TAKE CHARGE OF YOUR FINANCE$
While it's hard to resist spending money on things you would like to have, running up a large amount on your credit cards will cause more pain in the end. On average, 60% of students have a credit card in their name, and 20% own four or more credit cards, making it easy to overspend. But if you can be a smart shopper, you won't have to worry about having a large debt on your
- Comparison shop. Do some research before you make a big purchase and see if it's cheaper somewhere else.
- Resist impulse buying. It's okay to "treat" yourself every once in a while, but don't make it a habit.
- Look for hidden costs. Read the label on clothing-does it say dry clean only?
- Make sure you're not buying something that could easily fall apart or break.
- Learn how to negotiate. Sometimes salespeople really will be willing to lower the price or give you a discount.
- Pay with cash whenever possible. Think about the beating your credit card will take when you're done having your fun.
- Ask yourself if you really do need the item. Will you be unhappy without it?
- Determine ways to cut back on spending
- Separate needs vs. wants
- Set up a budgeting plan
- Prioritize your expenses
- Pay your bills on time
DON'T BE A SUCKER-AVIOD THE CREDIT TRAP AND CREDIT CARD FRAUD!!!
Try to use credit only for emergencies or when you know you have money available. Charge no more than you can pay off in a month or two, and limit yourself to one credit card that can be used anywhere. When traveling, don't walk around with too many cards or too much money at one time. Don't leave your Social Security card, ATM and PIN numbers in your wallet. If important information is stolen, report it immediately!
- Are you using credit to pay for items that you used to pay for with cash?
- Is a substantial amount of your income going to pay off debts?
- Are you tapping into savings to pay for current bills?
- Do you have several outstanding credit card bills?
- Do you take out new loans before the old ones are paid off?
- Are you constantly near or at the end of your credit limit?
If you answered yes to more than one of the questions above, you may be in financial trouble. Use the tips here to help bail yourself out. Be financially fit and save yourself future trouble!
Please contact Tambree Wilson- Student Coordinator firstname.lastname@example.org or J.T. Knoll at 620-235-4062 or by email at email@example.com for more information. Or stop by our office - 105 lower level Overman.