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Author: ekoochel

Taking Control of Your Financial Future

Posted on by ekoochel

What do we all have in common regardless of our age or major?  At some point, we will need to manage our own finances (or we already are).  This can be scary for some, and confusing for others.  Knowing where and how to start is critical.  Regardless of where you are in life, these are simple steps to help you take control of your financial future.

Begin with a budget

If you already have a budget – great!  Make sure you are reviewing it regularly and adjusting for life’s changes.  If you don’t have one, now is the time to start.  Even if you do not have a regular income you can budget the allowance you get from your parents, or student loan and scholarship money you receive each semester.  This is especially important if you are receiving lump sum payments, and you need these funds to last the entire semester.  You can use the spending plan worksheet at k-state.edu/pfc/budgeting/ to help you get started, or make an appointment with Powercat Financial.  Other budgeting tools can include using an online App such as mint.com.

Check your credit report

Checking your credit report is important.  A credit report is a summary of your financial reliability – your history of paying debts and other bills.  The three credit bureaus are Transunion, Equifax and Experian.  You can obtain a free credit report once a year from each of the three bureaus at annualcreditreport.com.  We recommend requesting one every four months (for example – Transunion in January, Equifax in May, Experian in September) to identify fraudulent activity or errors, and track your credit history.  Also note, the report does not include your credit score (the numerical value calculated from information in your credit file that is used by lenders and landlords to assess your “credit risk” at that time), but you can get your free credit score at creditkarma.com.

Set up an emergency fund

Pay yourself first!  This sounds simple, but the easiest way to contribute to a savings account regularly is to set up an automatic transfer from your checking to your savings account.  Having an emergency fund of 3 to 6 months of expenses can keep you from using credit (and paying the interest) or stressing about money in an emergency.  Just make sure to only use it in an emergency and to replenish your savings afterwards.

Get out of debt

Whether you have credit cards, a car payment, or student loans, it pays to get out of debt.  Paying only the minimum on your credit payments ensures you will pay the maximum amount of interest.  Even paying a little extra on your payments can help you save a lot of money in interest – and this just means more money in your pocket in the long run!

Take a class

April is financial literacy month.  We encourage you to explore your finances through expanding your education.  SALT is a free resource available to current K-State students and alum.  You can find SALT courses that explore a variety of financial topics, and they do not require a huge time commitment – usually, they can be completed in about 30 minutes.  Additionally, SALT has articles, infographics, and other resources to help you become financially savvy, so sign up today at saltmoney.org.  For every SALT course you complete during the month of April, you are entered to win a $250 scholarship from Powercat Financial Counseling.  If you want to explore your personal finances in more depth, K-State also offers an introduction to personal financial planning class.  Finally, if you ever have questions, or need some help with your financial situation, we would love to meet with you individually.  Just make an appointment at k-state.edu/pfc/.  Good luck and remember, now is the time to take control of your financial future!

Shari Humbard

Peer Financial Counselor I

Fun in the $un!

Posted on by ekoochel

As the weather has been warming up, many students are trying to find ways to spend time outdoors! Although sometimes that can come with an expense, it doesn’t have to! Here are a few ways to enjoy the nice weather without emptying your piggy bank.

  1. Hike the Konza

Take some time to visit the Konza Prairie and hike the trails! The six miles of trails are open from dawn to dusk. The Konza provides some of the most spectacular views of the Flint Hills and Kansas River Valley. There are four trail options in which you can hike; Nature Trail Loop, Kings Creek Loop, Godwin Hill Loop, and the Hokanson Homestead. The Nature Trail Loop is 2 ½ miles and hikers should plan for about 2 – 2 ½ hours to complete the trail. The Kings Creek Loop is 4.4 miles long and takes about 3 ½ hours to enjoy. The Godwin is slightly longer at 6.0 miles, taking an additional hour to complete. And lastly the Hokanson Homestead, which is located just off of the Nature Trail! Allow for an additional hour of investigation at this site. A contribution of $2 is appreciated! More information about the Konza can be found at http://keep.konza.ksu.edu/visit/hike.ht. For other various trails around Manhattan, visit http://www.manhattancvb.org/index.aspx?nid=60.

