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Student Money Management Center

Student Money Management Center. Common Financial Mistakes Jacki Brossman-Ashorn Assistant Director Money Management Center. The Disappearing Dollar $$. Takes just $27/day to waste $10,000/yr. Where does it go?? Seemingly innocent purchases $15 pair of Target jeans (small “cheap” items)

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Student Money Management Center

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  1. Student Money Management Center Common Financial Mistakes Jacki Brossman-Ashorn Assistant Director Money Management Center

  2. The Disappearing Dollar $$ • Takes just $27/day to waste $10,000/yr. • Where does it go?? • Seemingly innocent purchases • $15 pair of Target jeans (small “cheap” items) • Frappuccino; Latte; Fast Food Lunch • Too good to pass up sales • Clearance; Two-for-Ones • The Solution? • Track your expenses & Get to know your financial self

  3. Where’d My Money Go?? • Raises • Birthday Check/ Christmas Money • Tax Refund • Financial Aid Refund • The Solution? • Savings Account or Investment Account

  4. What is a Budget? • A plan to help you control your spending. • How do I set a budget? • Figure out how much money you make each month, then look at your set monthly bills (rent, utilities, car, insurance, etc.). Subtract that amount from what you make each month. • What you have left over is your “spending or SAVING money.” • This is budgeting. You’ll learn exactly what you’re spending and where.

  5. Ways to Track your Spending • Write down everything you buy for one week. (Tip: keep all receipts!) • This helps you determine your spending wantsvs. your spending needs.

  6. The Impulse Spender • You have a case of the Gotta Have It Now virus! • The Solution?? • Wait at least 24 hours before you make the Gotta Have It purchase • This gives you time to: • Differentiate b/w want and need • Comparison shop • Weigh your options • This helps prevent buyers remorse

  7. Overextending Yourself • If you’re using your credit card for purchases and/or you’re paying your bills by putting it on your credit card • If you’re using multiple credit cards • If you’re using pawn shops & payroll advancement • The Solution?? • Cut back, look at wants vs. needs • Check your budget • Adhere to the budget

  8. The Curse of the Bare Minimums • Don’t pay only minimum balance due • Could literally take YEARS to pay off debt • Visit www.financialcalculators.com and see how much you can save by making extra payments. • Underinsured/ Not Insured • Health, Automobile

  9. Not Identifying Bad Money Habits • Examples of More Bad $$ Habits • Trying to Keep Up with The Jones’ • Sense of entitlement (your justification for spending) • The “Ick Factor” (thinking 2nd hand = junk) • No Maintenance (not maintaining your car) • No Savings • Lack of Accountability (blaming everyone or everything else for your situation) • The Solution? • Take Action! Make a plan! Evaluate Yourself! Take Charge of Your Financial Life!

  10. Trying to Keep Up Appearances

  11. Paper vs. Plastic • Let the Battle Begin!!

  12. More Financial Pitfalls….. • Not knowing how to read credit card apps. • Answering phone calls or emails soliciting information (Identity Theft) • Not asking for advice or assistance • Not reading your lease thoroughly • Buying unnecessary extended warranties • Procrastination • Buying into business (get rich quick) scams

  13. More Financial Pitfalls….. • Not knowing your real worth or your assets’ real worth • Forgetting the extra costs of owning a car • Not saving early enough for retirement • Not knowing all fees associated with your bank account • Racking up late fees on accounts

  14. QUESTIONS??

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