Managing your money Tips to make it through the semester Russell Conwell Center

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 system.

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.

Planning 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 check. 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. Not setting up a budget. Not seeking out the best bank rates. Not keeping track of bank account balances. Failing to research product pricing before making purchases. Excessively lending money to friends. Not planning for the future.

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 account.credit ▫ 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” button. ▫ / /

POINTS TO REMEMBER 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 ▫ MAKE YOUR OWN BUDGET ▫ American Bankers Association’s Top 10 Money Management Tips ▫ Tips for College Students ▫ students/ students/