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Money Saving Apps for Your Budgeting Needs

For the majority of students, the hardest part of creating and sticking to a budget is having the discipline to continue monitoring it. Part of the reason some shy away from sticking to their budget, is they have a hard time trimming down their current expenses. Today, we are going to explore some of the unique options that are out there to both save money and possibly make a little extra on the side.

Before we start, I would like to review the steps of the budgeting process. First, you need to understand how and where you are spending your money. To do that, you must first estimate what you think you are spending on a monthly basis. This will set the bar to see whether you are aware of your spending habits. Next, you will need to keep track of your actual spending for at least a month. You can do this by saving receipts, journaling purchases, or any other way that works for you. This is a very important step because once you know what you are actually spending; you will be able to see the gaps in what you estimated, compared to what you are currently spending. By doing the first two steps, you are now aware of where your money is going and what changes you can make.

This is where we are at today. When you look for places in your budget to trim expenses, and therefore save money, it can seem a little overwhelming. Here are some options that are available on your smart device to help you save money without necessarily changing your money behaviors entirely.

For Shopping/Entertainment:

  1. Shopkick

If you are one of many who have troubles sticking to your shopping budget, Shopkick is a great app for you. This app allows you to receive free gift cards for the shopping you already do. You can browse products and discover great deals at stores like Target, Starbucks, Best Buy, and more. When you shop, you can earn free points, called “kicks,” and redeem them for gift cards of your choice. If you value your shopping, this is an app that can be of great value to you. Available for: iOS and Android

  1. RetailMeNot

With this app, you can browse thousands of coupons and deals to hundreds of popular retail stores and restaurants. You can save the coupons that you want for easy access and reminders of expiration dates. Why would you pay full price when you can take advantage of discounts, sales and promotions? RetailMeNot brings all of those deals into one place! Available for: iOS and Android

  1. Groupon

This app has a little bit of everything! It offers deals on everything from restaurants to retailers, to hotels along with many other entertainment venues. You can search by location and find many deals on the best stuff to eat, see and do near you. In my opinion, Groupon may have the most options for you to save money, while enjoying life and remaining loyal to your budget. Available for: iOS, Android, and Windows

Eating Out Locally:

  1. Pocket Points

Recently brought to Kansas State University, Pocket Points offers many deals and free items by simply staying off of your smart phone. This is practically free money! This app gives students rewards for not using their phone during class or while on campus. All you have to do is open to application, lock your phone, and watch your points build up. You can then use these points to receive discounts, deals, and free items at restaurants, and stores in Manhattan. Pocket Points is a GREAT way to trim down your monthly expenses. Give it a shot, it is definitely worth staying off your phone! And hey, maybe you’ll meet someone new. Available for: iOS and Android

  1. Tapingo

Joining Pocket Points on Kansas State’s campus, the Tapingo application is another great option for you. This app lets you order on the go and pick it up when it is ready. No need to stand in line! It will definitely add convenience and time back into your schedule. To make it even better, periodically they will offer promotions to help you save money at these campus restaurants. Available for: iOS and Android

  1. EatStreet

EatStreet is another great option for you when looking for food to order. Use your location to find great deals and discounts on the top local restaurants. Find what you are craving and experience the convenience of ordering from your phone. Make sure to check back weekly for new deals! Available for: iOS and Android

Earn Some Extra Income

  1. JoyRun

The JoyRun application is delivery for friends, by friends. It is a delivery service made up by people in your community. If you are stuck at home, request a run from one of your favorite places and a JoyRunner can bring you the food. By creating an account on the app, you can also be the JoyRunner! Going out to eat? Start a run, set your delivery fee and see if anyone wants anything picked up. This is a very unique app that could allow you to make some extra cash without having to do a whole lot. Available for: iOS and Android

  1. Uber

Looking for part-time job? Sign up to be an Uber driver and work only when you want to! After you meet Uber’s requirements, you can become a registered Uber driver and start earning money by driving clients to their destination. So if you need extra income to keep your budget from going in the “red,” sign up today! Available for: iOS and Android

Need Help Budgeting?

