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Money Management After College
Transcript of Money Management After College
by Trisha Springstead & Ericka Stark
You worked hard to earn that degree.
Hopefully your hard will be rewarded with
great employment benefits.
Benefits VARY greatly from employer to employer.
A premium is the monthly fee that is paid to an
insurance company or health plan to provide health coverage
Most likely, your company will require that you pay some portion of the monthly premium, which will be deducted from your paycheck.
A deductible is the amount you must pay out-of-pocket each year for health-related expenses before your insurance policy begins to pay.
A copayment is a flat fee, or set amount that you may have to pay for a specific health-related service.
Average $10-50 visit
This covers the cost of your funeral if you die and, more importantly, provides for key loved ones you leave behind.
This will help you pay the bills if you’re somehow temporarily or permanently disabled.
This helps you keep your teeth healthy by covering preventive maintenance and repair.
These have largely replaced pension plans.
Sometimes your employer will have "matching funds".
$ is taken from your paycheck pre-tax. You will pay tax on the money when you retire.
Roth 401(K) and Roth IRA
$ is taken post tax. Grows tax free.
Paid Time Off
Flexible Spending Account
Savings & Checking
some employers will give you
these up front, some will be "earned".
You get paid for time even when you are
away from work! (our favorite days!)
This will be a new concept
for you if this is your 1st full time
This should go without saying but
sick leave should be used for things
like doctor's appointments not for
the days you just don't feel like working
An FSA allows an employee to set aside a portion of his or her earnings to pay for qualified expenses as established in the employers plan, most commonly for medical expenses but often for dependent care or other expenses. Money deducted from an employee's pay into an FSA is not subject to payroll taxes, resulting in substantial payroll tax savings.
Money not used by the end of the year is lost.
May reduce your Social Security Benifits.
Benefits usually outweigh the disadvantages
Your employer might pay for
your graduate degree!
There may be limits to where you can
get your degree from, what field of study
you can get it in, and how many credits
they will pay for.
There may be "strings attached".
Good Source on the web
Why create a budget?
More free time
Source: UW-Credit Union
How to track spending?
Paper & Pencil Method
and/or envelope method
your financial institution
Set some financial goals.
Ready. Set. Go.
might be way to go if you think
you will be in a higher tax bracket
at retirement age.
Steps for Repayment
Find the payment plan for you
Notify lender of changes
Loan forgiveness eligibility
one website can give you all your loans:
Know what you owe
MORE TRADITIONAL PLANS
BASED ON INCOME
Standard Repayment- 10 year plan
Graduated Repayment- 10 years. Payment gradually grow.
Extended Repayment- up to 25 years. WARNING: INTEREST
Name. Address. Phone.
Change in Circumstances.
DO NOT use a card to pay for
something you cannot otherwise afford!
Know your APR
This is the interest you will pay
if you do not pay your full balance
Understand the "fine print".
Review your free credit report every 12 months
from each of the three credit bureaus.
Correct mistakes you find.
Build good credit history.
Use your credit wisely.
UW Credit Union's Money Coach
don't have to be a member to use it.
WI Public Radio: On Your Money
wpr.org or 90.7
Better health & relationships
Peace of mind
things you enjoy
Available for most phones and electronic devices. I
love this option because my device is always with
Example: Ace Budgeting or toshl
Make them a S.M.A.R.T. Goal
Nest Egg. Future Use. Emergency Fund.
Example: I will save $1200 within twelve months by limiting my "meals out"
to one day a week instead of two.
Big ticket items. Planned Events.
I want to purchase a 52" High Def Telivision before the next superbowl. I'll
save $100/month into a seperate savings account until I have the funds
needed to purchase. I'll also start tracking prices now.
I will only spend $500 per month after my normal bills have been paid.
I'll do this by creating a budget and tracking my spending.
Go spend (or not spend).
There are differences from bank to bank.
Be an informed consumer.
Know your fees.
Know your interest rates.
There are different types. Educate yourself before you
sign any papers.
30 year fix.
15 year fix.
Adjustable Rate Mortgage (ARM)
Home equity loans
The definition of a large purchase is different from person to person.
1. Your NEED vs. WANT
2. USED vs. NEW
3. Buying now with CREDIT
or Later with CASH
Expect the Unexpected.
3-6 months of living expenses.
Think about opening a seperate
account to store these funds.
Credit Score Description
800+ Excellent credit score. You should qualify for the best interest rate and loan term.
730 – 799 Great credit score. There won’t be any problem in getting a loan at good interest rate.
680 – 729 Good credit score. You may qualify for the loan but not at good interest rates.
580 – 679 Average credit score. You may qualify for the loan but not at good interest rates.
500 – 579 Bad credit score. You will have a tough time getting a loan or credit card.
below 499 Very bad credit score. It’s doubtful that you will qualify for a loan or a credit card.
CNN Money 101
Types of Financial Goals
Report is FREE
Score costs money.
Student Loans Calculator
Pay as you earn