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Paying for School: A Lesson on Financial Wellness

Paying for School: A Lesson on Financial Wellness. Laura Reese & Walt Minnick Presentation created for Navigate OCC Fall 2019. FAFSA/DreamAct. Apply for all the free money you are eligible. Scholarships - OCC and Outside. Kahoot.it.

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Paying for School: A Lesson on Financial Wellness

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  1. Paying for School: A Lesson on Financial Wellness Laura Reese & Walt Minnick Presentation created for Navigate OCC Fall 2019

  2. FAFSA/DreamAct Apply for all the free money you are eligible Scholarships - OCC and Outside

  3. Kahoot.it https://create.kahoot.it/share/budget-101/ba47e657-7845-4e06-bb83-24e249b236eb

  4. LIVING WITH A SPENDING PLAN How does living with a budget helpful? PAYING BILLS BIG PURCHASES BUILD CREDIT HISTORY FOCUS ON ACADEMICS LOWER STRESS You have money available to pay your bills. You can create a plan to save money for big purchases. You create a record of paying bills on time. You can focus better on your classes instead of finances. You lower your stress about finances.

  5. Spending Plan Process NEEDS & WANTS LIFESTYLE SPENDING PLAN Identify what are your needs and wants, honestly. Identify your type of lifestyle that you want within your budget. Create a plan on how you will spend your money each month or year. 3 2 1

  6. MONTHLY INCOME FINANCIAL AID Scholarships, grants, loans AVAILABLE SAVINGS FAMILY CONTRIBUTIONS PART-TIME EARNINGS Part-time job

  7. LOANS Are all loans created equal? • NO

  8. SPENDING PLAN Where are you spending your money?

  9. SPENDING Vestibulum congue FOOD Vestibulum congue Vestibulum congue GYM CAR & INSURANCE Vestibulum congue CLOTHING Vestibulum congue Vestibulum congue TUITION & SUPPLIES CHILD CARE RENT Vestibulum congue Vestibulum congue HOUSEHOLD ESSENTIALS

  10. Income vs Expenses Compare your income money against your expenses. • Is there money left over at the end of the month? • Are you spending more money than what you make per month? Vestibulum congue tempus INCOME Vestibulum congue tempus EXPENSES Vestibulum congue tempus DIFFERENCE $2,500 $1,900 $600 Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor. Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor. Ipsum dolor sit amet elit, sed do eiusmod tempor. - =

  11. Evaluate: • Books • Housing • Spring break Reevaluate your lifestyle. • Do you need to cut your monthly expenses? • Do you want to cut your monthly expenses? • Where can you cut your monthly expenses? COST-EFFECTIVE ALTERNATIVES WHERE CAN YOU SAVE?

  12. CHOOSING YOUR LIFESTYLE Does it reflect your goals and priorities?

  13. Choosing a place to live: • Figure out how much you can spend • How much does it cost for utilities and insurance? Rule of thumb: Spend no more than 30% of income (after taxes) on rent and utilities • Do you need a roommate? How would you split the housing cost? HOUSING

  14. What is your type of transportation? Consider time, convenience and safety. • How are you getting to work? • How are you getting around for social time and errands? If you want a car, consider the following: • Car insurance • Car maintenance • Gas • Car wash • Registration and license plate Alternative transportation: • Bus • UBER/LYFT • Bike • Carpooling TRANSPORTATION

  15. FOOD Eating in or dining out? This affects your wallet and your health! • Cook at home and pack lunches • Bring your own coffee • Happy hour specials • Go out for lunch rather than dinner • Split a meal with a friend or eat leftovers as breakfast/lunch the next day. • Get separate checks to pay only for what you consume

  16. SOCIAL EVENTS Free and low-cost entertainment • Free events • Concerts • Movies • Fairs • Early specials • Group fares • Monthly unlimited subscriptions • Netflix • Theater Monthly Pass

  17. Events

  18. What To Do Next? • iGrad courses • Financial Wellness Workshops • Follow us on Instagram occwellness Check out our website: http://www.orangecoastcollege.edu/wellness

  19. Kahoot.it

  20. Contact us! Financial Wellness occwellness@occ.cccd.edu www.orangecoastcollege.edu/wellness Financial Aid occfinaid@occ.cccd.edu www.orangecoastcollege.edu/financialaid 4th Floor of Watson Hall, room 410

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