  1. Mint

Is it hard finding a budget that works for you? Try Mint! This personal finance application will allow you to track your budget, bills and money. You can get started on your computer or phone. This app brings together your bank accounts, credit cards, bills and investments so you know exactly where you stand. By syncing your accounts, your monthly expenses will automatically be transferred to your Mint account, making budgeting very simple. Available for: iOS, Android, PC

Do You Need Some Further Assistance?

Are you taking advantage of these great opportunities and still having a hard time creating and sticking to your budget? If so, schedule an appointment with Powercat Financial and a Peer Counselor would be happy to help you get on the right track!

Nolan Keim – Peer Counselor II

Worried about student loan repayment? Don’t stress, we are here to help!

Are you a graduating college and worried about student loan repayment? With midterms, finals week, and projects all wrapping up and coming to an end, the last thing we want to think about is student loans, but with a little planning, they are nothing to be concerned about! We will discuss the process of paying back student loans and how to insure the process is a breeze!

Step 1: Figure out who your student loan servicer is:

Many times, people think that student loans are paid back to their university or the government directly. This is NOT the case. While you are borrowing the money from the government, they have loan servicers who handle the repayment of student loans. If you do not know who your servicer is, the first step is to log in to the federal student aid website (WWW. Studentaid.ed.gov). After logging in, you will find all of your student loans listed, with information such as loan balance, interest rate, loan servicer, and type of loan. After reviewing your loans and finding your loan servicer (CornerStone, FedLoan Servicing, Granite State, Great Lakes Educational Loan Services Inc, HESC/Edfinancial, MOHELA, Navient, Nelnet, OSLA Servicing) you can log in to their personal website and create an account!

Step 2: How much will you pay each month:

Student loans are paid back on a monthly basis. There are many different repayment plans that are listed below in the next section, but before you pick a repayment plan, it is good to figure out how large of a payment you can financially handle each month. There are many different student loan repayment calculators online but the easiest to use is the Federal Student Aid calculator. You can find it at www.studentaid.ed.gov. This calculator automatically loads your student loan information into the calculator and offers a table of monthly repayment estimates for each specific loan repayment option. With this, you can get a good idea of which monthly repayment plan will work best with your financial budget.

Step 3: Student Loan repayment options:

Once you have created an account on your servicers website, it is time to decide how to take on student loans repayment. The great thing about student loans is that you have a 6-month grace period before you have to begin repayment, with most loans. If you have not used any of your grace period, you do not have to start repayment on the loans for six months. *With unsubsidized loans, we recommend that borrowers begin repayment on the accruing interest before the sixth month grace period ends. Once the grace period ends, any interest that has accrued on your loans will be tacked onto your loan balance, which will cause you to pay interest on top of that accruing interest.* There are many different repayment plans that are offered when paying back student loans. The standard repayment plan is equal monthly payments for ten years (120 months). If your loan balance is above $30,000 and you are worried that monthly payment will be too high, you can apply for extended repayments, which divide the loan up into equal monthly payments over 12-30 years. There are also income based repayment plans. These are for borrowers who believe that they will not make as much money in their first few years working, but by the end of repayment will have a higher income. With this plan, you will pay a lower monthly payment in the beginning, but periodically through repayment, your monthly payment will increase. Another option available is Income-driven plans. Under this plan there are a few different options that take a percentage of your income and formulates a payment based off of the information provided. If you do not specify, you will be put on a standard repayment plan and will need to contact your loan servicer to be put on a different repayment plan.

Step 4: How to save money with loan repayment:

There are a few different tips and tricks that you can utilize to save money with student loan repayment. The first step is to enroll in an automatic payment plan. Loan servicers offer a .25% interest rate discount to customers who enroll in an autopay program. This will also insure that you do not miss a payment, which could hurt your credit score.

Another way to save money is to be proactive with the loan repayment process. When you make the monthly payment, specify that you would like the put the payment towards the loan with the highest interest rates. Paying down loans with the highest interest rates first, will insure that over time, you are paying the lowest amount of interest possible on your student loans.

There are also ways to get a portion of your student forgiven. If you are planning on working in a public service sector, you are eligible for some type of loan forgiveness. The Public Service Loan Forgiveness is for anyone who works in the public sector (nonprofit, government, state job), and makes 120 qualifying payments. These payments do not have to be consecutive to qualify. If you are a teacher and new borrower, there is a Teacher Loan Forgiveness plan as well. Under this plan, you must have taught full time at a low income school for five consecutive years. Under this plan, you are eligible to have up to $17,500 of your student loan balance forgiven.

