Financial Management

On the Agenda
Budgeting Expenses Borrowing Credit cards

Reality
Tuition, books, fees are higher than ever Scholarships, grants, and/or federal loans may not cover all costs Private loans used more than ever Credit cards are readily available Most dont have a money plan

Budget Exercise
Track your expenses Develop a budget Find ways to reduce expenses

Budget Worksheet
Monthly Income
Monthly salary +Financial Aid Awards Total

Monthly Exp
Rent Utilities Groceries Auto Expenses Other Loans Credit Cards Insurance Medical Expense Entertainment +Misc Total

Discretionary Income
Monthly Income -Expenses Total

Semester Exp
Tuition & Fees Books +Transportation Total

Manage Your Expenses

Wants vs. Needs Take advantage of free activities Buy used books, used furniture

Reduce Borrowing
Apply for scholarships & grants Consider Work-study Borrow only what you need to cover college costs

Credit Cards
Hook you with free offers/incentives Interest Rates Transfer Balances Paying Balances Over Time Late Fees Use only for emergencies

Protect Yourself
Be careful of your SSN Beware of online scams Get your free annual credit report

www.annualcreditreport.com

In Summary
Know your limits Be aware