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Financial Savvy: Money Management Tips for Students

Learn smart saving tips for students to manage money efficiently. Discover ways to cut costs on textbooks, furniture, clothes, and more. Explore budgeting strategies and understand credit card usage and student debt repayment. Take charge of your finances today!

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Financial Savvy: Money Management Tips for Students

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  1. Money Management • Class 2

  2. Saving Tip #1 • Never buy books at the bookstore! Try to look at the syllabus a week or two before class starts and order used books from: • amazon marketplace • half.com • abe books

  3. Saving Tip #2 • Shopping for furniture? • Ikea is okay, Craigslist.org is better (if you are smart). • Shopping for clothes? • H&M is okay, ebay, thrift stores and second hand is better.

  4. Saving Tip #3 • Apply for scholarships-- 10 per year! • fastweb.com

  5. Saving Tip #4 • Create a weekly/monthly budget. Make sure it lines up with your yearly budget.

  6. Saving Tip #5 • Distinguish between “need” and “want” -- if you’re not sure, wait a week and see if you still “need it.” • Most of the time... you don’t!

  7. Saving Tip #6?... or not. • Illegal downloading...

  8. Cost of Living Rent is 764% more expensive in Irvine. Restaurants are 165% more expensive in Irvine.

  9. Guess how much... 30,000/year • Tuition at U of A: • Tuition at Brandeis: • Dorms (meal plan included): • Groceries: • Rent: • Personal Expenses (per month): • Phone Plan (per month): 44,000/year 6-10,000/year 2-300/month No roommate: 700-1500/month 350/month

  10. Establishing a budget • Mint.com is a helpful app to help you budget spending for each month for different categories and can hook up to your bank account as well. • If not, consider using cash rather than debit for various types of spending (going out, groceries, etc.) • Monitor your online bank account daily if you use debit.

  11. Practice • Public: 45,000 • Private: 60,000 • How much money are you receiving to spend each year? • How much money will you make at a job? • How will you budget this out for a monthly and weekly budget?

  12. A budget looks like:

  13. Budget Game • Your goal is to get the highest amount of happiness points for the least amount of money.

  14. Budgeting Game

  15. Budgeting Game

  16. How to Write a Check... Your name & address Date Name of person or company who you are paying (ask if you aren’t sure) Amount in dollars (numerically) down to the cent! Your signature (not printed)

  17. Credit Cards... • 70% of undergrads have them • 96% of graduate students have them • Less than 10% pay monthly balance • Less than 15% know interest rates, overdraft fee, late fees, etc. • Have to have good credit scores for big purchase (renting apartments, buying a house)

  18. Credit Cards: True/False • The money you advance on a credit card (your credit limit) is spendable money. • I would use a credit card if I didn’t bring enough cash to buy • If it takes you a long time to pay your credit card bill, you will end up paying more than if you had paid with cash • You can pay your credit card bills back on your own schedule. • If you do not pay your credit card bills, the biggest negative consequence is that you will get harassed by collecting agencies. • A credit card is just another word for a debit card.

  19. Student Debt • Avg. student has 35,200 USD in debt... • May not sound like a lot, but then consider that you are being charged interest. • Most of your payments will be paying off interest. • Takes 10-35 years to pay off student debt.

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