes.
• Budget for a month at a time but set aside some time to review your
  finances each week.

• A budget is like a money diet. If you blow it today, you can start if
  again tomorrow. If you go over budget this week, next week commit
  to staying under budget.
• Put your roommate in your financial planning. Ask your roommate
  before the semester starts how you'll divide expenses like groceries
  and internet.

• Track your spending for two to four weeks to find out where your
  money is going. Are four trips to Starbucks a week really necessary?
Saving Money

• Build an emergency fund. Save change in a piggy bank or jar. Deposit
  $5.00 a week from paychecks in a savings account when you cash your

• Make a money calendar. Any calendar with big windows with room
  to write in amounts will do. Use the calendar windows to note:
   ▫ Upcoming school expenses (books and tuitions).
   ▫ Bill payment dates.
   ▫ Upcoming activities where you'll need cash. (Movies, dances,
     parties, etc.)
Symptoms of Poor Money Management
• Letting friends pressure you into
  spending money.                           • Failing to research product
                                              pricing before making purchases.
• Not setting up a budget.
                                            • Excessively lending money to
• Not seeking out the best bank               friends.
                                            • Not planning for the future.
• Not keeping track of bank
  account balances.

Credit vs. Debit

 • Don’t sign up for a credit card without knowing how they work. Credit cards are
   like power tools. If you use it without knowing how, you’re more likely to get hurt.
   Millions of dollars are spent on marketing credit cards to college students . On
   average, they will receive about 50 solicitations per semester.

 • Learn how your debit card works. Debit cards are a much better alternative
   to credit cards since you can only spend money that you actually have in your
    ▫ If you are using an ATM that is not owned by your bank, you could end up paying
       as much as $6 per transaction, just to get cash. In addition, you may be charged
       each time you use your debit card at the store, if you don’t select the “debit”
                                       ▫ /

• Understand how your money works. According to United College Marketing Service,
  8.5% of students drop out of college due to money-related issues.

• Get real
  Remember if you plan you can do what you want, but you can't do everything you want.

• Pace yourself
  Give yourself a spending limit for each week. Stick to it and you won't have to eat
  macaroni and cheese every day in December. If you know you need to go to a concert,
  make room for that in your budget.

• Stuff happens
  If you bust your budget on something you really, really want to do this week, make up for
  it next week.

• Look ahead
  If you know a big expense is coming, start putting some money aside to pay for it.
   ▫ "It's a lot easier to set aside $50 every month than to come up with $300 when the bill
      is due,”
Student Discounts

  • On Temple Campus
   ▫ Free Food and Fun Friday
   ▫ The Reel

  • Throughout Philadelphia
   ▫ Campus Philly
Outside Links

 • Complete Financial Aid Budgeting
 • American Bankers Association’s Top 10 Money Management Tips
 • 27 Tips for College Students

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