Money Matters

The Student Account team wants to help you plan your finances and manage your money while you study. We hope that the range of resources, links, and information presented below will help you to manage your money better and enjoy life as a University student.

Tip of the Month

Buy Textbooks From Used Bookstores: New textbooks from university bookstores can be very expensive. Brand new editions of chemistry books, for instance, can cost as much as $300, and that's not including any lab material. However, you can cut costs on reading materials and not starve. Look around for used bookstores. Most college campuses should have several--the prices are heavily discounted, and book conditions are usually good. If you have enough time before classes start, check out the Internet for your books. Even with shipping charges, prices can turn out to be cheaper from online bookstores. And don't forget--some of your friends might have taken a course in the past. Ask around and see if you can borrow from someone.

Retrieved from http://money.howstuffworks.com

Hot Topic link

Maximizing Your Aid Eligibility

http://www.finaid.org/fafsa/maximize.phtml

Free-up Tuition, helpful tips on landing scholarships

http://www.fastweb.com/college-scholarships/articles/the-12-tips-on-winning-a-scholarship

$TART with CHANGE - Master your Money, One Step at a Time

http://www.startwithchange.com/

NEW EMPLOYEE SAVINGS TIPS-Time Is On Your Side

https://www.dol.gov/ebsa/pdf/NewEntrants.pdf

How to Use Credit Cards Wisely

https://bigfuture.collegeboard.org/pay-for-college/paying-your-share/how-to-use-credit-cards-wisely

Apple Music Subscription Is Now Half Price For Students

http://www.digitalmusicnews.com/2016/05/06/apple-music-subscription-half-price-for-students/

Promoting Healthy Credit Awareness

How to Build & Maintain Healthy Credit Scores

Why be concerned about your credit score? A higher score means you may be able to borrow money at lower interest rates. Follow these 3 tips to develop good credit habits.

  1. Pay your bills on time
    • Set up automatic payments
    • Set up electronic reminders
    • If you miss payments, get current
  2. Don't get close to your credit limit
    • Don't get maxed out
    • Don't go over credit limit
    • Keep balances low
    • Pay off balance monthly
  3. Maintain long credit history
    • Getting credit & paying your bills on time
    • Only apply for credit that you can afford

Tip:  Check your credit report regularly to make sure the information is correct. You can receive a free credit report annually from some big nationwide credit reporting companies.

To order, visit annualcreditreport.com, call 1-877-322-8228. Or complete the Annual Credit Report Request Form and mail it to: Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Do not contact the three nationwide credit reporting companies individually. They are providing free annual credit reports only through annualcreditreport.com, 1-877-322-8228 or mailing to Annual Credit Report Request Service.

You may order your reports from each of the three nationwide credit reporting companies at the same time, or you can order your report from each of the companies one at a time. The law allows you to order one free copy of your report from each of the nationwide credit reporting companies every 12 months.

Tip:   If you find there is a problem with your report you can submit a complaint to CFPB (consumer financial protection bureau).

https://help.consumerfinance.gov/app/creditreporting/ask

Make a spending plan

Make a spending plan. Set priorities and make changes.  After comparing your income and expenses if you find you have money left over at the end of the month you’re doing great!!  You can always put money into your savings for one of your goals.

  1. Identify Income
    • Wages/Allowances
      • Federal work-study
    • Financial aid refunds
    • Tax refund
  2. Track your expenses
    • Housing (mortgage or rent)
    • Utilities
    • Phone/Cable
    • Food
    • Transportation (car payment, gas, insurance)
    • Insurance (health, property/renters)
    • Credit card payments
  3. Compare income and expenses
    • Write down total monthly income/expenses

Monthly Budget Worksheet: If your expenses were more than your income your budget is out of balance. You will need to cut back on your expenses, ore increase your income.