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First Time In College - Money Management

FTIC sample class session for money management
by

Erica Beam

on 2 May 2016

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Transcript of First Time In College - Money Management

First Time In College - Money Management
Budgeting
1. What is your income?
2. What are your expenses?
- Cutting Costs
- Student discounts
3. Budget forms
http://a248.e.akamai.net/f/1611/26335/9h/dramsey.download.akamai.com/23572/daveramsey.com/media/pdf/forms/fpu_monthly_cash_flow_plan_forms.pdf
4. Budget apps and websites
-EveryDollar
-Mint
Budget Example
Money Management
Budgeting
Bank reconciliation
Financial aid

What is a bank reconciliation?
Bank Reconciliation
What is a bank reconciliation?
Why do I need to do it?
How do I reconcile my bank account?
Why do I need to reconcile my bank account?
How do I reconcile my bank account?
Financial Aid
Questions & Answers
Step 1:
Record everything! Using a checkbook register, keep track of every purchase, charge, fee, deposit, and withdrawal.

Step 2:
Gather your bank statement. Turn it over and use the bank reconciliation worksheet on the back.

Step 3:
Verify outstanding checks and deposits in transit recorded in your check register.

Step 4:
Record (in the check register) any bank fees or transactions that are listed on the bank statement that are not listed in the check register.
Bank Reconciliation Example
Step 1
Step 2
Step 3
Financial Aid
Student Loans
Subsidized Federal student loans
Perkins - 5%
Stafford - 6.8%
Unsubsidized Federal student loans
Stafford – 6.8%
Scholarship
Parent Loan for Undergraduate Student loans (Plus) -8.5%
Consolidation – Fixed & cannot exceed 8.5%
http://www.loanconsolidation.ed.gov/index.html
Work Study
Loan Forgiveness
Private student loans
Cutting Costs
Needs versus wants
Sharing expenses
Transportation
Latest greatest, shiny and new
Avoid unnecessary fees
Student Discounts
Clothing
Technology
Online
Entertainment
Campus events
How are you going to finance your education?
What are the different types of financial aid?
How do you balance work and school financially?

Financial Aid
Scholarships and Grants
Need based scholarships
Merit based scholarships
Grants
Work study opportunities
Financial Aid
How to Keep Your Funding
Avoid dropping courses
Avoid failing courses
Maintain a good semester/cumulative GPA
Maintain full-time status (min. 12 units)
Meet all filing deadlines
Report significant changes of income (loss of income)
File for FASFA every year
Financial Aid
Working and Learning
ADVANTAGES
obtain major related experience
Explore your career path
Capability of managing several priorities

DISADVANTAGES
Working too many hours can hinder academic success
Commuting can take extra time away from studying
Full transcript