Are you able to control emotional spending? Do you wonder where the money in your bank account goes month after month? Are you experiencing financial stress? Are you prone to online shopping? We can help.
We have many resources that can help you set up a budget/personal spending and saving plan.
- Budgeting apps, Google Sheets or a new weekly tracking sheet can be helpful to do it on your own. No matter which method you choose, as you start your career, you should always follow the 30/50/20 rule for setting up your personal spending and saving plan. The percentage can vary based on your income, investing, and money habits. During college, you may not have many mandatory payments, such as rent, insurance, utilities, and car payments. During this time the rule could be a 60/40 rule, with 60% going toward fun and 40% toward your future, like investing, a Roth IRA, emergency funds, etc.
- One-on-one Peer Coaching is available during the academic year. Meeting with a coach can help individuals enhance their critical skills in areas like budgeting, financial goals setting, credit development, debt management, real-world finance, borrowing, and more.
Park it in the shopping cart
We all partake in emotional spending and online shopping makes it that much easier to "click" our money away. The practice of “parking" it in the shopping cart involves taking a pause before the purchase, putting it the shopping cart, walking away, and asking:
- Do I want this item?
- Do I truly need this item?
- Does this purchase positively support my goals?
- If you answered "no" and you can live without it, empty the shopping cart.
What’s your Life Plan?
Budgeting without having specific goals to strive toward is like running on a treadmill; moving but not really getting anywhere. Regardless of what you are planning for, you will more easily advance your financial health by setting specific and timely goals. The best version of this is called a Life Plan, which is based on your dreams and life aspirations. It helps you create a vision for your short- and long-term financial future and incorporates the steps you need to take to accomplish your goals. To learn more about Life Plan creation, please attend one of our Life plans/goal setting, budgeting, taxes, and credit/investment basic talks or work one-on-one with a Peer Coach by setting up a confidential meeting during the academic year.
Are you ready to transform your financial habits and discover the power of mindful spending?
Take advantage of the a 30-Day No-Spend Challenge and invite others to do the same. Use it to enhance your future and inspire you to step back from unnecessary purchases and focus on what truly matters for a month. Not only will you learn how to prioritize your needs over wants, but you'll also uncover how much you can save when you shift your mindset. Picture the thrill of watching your savings grow while sharing tips with your peers/roommates/family and inspiring each other along the way. Embrace this challenge to enhance your financial wellness, boost your creativity, and take control of your future.