  1. Visit the Sunset Zoo

The sunset zoo was named the best zoo in Kansas by Yahoo travel and is home to over 200 animals! Student admission is just $5! The zoo is open daily from noon – 5:00 p.m. In April the zoo will open at 9:30 a.m. The zoo is located at 2333 Oak Street Manhattan, KS 66502. For more information regarding the Sunset Zoo visit their website, http://www.sunsetzoo.com.

  1. Utilize the Outdoor Recreation area at the Rec!

Enjoy the warm weather and get a workout by utilizing the outdoor sand volleyball pit, tennis court, basketball court, football, softball, or soccer fields at the rec! Be sure to check the schedule located at http://recservices.k-state.edu/outdoorfacilities/ to make sure the tennis courts are not reserved for the K-State Tennis team! The outdoor recreation area will be open on days where the temperature is above 60 degrees from 1 p.m.-dark.

  1. Rent a Kayak/Canoe and explore the Kansas River.

For $12.50 you can rent a kayak or canoe for a day from the K-State rec and explore the Kansas River! Or if you are interested in renting for a weekend trip, it is just $20! If you are planning a big trip and would like to reserve a rental there is a reservation fee of $5. There are many great places to explore around Manhattan, especially the Kansas River.

  1. Play Footgolf!

Have you heard of foot golf?! If not, the goal is to use a soccer ball and try to kick it into 21” holes with the least amount of kicks! Watch out for the rolling fairways and roughs, sand traps, trees, native tall grass, and other hazards! The cost is just $12.25 with a $3.00 ball rental at Wildcat Creek Fun and Fitness. Feel free to take your own soccer ball if you have one though! This is a great way to spend an hour and half or more outside enjoying the weather! http://www.wildcatcreekfun.com/outdoor-recreation/footgolf.

  1. Hang out at Pillsbury Crossing

Pillsbury Crossing is a great place to spend time enjoying the weather. Enjoy the picnic spot, wading in the rock-bottomed creek, fishing, kayaking or canoeing, and view the wildlife! Pillsbury Crossing is located on the south edge of Manhattan. For exact directions on how to find this unique hideaway, visit http://kansastravel.org/pillsburycrossing.htm.

  1. Zip Line the Flint Hills

There’s a new adventure in Manhattan! Wildwood Outdoor Adventure Park, http://www.wildwoodoutdooradventurepark.com/about.html, offers a zip lining across the Flint Hills! This experience can be a little costly, but some budgeting tips from PFC can help! Prices start at $25. Wildwood Outdoor Adventure Park is open Friday through Sunday 9 a.m. – 3 p.m. and Monday through Thursday by special arrangements.

For more help on budgeting or establishing a savings plan, Powercat Financial Counseling is here to help! Visit our website, www.k-state.edu/pfc to make an appointment regarding your financial questions!

Kristen Payne, Peer Counselor I

 

How to ‘Treat Yourself’ on a Budget

Posted on by ekoochel

College is stressful, and managing money can be hard. Trying to manage your money during stressful times can be especially difficult. You may find that when life gets tough you just want to ‘treat yourself’, but you don’t want to fork over your hard earned money just for a little enjoyment.

Here are 4 tips to treating yourself without breaking the bank.

  • Set aside a certain amount that you can spend each month on yourself.
    • Each person has a different budget, and that budget will determine how much you can actually afford to spend on yourself. This could also limit how many times you can afford to engage in some extra spending. For some, spending $15 every week on themselves fits into their budget. Another person may only be able to devote $10 each month to pampering themselves. Whatever your budget is, stick to it. It is easy to spend too much if you do not have a plan before spending.
  • Plan ahead.
    • There are times when we all are just looking forward to the end of the week. Maybe you have three tests and two papers to write. Maybe you have to work extra hours, even though your campus organization is holding their biggest event of the year. No matter what your circumstances, there are times when you know you will just want to celebrate the week being over. If you see you have a crazy week ahead, look around for different deals or discounts that you could use once your hectic week has finished.
  • Don’t forget it is okay to spend money on yourself.
    • Sometimes it’s hard to convince yourself that you should be spending money on yourself when you have other financial obligations. Treating yourself is not supposed to be overwhelming, or make you feel bad. It is alright to spend money on yourself every now and then.

