1. Hi I’m Heather Strange and I’m part of Financially Fit Ospreys, which is an organization of students, staff and faculty who come together to host events and workshops designed to help the campus community better track their finances. One of the topics that we’re going over today is money management.

2. It’s your money! Managing your money is possible!
Reaching goals is possible!
Avoiding unnecessary debt is possible!
It does take some work and you have to consider what your own spending expectations are and how you can improve them. For example - Do you rely on that morning Starbucks to set your day off right? Fine, have it – but cut out the afternoon snack stop by bringing something from home. This way your not feeling deprived, and your reaching your goals.

3. Where do I start? Set Goals using SMART technique:
Specific
Measurable
Attainable
Realistic
Time-Bound
Focus on your goals and control unnecessary spending
Track your expenses, using budget tools & apps such as Mint.com
Sometimes the hardest step is the first step. Just like everything else, you have to start somewhere in order to reach your goal. The easiest thing to start with is creating your budget. This may take a little while, and you might end up scratching some stuff off or adding other things in later, but you have to get an idea of what your working with. If you do find that your expenses or what you are spending money on is much more than your income, or the money you get every month. Then you’ll need to evaluate what items are needs and what items are wants – Does anyone have an example of a need vs. a want? Okay- well We gave you all budget worksheets so that you can begin creating your budget and then if you need help after this session there will be someone available at the Budget Busters table to assist you.

4. 5 Money Management Tips
1. Control your spending 2. Pay yourself first 3. Use credit wisely 4. Protect your identity 5. Manage your risk & credit rating
Control your spending means not buying everything that you want. Pay yourself first – you’re the one earning the money after all. Use credit wisely, don’t break out the credit card every time you feel like some retail therapy. Instead create a savings goals and the when you reach your goal you can reward yourself! Protect your identity, don’t carry around your social security card, or write your PIN number on your bank card – that’s a very bad idea! And finally manage your risk. It may be more expensive now to pay a monthly premium for health insurance, but one bad case of the flu could cost your thousands of dollars in emergency room visits if you don’t have insurance.

5. What should I do first?
Create a budget to track your expenses and find out your monthly income so you have an idea of your disposable income
Don’t be afraid to adjust your budget until it meets all your needs
IMPORTANT--Consider what expenses are ‘needs’ and what expenses are ‘wants’. Controlling your spending on ‘wants’ will increase your wealth and financial stability
Sometimes the hardest step is the first step. Just like everything else, you have to start somewhere in order to reach your goal. The easiest thing to start with is creating your budget. This may take a little while, and you might end up scratching some stuff off or adding other things in later, but you have to get an idea of what your working with. If you do find that your expenses or what you are spending money on is much more than your income, or the money you get every month. Then you’ll need to evaluate what items are needs and what items are wants – Does anyone have an example of a need vs. a want? Okay- well We gave you all budget worksheets so that you can begin creating your budget and then if you need help after this session there will be someone available at the Budget Busters table to assist you.

6. Pay yourself first Set up a savings account
Have funds deposited automatically from your check; if you get a raise, try to deposit the full amount into savings
Deposit birthday & holiday money
Don’t Touch It! Remember to

7. Start an Emergency Fund
Emergencies can include:
Automobile repairs
Income changes
Accidents
Meet these needs by creating a “emergency” savings fund.
You should have savings equal to 3-6 months worth of expenses.

8. Budgeting Basics Make a budget for no less than 1 month
List all of your income sources—any and all money coming in
List all of your expenses, starting with fixed expenses that don’t fluctuate from month to month
Don’t forget to pay yourself and put money in savings
Add variable expenses such as food
What do you have left over? That’s your disposable income—what are you going to do—spend or save?

9. Car payments/Insurance
Examples of Expenses
Fixed
Housing
Student Loan payments
Utilities
Car payments/Insurance
Cell phone
Variable
Books
Food
Entertainment
Gifts & Travel
Gas
Some of the things you include in your budget will be fixed costs. These are items that will not change month to month – one of the biggest fixed costs is going to be your Housing mortgage or rent payment. Your variable costs may be higher one month and lower the next month, but keep in mind those needs vs. wants when calculating your variable costs.
Not negotiable in monthly budget
Can be adjusted to fit monthly budget

10. Budget Breakdown

11. There’s an App for that!
Budgeting can be easy when you have an app that allows you to track your expenses
llar.com/
Your bank could also have an app!

12. Balance your Books!
Make sure you are posting all your payments and income in your check register and make sure you have enough money to cover the checks/payments you’ve made. Otherwise, you will have checks returned along with fees from your bank as well as the institution to which you made the payment.
Again, you want to avoid paying unnecessary interest/penalty charges
Log all of your Credits (money coming into your account) and all of your Debits (money going out of your account)
There’s an APP for that!
Check with your Bank
Mint.com (
CashCourse.com (
One way to ensure that you aren’t overspending and being charged those nasty overdraft fees is to balance your books. This means to record your debits and credits, along with the dates and then figure out your overall balance. We’ve included a Check Register in your folder to help you get started, most banks also give these out for free. It’s very easy to loose track of how much your spending and what your balance is when your using a debit card for most of your purchases. If you keep your receipts all together from the week, you can do a register each week and then make sure it matches up with your bank statement or online banking balance.
Also – there are a lot of budget tracking apps that you can tie in with your bank account and/or credit cards. A lot of banks have their own apps. But you can also check out Mint.com – How does it work and cashcourse.com. Anyway that you choose to keep track of your finances will work as long as you stay consistent.
So those are just a few examples of small steps you can take toward managing your money and getting ahead while your still in college. As your situation changes you can re-evaluate and make changes to your original plan. The important part is to begin establishing a plan and start sticking to it.

13. Stick to it! The hardest part is sticking to your budget!
For financial freedom, stability (and maybe wealth) it’s a must!!!
One of Dave Ramsey’s tips to wealth is “Frugal Today, Wealthy Tomorrow” –keep that thought in mind
Remember to focus on your goals, not current wants
One way to ensure that you aren’t overspending and being charged those nasty overdraft fees is to balance your books. This means to record your debits and credits, along with the dates and then figure out your overall balance. We’ve included a Check Register in your folder to help you get started, most banks also give these out for free. It’s very easy to loose track of how much your spending and what your balance is when your using a debit card for most of your purchases. If you keep your receipts all together from the week, you can do a register each week and then make sure it matches up with your bank statement or online banking balance.
Also – there are a lot of budget tracking apps that you can tie in with your bank account and/or credit cards. A lot of banks have their own apps. But you can also check out Mint.com – How does it work and cashcourse.com. Anyway that you choose to keep track of your finances will work as long as you stay consistent.
So those are just a few examples of small steps you can take toward managing your money and getting ahead while your still in college. As your situation changes you can re-evaluate and make changes to your original plan. The important part is to begin establishing a plan and start sticking to it.

14. Contact Student Financial Services at 904-620-2472 For more information