Kansas State University

During the summer, we find ourselves with more time and incredible weather. We also find ourselves constantly wanting to do something to “live it up”. So, here are a few ways to “live it up” while you’re “ballin’ on a budget”.

1. Have a garage sale. Gather your friends and have a joint garage sale. By doing this, not only will you save money, but you all will earn money. It is a perfect way to get rid of the old while enjoying the company of your friends.
2. Visit the library. This will give you reading materials for the week and an excuse to leave the house.
3. Music Performances and Festivals. Check neighboring towns to see when there are free concerts in the area.
4. Matinee Movies. During the week and on Sundays movie theaters have discounted tickets so treat yourself to that new movie that just came out.
5. Go Camping. Camping sites are relatively inexpensive and can make for a fun night or weekend with friends.
6. Take a Walk. If you wanted to take your walk a step further, go geocaching to see what treasures you can find.
7. Go to the Museum. Museums often have free days, look them up and plan a day to go to your local museum.

If you find yourself needing to save money in the summer, you don’t have to confine yourself to your house. Use these tips and improve your social capital without reducing your financial capital! If you would like more money saving tips and help on your current financial position, don’t hesitate to schedule an appointment with a peer counselor at Powercat Financial on www.ksu.edu/powercatfinancial.

Alex Bangert, Peer Counselor I

Powercat Financial

PowercatFinancial@k-state.edu

As a freshman, it’s very common to hear, “Don’t work during your first year in college.” College can be a big transition for a lot of students, so it’s very important that you give yourself adequate time to adjust to this new environment. College can also be very expensive and this new period of new financial independence can often overwhelm students. As a result, you might consider picking up a job. This article will help you determine whether you need a job as a student, what to look for in a job as a student, and where to find a job as a student.

Do I need a job?

It may sound like a dumb question at first, but there are a lot of factors that might influence whether you decide to pursue employment opportunities. It’s very common to see your scholarships decrease after your freshman year or to find out that some of your scholarships aren’t renewable. Additionally, some scholarships have minimum GPA requirements and if you are unable to meet these standards, you might find yourself struggling to afford college. If you were anticipating a certain amount of money to get you through college, and you suddenly find out that this money will no longer be available to you, then it might be in your best interest to start looking for a job.

Now that we’ve discussed reasons you might want to start looking for a job as a student, here are some reasons as to why you might want to focus on other things instead. Perhaps you are fortunate enough to have sufficient scholarships/ savings, family who are paying for your education, or even a summer job that will provide enough money to get you through that year. This might be a reason to wait a little on getting a job and instead focusing your efforts on school. That being said, a critical part of this will be your self-discipline and spending habits. Making a budget and strictly following your plan will help you get through the year without regular income.

If you do decide that getting a job is something you can manage, time management will be incredibly important. Being a student keeps you busy enough so it’s imperative that you set your priorities straight. It’s not easy to maintain good grades, be involved on campus, work part time, and spend time with friends; however, it’s certainly attainable to balance all these activities if you develop the necessary time management skills.

What to look for?

As a student, things will suddenly happen in your life and it’s important that you have a schedule that works with this. Maybe that organization you’re a part of is going on a trip or it seems like all your professors plotted together to schedule all four of your exams the same week. Whatever the situation may be, finding a job that will be flexible with your hectic schedule is important. On campus jobs do an excellent job at being flexible with student workers and might be a good choice for you if you need an employer who is understanding of your hectic schedule.

Most jobs in college will typically pay minimum wage when you first start and that is what should be expected when you first start working. However, if you possess a special skill set or unique background that qualifies you to receive a better pay grade, you may be in luck. Specialized jobs of this nature typically pay better and will provide you with better experience if it’s in an industry you hope to work in.

Lastly, it’s important to search for a job that is in line with your career aspirations. Fortunately, colleges often have many careers opportunities with departments or professors for your specific major. Jobs that are in line with your career aspirations also help provide valuable experience that could give you an edge against other applicants when you look for an internship or full-time job after college.

Where to look?

If you are looking for a job as a student, you should check out the K-State Career Center. Their website can be found at: https://www.k-state.edu/onestop/finances/jobs/. There you can find an online database called Handshake with job openings tailored to you both on and off campus. There are also several careers fairs hosted by the career center, specific colleges, and other campus organizations throughout the year. These events are an awesome opportunity to learn more about a job and get face to face contact with recruiters, so be on the lookout for when these events are happening!

Now what?

If you’re interested in determining how much income you’ll need, want to cut down on spending, or have any other questions about your financial situation, be sure to make an appointment with us at: http://www.k-state.edu/powercatfinancial/.

Hopefully after reading this you now feel more prepared to begin searching for jobs that will help you meet your financial goals. Happy job hunting!

