2. CPCC TRiO Student Support Services Financial Literacy Workshop Series

3. A budget is a forecast or prediction of cash sources and expenses on daily, weekly, monthly, or yearly tracking tools.

4. A budget helps identify potential financial problems in time for individuals to change their spending habits. Every family should have a budget to keep track of spending patterns.

5. If you do more than one or two of the following, you may have budget troubles. Do you: Dip into savings to pay current bills? Pay only the minimum amount due each month on charge accounts? Delay payment of some bills you normally would have paid on time? Borrow to pay for items you used to buy with cash? Take out new loans to pay old ones or to get lower monthly payments? Not know exactly where your money goes? Have less than 3 months’ expenses in an emergency fund?

6. Set important goals and review them on a routine basis. What are your short term financial goals? Do you need to save money for a major purchase? Are you planning for college?

7. Organize expenses, student loan papers, and other important documents in a safe place. Keep track of receipts for major purchases. Organize bills and statements. Keep tax documents on hand. File promissory notes and loan contracts. Any important documents that you may need to consult should be kept on hand.

8. Establish a realistic budget by figuring out spending patterns How much are you spending per month on: Food Entertainment Revolving credit accounts Expenses – mortgage, car payment, utilities, gas Savings Determine how much you should be spending based on income and expenses.

9. Clip coupons or visit web sites that offer coupons online. Some stores offer double coupon redemption so take advantage of the extra savings. Keep your coupons organized and pay attention to expiration dates. Compare costs by paying attention to store circulars and keeping up with sales.

10. Buy generic brands. Many stores offer generic brands of food that are as good as brand name items but cost much less. Buy generic prescription drugs. Buy generic cleaning products. Do a cost comparison to examine savings over time.

11. Discontinue premium cable channels. Purchase the monthly basic plan. Consider bundling cable, phone and internet services for extra savings.

12. Make the majority of cell phone calls during off peak hours. Be aware of usage fees. Monitor your needs and change your plan accordingly. Consider the costs of pre-paid plans and contractual agreements. Text messaging can be expensive so be aware of what your plan allows.

13. Fix lunch at home and bring it to school or work rather than spending money on fast food or take out. The savings over time can be fairly significant. Gradually taper your spending so that you are eating out only once per week. Plan according to your budget.

14. Federal Student Aid (www.FederalStudentAid.ed.gov) or 1-800-4-FED-AIDwww.FederalStudentAid.ed.gov MyMoney.gov (www.mymoney.gov) or 1-888- Moneywww.mymoney.gov Federal Trade Commission’s Consumer Protection (www.ftc.gov)www.ftc.gov FDIC Consumer News (www.fdic.gov)www.fdic.gov The Bad Credit Hotel (www.controlyourcredit.gov)www.controlyourcredit.gov Navigating Your Financial Future (www.navigatingyourfuture.org)www.navigatingyourfuture.org 360 Degrees of Financial Literacy (www.financialliteracy.org)www.financialliteracy.org College Savings Plan Network (www.collegesavings.org)www.collegesavings.org The following are resources for students and families regarding federal financial education materials, money and credit management, and fraud prevention:

15. Developed by Annette Teasdell, Summer 2009 Counselor, Student Support Services, as part of the Financial Literacy Workshop Series. Information used in this presentation was taken in part from the resources for improving your finances on the previous page.