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How to be Rich When You’re Poor:

A quick tour of budgeting for college students.
by

Josee Ward

on 3 December 2016

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Transcript of How to be Rich When You’re Poor:

Considering money doesn't grow on trees what can we do?

Are there steps we can take to .....
How to be Rich When You're Poor:
$mart Budgeting for College
What words do you think of when you hear 'Budgeting'?
Scary
No money
Been there, done that
Overwhelming
Doesn't work
It Changes
Needs
Wants
Never tried
Have one
turn this...
into this...
or at least feel positive about money?
The first step is creating a budget:
Let's take some time to practice developing a budget:
A budget helps you:
Achieve what's important to you
Set priorities
A good budget is:
Realistic
Ongoing
Clear & easy to use
Speaking of Realistic...

Include-
Income, Savings, & Expenses
Fixed
Rent
Mortgage
Car Payment
Tuition
School Loans
Variable
Utilities
Cell Phone
Gasoline
Groceries
Books
Discretionary
Movies & Music
Sports
Eating Out
Clothes
Vacations
Think about your needs vs. wants.
To get you started one popular budgeting trend is the Envelope System:
Helpful Resources

If you need help we are here:

Ada Campus:
Erica Compton
Erin Peterson
Josee Ward
Kurtis King
Lindsey Zahller

Nampa Campus:
Andrew Miller
Brittney Hernandez
Kyle Nelson
Tessa Calip
Tomas Puga

562-2546
562-2478
562-2616
562-2308
562-2354
562-2453
562-2406
562-2451
562-2181
562-2436

A budget is a guide that keeps you on the path to reach your financial goals.
Keeps your finances under control
Shows when you need to make adjustments to your spending
Helps you decide where your money goes instead of wondering where it all went
Budgeting

Ask yourself the following questions when budgeting:
Where does all my money go?
Is there a way to spend less?
How will I handle unexpected expenses?
How can putting money into savings help me with some of my bigger financial goals?


Have you checked in with yourself about how you spend?
Have you ever thought about your money goals?
Short-term goals
Medium-term goals

Long-term goals
Short-term goals might be within the next couple of months. A short-term goal may be buying your textbooks (so that you don’t have to use a credit card), a weekend road trip with friends, or your next cell phone bill.
Medium-term goals involve thinking a bit farther into the future, perhaps the next one to three years. These goals could include buying a new laptop computer, saving $1,000 for an emergency fund, completing your program of study, or saving $5,000 for a down payment on a car.
What do you want to do beyond three years and into the future? Long-term goals could include paying off your student loans after graduation, saving toward a down payment on a house, or saving for retirement.
Write down one personal money goal to start towards your budget.
Full transcript