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
Be Creative With Your Leisure Time: Everyone needs to unwind after studying, and college campuses typically offer all sorts of opportunities -- movie theaters, bars, cafes, arts centers, parks, downtown shopping centers, et cetera. Ask if any of these places offer student discounts. You can also think of alternative ways to have a good time. If you make the right choices and use a bit of creativity, you can have fun and save money at the sme time. Plan a picnic in the park; make dinner for a date instead of going to a fancy restaurant; go for a bike ride around town; play Frisbee golf on campus. Any of these activities cost a fraction of the typical college experience and can be more fun.
Retrieved from http://money.howstuffworks.com
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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.
- Pay your bills on time
- Set up automatic payments
- Set up electronic reminders
- If you miss payments, get current
- 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
- 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).
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.
- Identify Income
- Federal work-study
- Financial aid refunds
- Tax refund
- Track your expenses
- Housing (mortgage or rent)
- Transportation (car payment, gas, insurance)
- Insurance (health, property/renters)
- Credit card payments
- 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.