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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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