Managing Your Money

By Kara Terrell

&Norman Jackson

Gather basic information by tracking and recording every bill you pay and every and every purchase you make.

Build a plan by recognizing your fix and variable expenses. However you are paid weekly or biweekly set 3 columns for income, unanticipated expenses, and actual expenses.

Do a test run use your budget plan for a few weeks and see how thing work out.

Make adjustments determine weather you need to reallocate funds to meet needs of a current situation.

Be realistic and thoughtful in how you spend your money. Use your budget to help meet goals like planning a vacation or buying a new pair of jeans

Creating a Budget

3 ways of Cutting Cost Recognizing the difference between a need and a want like

school tuition and concert tickets. Share expenses like having a roommate. consider the pros and

cons of living on campus. pros are meeting new people and the convince of being able to get up minutes before class. Cons are living on campus is more expensive than getting housing.

Use low-cost transportation by thinking about using public transportation or biking to class to save on gas and parking. seek discount entertainment options like free programming though your collage. Embrace second hand goods like Craigslist or the thrift store for clothes and furnish your room. avoid unnecessary fees like late credit card payments or bills.

Getting Financial Aid Few students can

pay the cost to get in college

Enroll half time or full time at a four, two year institution

Complete FAFSA Apply for more than

enough grants and scholarships

Types of Financial Aid

1. Need Based Scholarship

2. Merit Scholarship

3. Grants

4. Work study

5. Co-op education

• Based on both talent and financial needs

• Based on talents but do not require Financial need

• Do not have to be repaid• Jobs are reserved for

students with financial need

• Allows you to alternate a term of study with term paid of work

Loans

Subsidized Federal Student Loan

Unsubsidized Federal

Parent Loan For Undergrads

Privet Student Loans

Are backed by the government

May require intrest payments

Are applied for parents

Are offered through banks.

Managing Credit Wisely

•A credit card allows you to buy something now and pay for it later.

• Each mount you will receive a statement from the previous 30 days.

• This statement will request a payment toward your balance and set a due date.

• You may pay a minimum payment but beware because you may be charged with a interest fee or your balance will be increase.

• Avoid making late payments because it will be a finance charge and it will raise your interest.

Debit Cards

Don’t always have to keep cash.

Funds are limited in your account

You have a Personal Identification Number(PIN)