10 Tips

of money management

#1 Take charge of your LIFE and MONEY

Make a plan
1. Define your financial goals.
2. Make plans to reach your goals.
3. Take action until your goals become a reality.

#2 Get Organized

Label your files
• Bill Payments
• Checking Account
• College
• Financial Aid
• Insurance
• Loan and Credit Records
• Receipts and Warranties
• Taxes

#3 Make School your first job

-Education is a must have!
-Schedule study time like you study work
-Working doesn't need to interfere with good grades
-Participate in discussions with professors
-Time Management is the key to success

#4 Choose the meal plan that works for you

-Don't be intimidated by the meal plan
-If you are eating less than the unlimited meal plan gives you, try switching to a limited meal plan
-If you have a limited meal plan, and often eat snacks, get the unlimited plan so you don't spend all your money on snacks

#5 Pay the rent on time!

-Always pay rent on time
-If something unexpected happens, call your landlord immediately
-If you cannot pay the penalty of paying rent late, ask landlord if you can do some chores around the yard, or painting

#6 Set Ground rules regarding money

-Talk to roommates about how to split the costs of living
Ask yourself these questions:
• How will you share other household staples?
• What if one person wants to turn up the heat
and the other wants it down?
• What happens if one roommate damages the
apartment and the landlord refuses to return
your security deposit?
• What will you do if one of your roommates
moves out before the lease expires?

#7 Seperate needs and wants

-Food is a need and a latte is a want!
-Be smart about the things you spend money on
-Do you really need this?
-Think about what is really important to you and has lasting value
-Identifying the needs and wants will help you save money

#8 Take advantage of student disscounts

-Showing your student id can almost always lower the cost of whatever you are doing
-Ask your bank if they have a student checking account because they are much cheaper
-Some insurance companies will lower car payments if you are a good student, or need to travel far for school
-Buy used textbooks at the school store with your ID the save money

#9 Create a budget and stick to it

-Use a spending plan or budget to save money and keep track of it
-A budget is your financial map
-It tells you how much money you have coming in each month, where you need to spend it, and where you ma be able to save a few dollars

#10 Get into the savings habit

-Learning to save money requires discipline, and frugal perspective towards spending
-It is very possible to teach yourself to save money in small increments
-If you learn to save a little bit at a time, you will notice that you will not miss the money you are putting away