^TipstoKeep
Spending in Check.
By January Gill
No matter how much (or how little)
money you have, it’s never too early to
start tracking your finances. If you create
financial goals and stick to them now, you'll
have an easier time managing money in the
future. Keep these five things in mind:
Set up a budget.
Take a few minutes to write down
monthly income (student loan refund,
money from parents), and the monthly
necessities and expenses that it must cover.
If your cash flow is on the plus side, con
sider saving that money to create an emer
gency fund. If your expenses are greater
than your income, or if you have a shortfall,
take a second look to see how you might
cut back on your everyday expenditures.
Do you really need that daily $3 coffee
from Starbucks, or could you use an extra
$240 a semester?
Pay bills on time.
Now is the time to get into the habit of
paying bills on time or before their due
date. Creditors tend to look unfavorably on
late payments, which will affect your bank
credit rating. A bad or even questionable
rating will make it difficult to purchase a car
or rent an apartment. At the very least, a
string of delinquent payments can result in
late fees, penalties and higher interest rates
on your credit cards. Check your credit rat
ing by contacting
Trans Union, Experian (formerly
TRW) and Equifax for a copy of your credit
report.
Be careful with credit cards.
If you don’t have a card, don’t bother.
Not yet. If you do, spend wisely. Avoid pay
ing for disposable items on your cards.
Weekly purchases such as groceries, gaso
line, CDs and other small ticket items
should be paid for with cash, unless you
pay your bill early. Who wants to pay for
Fiona Apple tickets eight months after the
concert? Also, if you have extra money at
the end of the month, pay more than the
minimum amount. Cutting down on the bal
ance will help you lower the monthly inter
est due.
Save! Save! Save!
Are you trying to save money for a
semester abroad in Europe, or to buy your
first car? The best way to reach your goal
is to pay yourself first. Make this your
mantra. Put cash aside in a savings account
or money market account. No amount is
too great or too small, especially when
your small amount grows with compound
interest. That $3 you saved from skipping
your morning Starbucks coffee will add up
to a hefty sum in a few years. Whether
Leaving Poor—Top ten colleges that leave graduates with the most debt.
School name
Loyola University-Chicago
Nova Southeastern University
Clarkson
University of San Diego
Florida Institute of Technology
Pepperdine
Massachusetts Inst, of Technology
Georgia State University
University of Vermont
Case Western Reserve
% of grads with debt Average amount of debt
85% $24,125
65% $23,498
85% $22,670
47% $22,600
55% $22,479
60% $21,669
70% $21,617
54% $21,535
47% $21,000
63% $20,595
Source: U. S. News & World Report
Athens, Greece or Athens, Georgia,
Quicken.com has a basic savings calculator
to help you figure out your short- and
long-term goals.
Stay on track!
Saving for the future is tough, much
tougher than creating a budget and setting
financial goals. It’s up to you to make sure
you stay on track. If you’re looking for
online resources to help you stay focused,
check out TheWhiz.com,
Greenmagazine.com and the Armchair
Millionaire for information on savings,
spending, investing and more. Remember, if
you can get through a semester of calculus
and trig, your finances should be a breeze! •
For more tips about saving money, go to
Steamtunnels.net and search for “save.”
Trans Union
transunion.com
Ixperian
experian.com
Equifax
equifax.com
Quicken
quicken.com
Quicken's savings calculator
quicken.com/QuickAnswers/?calc=vcsave
TheWhiz
thewhiz.com
Qreenmagaiine
greenmagazine.com
The Armchair Millionaire
armchairmillionaire.com