To be eligible for these forgiveness programs, you are required to make the minimum required monthly payment until you meet the time requirement.

There are also rural opportunity zones within Kansas that allow for student loan forgiveness. To be eligible, you must live in a rural Kansas County and hold at least an associate’s degree. Under this plan, up to $15,000 can be forgiven (20% of loan balance each year up to $3,000, for 5 years). For more info on this, visit www.kansascomerce.com/rural

Step 5: Don’t Stress

Armed with these tips, you are ready to take on the task of repaying student loans. With proper planning, student loan repayment can be easy and stress free. If you have any more questions regarding student loan repayment, or any other topics, please feel free to schedule an appointment with Powercat Financial. Either I, or another counselor would be happy to assist you!

Preston Tucker – Peer Counselor I

Road trips ahead!

A great way to spend the weekend is traveling around the country to see new and exciting places. Whether it is following a sports team or visiting friends, the possibilities are endless when developing a road trip. Not to mention, you gain a greater appreciation for the destination after a road trip of sightseeing and adventure. Being in a centrally located area of the United States makes it easy to go to different places. Colorado, Missouri, and Texas are just some of the states that would make a good weekend trip! Although flying may be faster, it is much more expensive than driving. Here are some steps to ensure a successful road trip with your friends on a budget.

The Destination

This should be the number one question when traveling. Where do you want to go? Once you have selected your destination you can begin planning how long it will take to get there, and determine how long you would like stay. It’s important to note that in some places your will dollar will not go as far. For example, a trip to a larger city may be more expensive than a trip to the countryside. One way to save on expenses is to travel in a group, then you can split the cost of food, drink, transportation, hotel, etc. You can also save a considerable amount of money by making plans early.  Take advantage of deals and discounts that come along with booking your trip in advance.

The Travel

For some people traveling is the worst, but for me traveling is half of the excitement. The travel makes the place you are going a lot more special in my opinion. Depending on where you are going, it could take a couple of hours or a day to get to your destination. One side effect of being on the road for so long is unnecessary stops or expenses. You can avoid this by packing your own food and drinks so that you do not have to spend money at a gas station, or on fast food. When you are with other people be sure to split the cost of gas, it can be one of the greater expenses for the trip, but minimized if everyone contributes.

There are several expenses that come along with traveling. Hotel, food, and entertainment are three major expenditures on a road trip. You can reduce your spending if you ratio your spending and plan your trip ahead of time. You can start by putting a little money aside each week to start saving for an upcoming trip.  Come see Powercat Financial for all for all of your budgeting and financial questions. We would be happy to help you set up a savings plan to ensure your best road trip yet!

Joshua Zdeb

Peer Financial Counselor I

Planning for a SMART New Year

Image result for new years and planning

As we approach the end of the year, we often reflect on what we have and have not accomplished throughout the year.  When we set our goals and New Year’s resolutions, we have grand ideas and plans.  One way to achieve our plans is to set SMART goals rather than general ones.

Be specific.  It is difficult to achieve a vague idea.  For example, set a definitive goal of I would like to take a vacation in June to California instead of I would like to take a vacation someday.  Not only does this give you a time-frame, it allows you to research what you need to achieve this – such as costs.

Next, your goal should be measurable.  By knowing the details, you can set incremental goals to achieve the bigger, overall goal.  Take my trip to California – I need to know the cost I plan on spending and when I am going, so I can start saving now.  For instance, if my trip is going to cost me $500, and I plan on going in 6 months, I need to save just under $85 per month.  I will be able to measure my progress each month as I save money.

Your goal should be achievable.  If I currently have no income, it will be very difficult to save $85 per month.  A better goal at this point would be to find a job, so I can have the money to save for a vacation.

Having a relevant goal is important.  If it does not matter to you, you will not be motivated to achieve it.  Personal values and aspirations are necessary components of setting goals that matter to you.  Why do I want to go to California?  For me, it is not just a fun vacation, but I have family there that I haven’t been able to see for a while; therefore, I am more motivated to save money each month.

Finally, having a time-frame will help you reach your goals.  While I would love to go to California next month, I will not have the time to save the money by then.  Also, setting the time-frame far enough out (June), but not too far (such as sometime in the future) gives you more specific direction.

