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Budget Bootcamp

Financial Literacy, Navigating Financial Aid, and Georgetown Hints
by

Rachel Tetteh

on 10 January 2014

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Transcript of Budget Bootcamp

BUDGET
BOOTCAMP

Why is Budgeting Important?
Creates independence
Helps to set and reach goals
Let's you enjoy living responsibly within your means
Prepares you for your future after college
1. Buy books from a friend
2. Use google books, it wont give you all the book but it will show you if it useful or not.
3. Share books with friends in your same course.
4. Use books from older editions
5. Buy used books (Amazon.com, Chegg.com, Half.com)
6. Rent from the Library or Consortium
7. Try E-books, they might be cheaper
8. Sell back/Trade back to Amazon N
OT bookstore
Books
This is about becoming financially literate and making your money work for you!
THE 7 BEST WAYS TO SAVE YOUR MONEY
Lets recap
Three
Two
One
Six
Five
Four
Seven
Create a food budget.
Many Americans spend more money than they should dining out. Monitor and plan your outings, and start saving!
If you get a credit card, make sure it is with a company that can help you build your credit!
Pay yourself first!
Whenever you get paid, set money aside for yourself in a savings account!
Look into selling and buying books online. Oftentimes, it is cheaper than your campus bookstore!
Create a personal budget and stick to it!
Shop around for the cell phone plan that best suits you!
Do your research before applying for credit cards. Different cards offer different advantages!
Definition
Confidence in a borrower's ability and intention to repay.
What Does this Mean?
Credit is your financial trustworthiness
What is Credit?
People use the credit they have with financial institutions, businesses, and individuals to obtain loans. And they use the loans to buy goods and services.
What is a Credit Score?
Definition
How is it Calculated?
A number that represents your calculated measure of credit risk
A complex mathematical formula takes into account numerous factors in your credit history
Scores range from 300-850 (Average Credit Score in U.S.: 692)
It is calculated by 3 major credit bureaus: Equifax, TransUnion, and Experian
What Factors Determine
Your Credit Score?
Don't panic like this guy.
Learn how to make a budget!
2)
Determine your monthly income
5)
Anything else?
3)
Estimate required expenses
Steps to Create
a Budget
4)
Estimate discretionary expenses
1)
Track all your spending for a month
How to Stick
to a Budget
Don’t compare yourself to others
Budget should be fluid- not always fixed as circumstances change
Focus on a few things at a time
Don’t focus on the immediate reward, focus on the future reward
FINANCIAL
LITERACY
NAVIGATING
FINANCIAL AID
To help you manage your money,
attend
Common $ense workshops
and go to
mint.com
to start planning your budget.

REGISTER @
www.gucommonsense.com
Office of Student Financial Services Counseling Division by Last Name
A-D, Lucia Chile (mc526@georgetown.edu)
E-K, Dinah Maurelus (dm1217@georgetown.edu)
L-Q, Rachel Park (sp497@georgetown.edu)
R-Z, Brian Lemma (bl23@georgetown.edu)
MyAccess
MyAccess.Georgetown.edu will become a useful website in your Georgetown years. These are only a few things you can do in MyAccess:
1. Edit Biographical and Address Information
2. Course Registration
3. Financial Aid Services
4. Student Account Services
5. Request Refunds
6. Student Health Insurance
To request a refund, you will follow these steps...
Credit Card
VS.
Debit Card
Steps to Request Your Refund!
What is Financial Aid?
Financial aid is money supplied by a source other than the family to assist with the costs of a student's postsecundary education
Georgetown's Category of Aid
Need-Based Aid:
Student must demonstrate financial need
Need is determined by analyzing student's and family's financial situation
Types of Aid
Scholarships and Grants:

Free money or gift aid
Generally do not have to be repaid or earned
Loans:
Self-help aid that must be repaid
Some loans may be fully or partially canceled if borrower fulfills certain requirements
Employment:
Self-help aid that provides compensation for work
Financial Need
For need-based financial aid programs, students must demonstrate financial need under the following formula:

Cost of attendance (COA)
-Expected family contribution (EFC)

=Financial Need
Federally funded financial aid program established to provide part-time employment opportunities for students with demonstrated financial need.
Eligibility will be determined by Georgetown's financial aid office
Money earned by working
Money does
NOT
have to be repaid
Students will receive a paycheck or direct deposit paid directly to them on a biweekly basis.
FAQs
Q:
Do I have to do my FAFSA, CSS Profile & IDOC every year?
A:
Yes! FAFSA, CSS Profile and IDOC are to be completed for every school year. Priority deadlines are usually between April-May.
Q:
Do I have to work if I am awarded work-study as part of my financial aid package?
A:
No! Getting a FWS award makes it easier for you to find a job. However, you may choose to reject your FWS offer if you have planned to meet your expenses in other ways.
Q:
How many hours a week will I be required to work?
A:
Typically 10-15 hours per week, but you can work with your employer to find a schedule that works best for you.
Federal Work-Study Program
To find on-campus and off-campus employers visit:
HoyaWorks!
at seo.georgetown.edu
Georgetown Hints!
Holidays:
1.
If you are not traveling too far, use the bus: Megabus, Bolt, Peter Pan
2.
Book flights in the middle of the week & uncommon times
3.
Use sites such as: Kayak, Cheaptickets, Orbitz, Spirit
4.
Ship boxes if cheaper
5.
Take SuperShuttle, MARC Train, Amtrak
6.
See if you can catch a ride with a friend or classmate
DC:
1.
Take the GUTS shuttles
2.
Use public transportation
3.
Ride a bike
4.
Walk
5.
Get a SmartTrip
6.
Try Zip Car and Car to Go
7.
Try Capital Bike Share
Traveling
FOOD
1.
Vital Vittles is overpriced.
2.
Trader Joe’s is the best option but is a little further from campus than Safeway (Friday special deals), which is the next best option.
3.
Grab&Go is available for all 3 meals
4.
Qdoba Mondays: half off for students 2-8pm (times may change)
5.
Campus Foods (ask for student discounts): online
6.
Eat n' Joy half off for students Tuesday
7.
Wingo's is half off for students on Wednesdays with the word of the day
CLOTHING & ENTERTAINMENT
Resources @ Georgetown
1.
Thursdays Georgetown Cinema – half off with student id
2.
Kennedy Center Millennium Stage shows 6pm everyday free
3.
Career Center and GSP offers business/professional wear
4.
Pentagon City Mall, H&M downtown, M Street
5.
What’s After Dark (ie. $20 for NYC trip w/ Broadway show)
6.
Most Smithsonian Museums are free and open every day
7.
The Gallery Place Chinatown location has a lot of
things to do
8.
Try taking the bus to Tyson's Corner Mall
9.
Take the train to Columbia Heights station to get to Target, Marshalls, and Bed Bath & Beyond
10.
Take the train to MetroCenter to get to Forever 21, Macys, and Zara
Financial Aid Counselor
Peer Counselors
Student Employment Office
GSP Mentor
(Student & Staff)
Common $en$e
GUASFCU
1. Set up your “Payment Profile” – your bank information – in MyAccess
3. Sign in
4. Click on
"Student Account”
4. Click on "Request a Refund"
2.Go to https://myaccess.georgeto
wn.edu
I know I will get a refund if my account balance in MyAccess is a negative number.
Typically, students use their refund for school related expenses, traveling home, and various personal expenses
Get your free credit report annually at www. annualcreditreport.com
Full transcript