The First Step in Your Summer Break Journey.
Budgeting can be the first step you need to start your adventure. Whether you are saving for a summer trip or need some help throughout the year, budgeting can be a powerful tool to use. Budgeting is the process of creating a plan to spend your money. This spending plan is called a budget. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do. The counselors at Powercat Financial are here to make this first step stress free for you.
We have multiple resources to ease this process on our website at https://www.k-state.edu/powercatfinancial/. While you can do it yourself, we would love for you to schedule an appointment to let us help you. We have a Microsoft Excel spreadsheet that you can start with to get an estimate of what your income and expenses may be. It can be found by clicking on this link https://www.k-state.edu/powercatfinancial/budgeting/ and clicking on the spending plan worksheet. If you decide you want to use this spending plan worksheet to create your budget, here are three easy steps to follow:
- First you will estimate what you believe your income and expenses are for a monthly period. You will also identify whether the expense is a need or a want.
- Second you will record your actual income and expenses as determined from your financial records for a monthly period again identifying them as needs or wants. By estimating first, then recording actuals second, you will get a good feel for how in tune you are with your spending habits.
- The final step is to determine any adjustments that need to be made and to create the spending plan for next month.
There are other options you can use to budget as well. A popular free app that you can use on your phone, or any electronic device is “Mint”. Mint brings together your spending and income automatically for you. All you must do is link a bank account to your new account, enter your budget plan and let Mint do the work for you. It can be set up to send you alerts to remind you of your spending plan goals and current status.
Okay I Have Created a Budget, Now What?
The next step in your summer break adventure is planning your trip. Planning your trip can be an exciting part of your trip. While it can be an exciting aspect it can also be a stressful one. I can surely say I have traveled quite often in my twenty-three years and here are some travel tips I would love to share with you.
- Fly on an Off-Peak Day or Time – Traveling on a Monday or Tuesday versus a Thursday or Friday can give you better deals on your flights
- Expand Your Hotel Horizons – What I mean by this is you do not necessarily need to stay in a hotel on your trip. There are plenty of popular booking websites you can use including Airbnb, Flipkey, and Homestay.
- Open a Travel-Friendly Bank Account – While this may seem like an odd tip, it can be useful when traveling outside of the United States. Having a bank account that does not charge ATM withdrawal fees can aid you in saving money. It is common for banks to charge up to 3% of your withdrawal in fees.
- Compare the Prices of Websites – While it may be tempting to select the first price you see, comparing prices can help you save hundreds of dollars. In my experience of traveling, I created a Microsoft Excel spreadsheet comparing different prices and websites to help me find the best deal.
Additional tips and tricks can be found on https://www.businessinsider.com/travel-budget-save-money-on-vacation-2019-10#be-flexible-with-your-travel-dates-3. If you or your friends need help in this process, we are here to help! Powercat Financial can help you create your budget. We offer free and confidential appointments in-person or by zoom as well. Appointments can be requested at https://www.k-state.edu/powercatfinancial/.
Upcoming Event: Powercat Financial will host an interactive game of life simulation along with Meritrust Credit Union on April 6th from 12:00-1:30pm in the Union Courtyard. Come experience a “real-world” game of Life based on day-to-day financial decisions and learn how to manage your money!
Dylan Birkinsha
Peer Counselor I
Powercat Financial
www.k-state.edu/powercatfinancial