“When you treat yourself right, you run better and more efficiently. Which means you don’t have to go 100 miles an hour to get everything done.” – Ann Curry

  • Treating yourself doesn’t always have to be a big thing.
    • When you hear “treat yourself” your mind probably first went to spending money. However there is a lot more to indulging on yourself than just buying something. It is important to take some time to focus on your self-care in other ways as well. You can treat yourself without spending a single penny. Some ways to do this include: watching your favorite series on Netflix, getting outside and engaging in a physical activity you enjoy but haven’t gotten to do much of recently due to your busy schedule, or calling a friend or relative you have been wanting to catch up with.

Remember – treating yourself is important, but it doesn’t have to break the bank. For help establishing a budget or savings plan, or if you have any other financial questions, visit our website, www.k-state.edu/pfc to make an appointment with Powercat Financial Counseling. Our services are completely free and confidential to all Kansas State University students. One of our counselors would be happy to sit down with you and discuss different ways to make wise financial decisions.

Lindsay Adams, Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc

Money Saving Tips for Spring Break

Posted on by ekoochel

The semester is flying by and spring break is just around the corner! Spring break is meant to be a fun and relaxing time to get your mind off of school and rejuvenate yourself. However, traveling can become quite expensive and many students end up stressing out about their trip because of the overwhelming costs. Below are helpful tips and tricks to help save some extra cash so you can focus on having a well-deserved stress free week.

Meals can eat away at your budget very quickly, especially when restaurants at many spring break locations can be quite pricey, albeit delicious! Consider packing your own food and drinks when you are traveling. If you’re carpooling with friends, pack a cooler full of sandwiches, drinks, and snacks. This will be cheaper than stopping at restaurants along the way, even the seemingly inexpensive fast food places. It will also shorten the time of your trip by cutting out those timely meal stops and help you get to your destination faster! If you are flying somewhere you can also pack a meal and/or snacks. Food on airplanes and in the airports is very expensive, avoiding these options for meals will significantly decrease your meal costs. Another common way to bring down your food costs is finding a hotel furnished with a refrigerator and microwave, or better yet an in-room kitchen. Buying groceries and making a few meals in your hotel will be much cheaper than going out for every meal, or ordering room service.

It is important to not forget about taking care of your car if you happen to be the lucky one driving cross-country. Make sure your car is free of any maintenance issues before starting your journey, and check to assure you have recently had an oil change. A car breakdown on spring break is not only costly, it’s absolutely no fun and cuts into your vacation time. Also, remember to properly inflate your tires to the appropriate pressure, and use cruise control on the highway, to increase your gas mileage. GasBuddy is a free app that shows you all the gas prices in your area. You can use it to locate the lowest priced gas station when you need to fill up. If you submit the price you paid at the pump you can be entered to win a drawing for $100 every week too. That could be a great budget booster for your spring break!

Make sure you have a sufficient packing list before you depart. Bring essential items such as sunscreen, sunglasses, etc. as these items tend to be much more costly at tourist destinations. These attractions can also be popular areas for thieves to look for distracted individuals, or cars that aren’t secured. College students are also popular targets for scams, so if it sounds too good to be true, it probably is!

Finally, make sure you attend Spring Break NOT Spring Broke on Thursday, March 3rd. Powercat Financial Counseling will be hosting this fun and beneficial event at the Rec from 4:00-6:00pm. There will be games and information to learn even more tips on saving money during spring break as well as a chance to win one of six Magic Bullet Blenders along with other prizes! Also if you would like to start a budget for spring break, or have any other financial related questions, make an appointment with Powercat Financial Counseling and one of our peer counselors would love to sit down and meet with you. Just go to www.k-state.edu/pfc and click on “request an appointment” link on the homepage. We hope to see you in, and have a fun and relaxing spring break!

Brady Heidrick, Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

 

Summer, Fall, Winter, & Tax Season

Posted on by ekoochel

As usual, the deadline to file your annual tax return for the fiscal year 2015 is April 15th, 2016, is fast approaching. Typically, college student returns are not extremely complicated due to a lower income and limited deductions. It’s important that you don’t fall behind and let this deadline sneak up on you. To help get you on track to submit them early, listed below are some commonly asked questions about how and when to file your individual taxes.