Whether your ambitions are financial, related to school or a future job, as you approach goal-setting next year make sure you set SMART goals.

Specific

Measurable

Attainable

Relevant

Time-frame

Fulfilling your New Year’s resolutions will be within your reach!

Shari Humbard
Peer Counselor II
Powercat Financial Counseling

How to Treat Yourself on a Budget

Image result for halloween and money

Spending money within your financial means is important—but it is also important to prevent yourself from getting stressed out by your finances. Thankfully, there are ways in today’s world to refrain from spending money yet, letting you treat yourself every once in a while. Here are some ways you can give your wallet a break, and relax.

Download Free Phone Applications

Would you stay off of your phone in class for free pizza? If so, download the application, Pocket Points. The app knows when you are on campus, and will give you points for the time you spend off of your phone once you open the app and lock your phone. You can redeem your points for various prizes—one being free Jeff’s pizza. This is a simple way to pay better attention in class and reward yourself for a hard week of studying without having to touch your wallet.

Sign Up for Restaurant Emails and Coupons

 If you ever have a hankering for a certain restaurant, make sure to see if they have coupons on their website. Most places have an email club you can opt into to receive coupons, or the website may direct you to their app for your phone. For example, if you download the Baskin-Robbins app, you receive various coupons—one being for a free scoop of ice cream. Need a pick-me-up after an exam? Go for a free scoop!

Go Adventuring

We take for granted the many different places surrounding our town of Manhattan. If you are tight on money for the month but need a getaway, there are so many nature-made destinations nearby. Go hike the Konza Prairie, take a walk around Tuttle Creek, or enjoy the sunset On Top of the World. For more information on different places to explore and events in the area, check out the Manhattan Convention and Visitors Bureau website, www.manhattancvb.org.

Avoid Peer Pressure

One of the easiest ways to avoid spending more money than you are earning is to communicate with your friends about your financial situation. Tell your roommate to deny any request you have to go to the mall because you know it’s not in your budget, or communicate that you can only afford one trip out to eat this month. We are all college students—chances are, they are in the same situation, and it is nothing to be ashamed of.

If you would like to schedule an appointment to make a budget with Powercat Financial Counseling, you can do so at www.ksu.edu/pfc. Once you start tracking your expenses, you will know when and how you can “treat yourself”. After all, college is hard, and everyone needs a break sometimes.

Allison Becker
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

Peer Pressure and MONEY

We have all been put into a situation financially where we did not have the money to spend but spent anyways! Being a college student does not help with this situation either. We live in a world where most feel the need to keep up with their peers and by doing that we sometimes end up spending money that we do not have. Unfortunately, there is not a magic formula to being able to say, “no” when the time comes to financial obligations.

We sometimes go out of our way to avoid tricky situations, especially when it involves money. However, there are some steps that you can take to assist in being able to stick to your budget and not spending money that you do not have. Having honest communication about your finances with your friends and loved ones, budgeting for events, limiting yourself, and not keeping score.

Communicating your goals to your friends and family.

You should be honest with your friends and family when it comes to your goals financially. If they understand what you are trying to accomplish they will have a better understanding of why you turn outings down and why saving or getting out of debt is so important to you.

Budgeting for events.

Almost every goal that you set for yourself in life may have money involved. It is important to set your goals early and decide how you are going to achieve those goals. Budgeting does not have to be only for big lifelong goals, it can be for mini trips or having a fun night out with your friends.

Limit yourself to the amount of activities you do.

In today’s society we often feel pressured to be involved and to not say, “no.” Saying no to going out to dinner, drinks or buying new items all the time can be difficult but it is important to learn how to limit yourself.

Keeping score.

Keeping score with your loved ones, friends and family can be dangerous. When it comes to money you should never compare yourself to what others have or make. Each individual is going to be in a different place at a different time. It is important to not try to keep up with the Joneses.

I leave you with this remember that peer pressure can be difficult but if you make your goals and priorities your number one focus it will affect you less. Last but not least if you ask to not be peer pressured financially or you ask for their help with sticking to your budget from your friends remember, to do the same for them.

By: Camila Haselwood

References:

Friends with Money: How to Handle Peer Pressure

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