It’s All About the Money! Money Management It’s All About the Money! Submitted by: Zerleena Khan Resident Assistant University of Minnesota Duluth khan0210@d.umn.edu

Track your money. By identifying how much impulse buying and other indulgences cost you, it will be easier to tell yourself “NO!” Look for money-savers. Use your U-Card. Riding the bus, or even ordering pizza can cost less if you show your student I.D. Compare online prices with those at campus bookstores. Buy used books when you can. Check bulletin boards and school newspapers as well as used bookstores and online used booksellers.

Be financially secure by using caution. Don’t give anyone your Social Security, credit card, or bank account numbers unless you know why they need them. Never give a pin number to anyone! Don’t leave bill payment envelopes at your mailbox. Drop them in a postal mailbox. Review credit card statements, bank statements, phone bills, etc. for unauthorized use. Avoid scholarship scams. Real scholarships never charge fees and application information is available and free to everyone.

Use credit cards wisely. 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. Watch out for high interest rates! Pay cash when you can and if you like the convenience of plastic, check into getting a bank debit card. Keep a personal budget. Identify the source of income. Round up your available cash including gift money scholarship money, student loans, summer job savings, and money from your parents.

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 and then choose between your wants and real needs. Budget for a month at a time but set aside some time to review your finances each week.

Commit to your budget. A budget is like a money diet. Just because you bust it today, doesn’t mean you can’t start if again tomorrow. If you go over budget this week, next week commit to staying under budget. 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.

Use a money calendar. Any calendar with big windows with room to write in amounts will do. Use the calendar windows to note: Due Dates for scholarship and grant applications. Keep applying for financial aid all the way through college. Missing an application deadline is the most common mistake students make when applying for scholarships. Upcoming school expenses (books and tuitions). Bill payment dates. Upcoming activities where you’ll need cash. (Movies, dances, parties, etc.)

Info available at: http://www.moneymanagementtips.com/students.htm