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YOUR YOUR MONEY MONEY MATTER$ MATTER$ a guide to your personal finances a guide

YOUR YOUR MONEY MONEY MATTER$ MATTER$ a guide to your personal finances a guide to your personal finances YMM/C - 8/21 Social icon Circle Only use blue and/or white. For more details check out our Brand Guidelines. MAKE YOUR MONEY MATTER MAKE YOUR MONEY MATTER Money is like the ocean tide. It comes in, it goes out. While the sun and the moon control the tide, only you are responsible for managing the money you’ve earned. What does it mean to be a good money manager? Simply put, managing your money is making sure your present and future financial needs are met. If you want to get a better grip on your finances, commit to following these nine guidelines and you’ll be well on your way to making your money matter. 1. Don’t spend every penny you make. There’s nothing wrong with wanting nice things, but many students try to live a lifestyle they can’t afford with money they don’t have. Skip buying something you don’t need today so you can have something better in the future. 2. Track your money. Know where your money goes by tracking your spending. Keep all your receipts or a written record of every dollar spent for one month. Group similar purchases together, assigning categories (eating out, housing, college expenses, clothing, etc.). Add up the total spent in each category. You’ll likely see some patterns emerge; these are your current spending priorities. Does something need to change? Where can you cut back? 3. Identify your needs, wants and obligations. Food, shelter and clothing are basic necessities, but you have other needs, too. You may need a cellphone to communicate with family, friends and maybe your employer. However, a smartphone with all the newest apps and features is a want. And the contract you sign to pay for your monthly service is an obligation. You need clothes to wear to school, but expensive brands aren’t a necessity; name brands are considered a want. 4. Prioritize spending. You can’t have it all, so decide what’s most important to you and cut back on the rest. Keep in mind, your rent, car and student loan payments are fixed expenses that must be paid each month. Going to concerts, eating out and shopping may be luxuries that will have to wait until later. Simply put, managing your money is making sure your present and future financial needs are met. 2 5. Focus on saving. Saving should be a part of your monthly budget, not something you do only if money is left over. Treat savings like a fixed expense; before you pay bills, set money aside for saving. Don’t be discouraged if you can’t save a large amount right off the bat. Whether you can spare $10 or $100, start now and gradually increase the amount over time. 6. Build a safety net. Now that you’ve made saving a priority, start an emergency fund to provide a financial cushion for unexpected expenses, like car repairs. Aim to save about 10% of your income each month until you have enough money saved to cover a few months’ living expenses. If you have cash, you won’t have to rely on credit cards to cover the unpredictable expenses. 7. Get rid of debt. Credit cards can be good financial tools, if used properly. However, if you’ve racked up more credit card or other debt than you planned, stop charging immediately and work hard to pay off your balances. Always pay more than the minimum payment. 8. Pay with cash. For a while, try paying for everyday items (lunch, coffee, snacks) with cash. Paying with a credit card or debit card sometimes doesn’t “feel” like spending money. For most of us, it’s harder to part with cash. 9. Make room for fun. Failing to budget for entertainment is a classic budgeting mistake. To make the most of your money, look for free or cheap entertainment on campus and in your surrounding area. LOW-BUDGET LIVING LOW-BUDGET LIVING Living on a tighter budget doesn’t mean going completely without. These small changes will yield big savings. • Instead of hitting the mall, host a clothing swap with your friends. You’ll have lots of outfit, jewelry and shoe options, and you won’t spend a dime. • To save money on food, learn to cook and cut back on eating out. To spend less when you dine out, go with a friend and split an entree. • Borrow, don’t buy. Instead of purchasing a novel, textbook, DVD or video game, borrow it from a buddy or the library. 