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| Money Management |
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Developing a budget and sticking to it will allow you to live within your means and avoid financial crises.
A budget will help you develop a realistic understanding of all your financial obligations and how they
relate to your income. In formulating a budget, you should consider the choices you've made regarding rent
or mortgage payments, car payments, living expenses, and your student loan debt. Keep in mind that your
fall semester aid and other resources must last you until the beginning of the Spring semester.
Try this sample worksheet to help you plan your budget:
Understanding and Using Credit
These days credit is relatively easy to secure. If you haven't already, you will probably receive offers
from banks or department stores for a credit card. Consider carefully before accepting. The card issuer
assumes you will pay the charges with future earnings, but preferably not all at once. Credit card issuers
are counting on your need (or desires) being larger than your ability to pay. You get instant (if short lived)
gratification, and the card issuer earns interest. The best way not to become caught up in an endless credit
cycle is not to accept a credit card. The next best way is not to carry the card around with you. Use it only
when absolutely necessary, for things you truly need ("need" not "want") or in emergency situations, then pay
off your balance before purchasing additional items.
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