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How to be Rich When You’re Poor:
Transcript of How to be Rich When You’re Poor:
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'?
Been there, done that
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
A good budget is:
Clear & easy to use
Speaking of Realistic...
Income, Savings, & Expenses
Movies & Music
Think about your needs vs. wants.
To get you started one popular budgeting trend is the Envelope System:
If you need help we are here:
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
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 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.