Avery Bolar

Peer Counselor I

Powercat Financial

www.k-state.edu/powercatfinancial

PowercatFinancial@k-state.edu

With summer approaching fast, we all start planning our summer activities in our heads instead of studying for finals. But before summer hits we all need to be financially fit! Look at where you are now with your finances and where you need to be. What are you working to save for this summer and what are activities are you wanting to do? Set summer GOALS for yourself and then set forth a plan that matches your goals. Here are some tips to getting your finances fit before summer:

1. If you don’t have a budget now, start one. There are so many great apps out there that can make tracking your spending easier and budgeting a breeze, like mint.com. Knowing where your expenses are going is very important and doing that now will help you better prepare for the summer months. You can use your budget to calculate how many hours you need to work this summer to cover all expenses and how much you need to put aside for savings. Putting money in savings helps pay for those fun activities over the summer without cutting into the important things like rent.
2. If you are needing to save extra money fast before the end of the summer, cut something out of your budget for one month. It’s hard to do no spend months, but it is easier to give up just one thing for a month. That could be cutting something like buying coffee or eating out for the month.
   1. If you buy a coffee every other day, that would save you around $50 for the month.
3. If you don’t want to completely cut something out of your budget, setting aside $5, $10, or $20 each week from now until summer will have built you a small fund of savings to spend on the fun activities for summer break.
4. If you need extra ways to make income, over the summer there are a lot quick opportunities for college students. You could hold a yard sale, be a babysitter, or be a handyman/painter for your friends and neighbors.

To be financially fit for summer, planning ahead is the key! If you have any question or would like to meet with a counselor to help set up your budget, please visit our website to make an appointment. http://www.k-state.edu/powercatfinancial/.

Gretchen Holthaus, Peer Counselor I

As graduation nears closer, so does “adulthood”—making more than minimum wage, paying taxes instead of getting a refund, freedom from homework, and starting student loan repayments. While some of the facets sound more appealing than others, there is a way to ensure you are paying your debts off efficiently, saving for retirement, and having fun.

Budgeting

I’m sure talking about the importance of budgeting sounds like a broken record playing—but maybe the 100^th time you hear of it, you will finally begin. It all comes down to the fact that if you don’t know where your money is going, then you don’t know where your money is going. The three seconds per day that budgeting takes from you is worth the peace of mind you receive in return.

Whether you’re graduating or continuing your education, budgeting is essential. At Powercat Financial, we have spreadsheets to tailor to your specific situation.

Paying off student loans

Start budgeting today for the expenses you will have tomorrow. It will allow you to pay off your student loans in the most cost-efficient way possible.

Key facts:

• Federal subsidized and unsubsidized student loans have a six-month grace period upon graduating, meaning you will have six months to save up for future loan payments (note: Perkins loans have a 9 mo. grace period)
• You can ALWAYS over-pay your student loan monthly payments. Use budgeting to figure out how much you can absolutely afford and contribute your monthly extra cash flow to your student loans. Make any extra payments toward the principle of the loan with the highest interest rate.
• You can begin payments NOW. Schedule an appointment with a peer financial counselor to see how you can begin payments now and decrease how much you will owe in the future.

Saving for retirement

When it comes to saving for retirement, I always think of the quote, “Begin with the end in mind”. Yes, your career is just starting, but the contribution phase for retirement is as well. This means that the more you save now, the more you will have later!

You may be offered a variety of different savings vehicles for retirement—401(k) plan, Employee Stock Option Plan, pension plan, etc. If any of these words sound intimidating, let a peer financial counselor explain the pros and cons of each of them.

Once you know your retirement saving offerings, add them to your monthly budget. This will ensure that you are paying your future self before spending the money on other items, like Chipotle and Starbucks.

Having FUN!

When it all comes down to it, money is simply a vehicle we drive through life. It helps us to live the best life we imagine possible for ourselves and shouldn’t be something that stresses us out. With that, everyone’s drive will look different. Some may make many stops because they love to travel, and some may drive a shinier car than others because nice cars bring them the ultimate joy. I encourage you to think of the top three things you want to spend your money on that will give you the most fulfillment out of your life and save each month for those items. As long as you budget for them, you will have the money for them (do you see a theme?).

Healthy financial habits are like healthy eating habits:

Is it common sense to eat fruits and vegetables instead of potato chips? Yes.

Is it common sense to know where your money is going? Yes.

If some of these money tips sound too easy, it’s probably because they are easy, and the key is to simply begin them. Schedule a free and confidential appointment with Powercat Financial to begin to “do it all”.

Allison Becker, Peer Counselor III

Time flies. It may seem crazy to say it, but graduation is almost here. Graduating brings a new job, a new home and a new life. Also, with graduation comes student loans repayment. Often times, student loans get placed on the back-burner due to lack of preparation before graduation. How you manage your student loan payments will shape your finances for decades to come, so it is important to place student loans at the top of your pre-graduation to-do list.

Before walking across the stage, it is important to ask yourself these questions. If you need clarification regarding your answers, request an appointment with Powercat Financial. We are here to help!