3 MONTHLY SPENDING PLAN MONTHLY SPENDING PLAN Basically, there’s a three-step process to setting up a budget. Once you’ve walked through these steps and explored the sample budget worksheet below, check out the customizable budget calculator at OklahomaMoneyMatters.org OklahomaMoneyMatters.org to create your own spending plan. KNOW WHAT’S COMING IN. KNOW WHAT’S COMING IN. Know how much income you receive each month. Income can include money from jobs, your parents, financial aid and unexpected cash, like birthday gifts or tax refunds. KNOW WHAT’S GOING OUT. KNOW WHAT’S GOING OUT. Keep receipts so you can track how and where you spend your money. Pay close attention to what you purchase each day and decide which spending behaviors can stay and which must go. ASSIGN CATEGORIES. ASSIGN CATEGORIES. Once you know what you buy and where you spend your hard-earned money, assign categories to your budget. At the end of the month, subtract the actual amount you spent in each category from the amount you expected to spend. If you find yourself spending more or less, adjust your categories (or spending) accordingly. INCOME Expected Actual Difference Job Financial Aid Gifts/Misc. Total EXPENSES Expected Actual Difference Savings Housing Tuition Car Payment Fuel Car Insurance Entertainment Cellphone Clothing Eating out College Expenses Total YOU MIGHT FAIL AND THAT’S OKAY. YOU MIGHT FAIL AND THAT’S OKAY. It takes a few times to get your budget right, so if you try it one month and it doesn’t work out, don’t lose hope. Rework your categories and give it another go! 4 BUDGETING MADE EASY BUDGETING MADE EASY If you aren’t the “write-everything-down” type, you may find success with these alternative budgeting strategies. THE ENVELOPE SYSTEM THE ENVELOPE SYSTEM How it works: Take a cue from past generations and use cash whenever possible. While it’s easy to go overboard with debit or credit cards, we have an emotional attachment to dollars. Create envelopes, or download copies from OklahomaMoneyMatters.org OklahomaMoneyMatters.org for your variable expense categories (e.g., groceries, movies, gas, clothing, eating out) and put a pre-determined amount of cash in each envelope. When the envelope is empty, you’re done spending. Period. This system not only helps you monitor outflow, but also helps you stick to your plan. The perks: You can’t overspend if you rely on cash, but if your envelopes are lost or stolen, you won’t likely recover your money, so keep them in a safe place. THRICE AS NICE THRICE AS NICE How it works: You’ll need three bank accounts — two checking and one savings. First, decide how much of every paycheck you want to put toward savings and have that automatically sent to your savings account. Via direct deposit, send the rest of your paycheck to checking account No. 1. From this account, you’ll pay all monthly fixed expenses, like rent, car payments and utilities. With the money left over after paying your fixed expenses, divide by four and set up a weekly automatic transfer of that amount to checking account No. 2. Use this account for all variable expenses like groceries, entertainment, clothes and eating out. Refrain from transferring more money over or using credit cards! The perks: This process forces you to save first and limit funds for your variable expenses. ONLINE BUDGETING PROGRAMS ONLINE BUDGETING PROGRAMS How it works: Sites like Mint.com Mint.com, Mvelopes.com Mvelopes.com and Buxfer.com Buxfer.com allow you to keep tabs on your finances 24/7. By linking to your bank account, these online tools can categorize your spending and notify you when you go over budget. Most are just as secure as online banking, but before you enter your personal information, determine how comfortable you are with their security features. Some are free, others aren’t, but most offer at least a free demo or trial. The perks: Less work for you! These programs can create spending reports, helping you stay on top of where your money is going. OKMM RESOURCES OKMM RESOURCES OklahomaMoneyMatters.org Money Talks Podcasts • Living on a College Budget • Budgeting 101 Self-paced Learning Modules • Money Management for College Students • Budgeting Online Resource Clearinghouse Ask OKMM Q&A Forum 5 SAVVY SAVING SECRETS SAVVY SAVING SECRETS Make saving automatic. One of the most important rules of saving money is making it a habit. Each pay period, have money automatically transferred from your paycheck to your savings account. Direct deposit makes saving simple because you can’t spend what you don’t see! Adjust your withholdings. Make sure uploads/Finance/ your-money-money-matter-matter-a-guide-to-your-personal-finances.pdf