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Everything you ever wanted to know about…

Everything you ever wanted to know about…. Student Finances. Presented by the Tomas Rivera Center for Student Success. A scary statistic…. A government report states the personal savings rate for the nation in 2005 was negative 0.5%. That means consumers not only spent what they earned—

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Everything you ever wanted to know about…

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  1. Everything you ever wanted to know about… Student Finances Presented by the Tomas Rivera Center for Student Success

  2. A scary statistic… • A government report states the personal savings rate for the nation in 2005 was negative 0.5%. That means consumers not only spent what they earned— they also spent money they didn't have.

  3. Warning Signs of Debt Problems • No savings • Minimum payments on credit cards • Use credit cards for things you used to buy with cash • More than 2 major credit cards • Unsure of total amount you owe • At or near your limit on credit cards

  4. Are you in over your head? • Do you bounce checks? • Have you been denied credit? • Do you get calls from collectors? • Do you lie about your spending or debt? • Do you take out cash advances on your credit cards to pay other bills?

  5. Top 5 Money Mistakes College Students Make • Getting into credit card debt • Squandering your student loan money • Ruining your credit score • Choosing a college that is too expensive • Not budgeting

  6. So why budget?A budget will help you… • Stay in control of your money • Live within your means • Meet your savings goal • Keep track of spare cash • Prepare for emergencies • Keep out of debt • Sleep better at night

  7. Features of a Successful Budget • Categories that fit your personal situation • Accurate income projections • Enough categories to give you a meaningful picture, but not too many • A line item for savings – treat as a bill • Cash tracking and recording • Realistic written goals

  8. Understanding your credit report • Your credit report is a record of your entire credit history, including late and/or delinquent payments and maxed-out accounts • There are 3 credit companies that report credit information – it is recommended to compare data from all three to ensure accuracy. • Your credit report is evaluated anytime you apply for a loan (i.e. car or home purchases, credit cards, bank loans, etc.)

  9. How to read your credit report • Personal Information: used to verify your identity; not included in credit score calculation • Summary: categorized list of all accounts • Account History: detailed information about all accounts in your name • Public Information: legal matters that affect your credit • Inquiries: lists businesses that have checked your credit in the last 2 years • Creditor Contacts: lists contact information for each creditor in your report

  10. Credit Reporting Companies • Experian: (888) 397 3742 • Equifax: (800)-685-1111 • TransUnion: (800) 888-4213 • Reports are usually about $5-$10 each. • You can also order a free copy of all three reports once a year by law at http://www.annualcreditreport.com

  11. Do you impulse spend? • Surprised by your credit card statement? • Own lots of things you never wear/use? • Buy things you didn’t even know you needed until you saw them on display? • Come home with items you had no intention of purchasing when you went out? • Buy things just because they are on sale?

  12. Curbing impulse spending • Index card trick – wait two weeks • Leave credit cards at home when you go shopping – bring cash only • Learn to recognize wants from needs

  13. Activity and Questions

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