1. What kind of loans do I have?

If you have accepted loans to help fund your education, they are either private or federal student loans. You can look up your federal loans by going to www.studentaid.ed.gov. Once logged in, you will see the history of your student loans. It will show your current balance as well as the accrued interest that has grown on your unsubsidized loans. Remember, there are two types of federal loans – subsidized and unsubsidized. It is important to know the difference. With subsidized loans, the government subsidizes, or pays the accrued interest while you are in school. With unsubsidized loans, on the other hand, interest begins accruing as soon as the funds hit your account and it is your responsibility to pay back.

Private loans are a bit trickier to find. If you know you have received private loans but have forgotten who they were from, pulling a credit report is the best way to find out. You can do this by going to www.annualcreditreport.com. You are allowed to pull three credit reports per year for free; one from each of the three credit bureaus.

2. Whom do I owe?

Each student who has accepted federal student loans has what is called a loan servicer. A loan servicer is the company that will collect interest and principal payments from you. You can find who your loan servicer is by clicking on each individual loans found on your www.studentaid.ed.gov account. It is encouraged to create an account on your loan servicer’s website before graduating. This is where you will make payments towards your student loans. Remember, you can make payments towards your student loans while in school and it will not have an effect on your in-school deferment.

You can find the contact information for your loan servicer here.

3. What are my repayment options?

This depends on what type of loans you have. Private student loans often follow a typical installment loan repayment structure, in which you make monthly payments for a fixed loan term. Federal student loans offer more options. By default, you will be placed on the standard repayment plan which consists of 120 equal monthly payments. There are other options that can change the structure of your repayment plan. Some extend the payments over a longer time period, others will start you off with a lower payment and work you up to a larger payment over the course of the plan. There are also options to reduce payments based on your income, but which you must qualify for. You can learn more about the available student loan repayment options here.

4. When is my first payment due?

Federal student loans generally have a grace period of six months, meaning your first payment comes due six months after you graduate. This allows graduates to get settled in to their new life after college. It is important to know when your first due date is. You can find this by contacting your loan servicer. If you have private student loans, your payments might become due right away so contact your lender to find out.

5. How can I budget in my student loan payment?

First, it is important to understand what your estimated monthly payment will be. You can find this here by logging into your www.studentaid.ed.gov account. After finding your monthly payment, begin creating a monthly budget that includes all of your income and expenses. To help you get started, please download Powercat Financial’s Excel budgeting tool or come in to meet with a peer counselor. Living on a budget requires continuous monitoring and adjustments but can help you reach your goals!

Student loans can be overwhelming and somewhat complicated. If you are stressed about adding an extra item to your to-do list, please request a FREE appointment with Powercat Financial today via www.ksu.edu/powercatfinancial/services. We can help provide clarity and direction for life after graduation.

One option available to all K-Stater’s is access to the Salt Money financial tool. Sign up today at www.saltmoney.org/kstate for your lifetime access of tips and tricks regarding your finances. They offer a chat service with student loan professionals to answer all of your questions after graduation. This is a great resource to take advantage of.

Nolan Keim

Peer Counselor III

Powercat Financial

www.k-state.edu/powercatfinancial

When considering options for financial services such as setting up a checking account, savings account, or taking out a loan it is common practice to refer to a bank. But what about that other financial institution, the credit union? What do they do? Are they the same?

Banks and credit unions offer the same products and services, almost. However, there are some key differences to be aware of when making your decision. Let’s review the similarities and difference to decide what is best for you!

Terminology: While banks and credit unions offer virtually the same financial products you may notice that they use different names for the same financial vehicle. For example: credit unions refer to savings accounts as “share accounts”, and customers as “members”. A very minor difference.

Business Structure:

Banks are a for-profit financial company, ranging from big to small, national or local. Most of these banks are public companies, this means that ownership goes to company stock holders.

Credit Unions are not-for profit financial cooperatives and they are typically small and local. They are run by member-owners on a one member-one vote system. Essentially members agree on all of the cooperative’s decisions together. The members are typically un-paid volunteers who are elected by vote.

Eligibility

Banks can conduct business with any customer.

Credit Union membership is restricted to certain people with affiliations. For example: where they live, work, attend school, etc. Other affiliations may apply. However, under the Federal Credit Union Act, once you are a member you are a member for life, even if you leave the affiliate group.

Fees, Incentives, and Rates

Banks typically charge more. Banks commonly pay their customers lower earnings on deposit accounts and charge higher rates on loans, but of course this is not always the case! However, they typically offer better rewards on credit cards.

Credit Unions are typically associated with lower fees (overdraft fees, ATM fees etc.), and membership requires a small deposit of $5, and most do not require minimum daily balance. Additionally, they may offer higher rates of return on savings accounts, money market accounts, and CDs.

When deciding what financial institution to work with remember these considerations, and check out your local branches! For more information on banks, credit unions, and other financial services visit Powercat Financial located on the 3^rd floor in the Union. To request an appointment with one of our peer financial counselors follow this link:  http://www.k-state.edu/powercatfinancial/ .

Emily Koochel

Peer Financial Counselor