Do I really need to file a tax return?

Being confused about filing taxes is normal for all college students. Based on the amount of income you may have earned in 2015, not everyone is required to file a tax return. However, although it may not be a requirement for most college students to file a tax return, it may be beneficial for you as you may receive a refund from excess paycheck withholdings.

Where do I start?

The first step is to acquire your W-2 from your employer(s). A W-2 is a form that lists the amount of wages an employee earned that year and also the amount that was withheld. Employers are required to send your W-2 to both yourself and the Internal Revenue Service (IRS). Make sure to get one from each employer you worked for from January 1st 2015 to December 31st 2015.  Next, Kansas State University sends a 1098-T to each student in the mail. The 1098-T is also available on your KSIS account in the drop-down option under “Other Financial”. This form is sent out as a summary of your educational expenses with Kansas State University for that year.

What is Form 1040?

Form 1040 is the U.S. Individual Income Tax Return and is used to file your taxes. This document as well as detailed instructions can be found at www.IRS.gov. The IRS website is also where you can e-file your taxes. If you feel more comfortable mailing your taxes, there is also instructions on the IRS website about how to do so.

I need help… Where do I go?

Don’t be ashamed! Taxes can be extremely confusing and everyone’s situation is different.  Your situation may be more complicated than the average college student.

Volunteer Income Tax Assistance (VITA) is a great option for most students. VITA is a free service for tax payers with a max household income of $54,000. VITA can only file simple 1040s and Kansas returns. The service cannot itemize or prepare returns for military members and international students. Call 565-6426 or e-mail vitataxes@gmail.com to set up a free appointment at the Manhattan Public Library.

The Manhattan area also offers several other tax preparers. These can be found by using the IRS search tool at http://irs.treasury.gov/rpo/rpo.jsf. The tool allows users to search your area for tax preparers while also narrowing your search for certain credentials (such as a CPA). A Preparer Tax Identification Number (PTIN) is necessary for anyone to prepare a tax return for a client. All of the preparers listed on the IRS search, although different skills sets and expertise, are able to prepare since they currently hold a PTIN.

Can Powercat Financial Counseling help me?

PFC counselors are not trained in tax preparation matters and the advice listed above may not apply to your unique situation. While PFC counselors cannot give any tax advice or help with your return, counselors are still available for any other financial needs regarding student loans, budgeting, credit, and FAFSA issues. Appointments with Powercat Financial Counselors can be made through the PFC website at www.ksu.edu/pfc.

Keaton Dugan

Graduate Research Assistant

Powercat Financial Counseling

www.ksu.edu/pfc

Disclaimer: Powercat Financial Counselors are not tax professionals. We cannot and do not give any tax advice. Statements made above may or may not apply to you, your situation, or your local state/jurisdiction. You should not rely on the general information in this article when making any tax-related decisions. This article is simply a reference to other materials that taxpayers may find helpful.

 

Amazon Prime: Is it worth it?

Posted on by ekoochel

“Hey, give me your money,” said Netflix, iTunes, and online shopping shipping costs. As college students, there is a good chance that these expenses are present in our lives. However, Amazon Prime has made it possible—and affordable—to provide students with instant streaming of thousands of movies and TV shows, access to over a million songs, and free two day shipping.

If you’re like any other student, you seek out every entity possible providing students with a discount. Amazon Prime offers a 50 percent discount to college students. This makes Amazon Student Prime a one-time payment of $49 for a year-long membership. If you do the math, that totals out to a little over $4 a month, which is half the cost a month of Netflix.

Textbooks: an unavoidable cost for college students. Amazon advertises students can save up to 90 percent on textbooks. Begin by typing the ISBN number of your book into the search on Amazon.com. You may find the book is offered for a much lower price, to either rent or buy, on Amazon compared to other bookstores. You can use the money you’d be saving in your budget for books to purchase Amazon Student Prime, and receive your books in two days!

Other services built-in with Amazon Student Prime include free release-date delivery on video games, unlimited photo storage, exclusive early access to Lightening Deals, and free books each month through Kindle First. If any of these forms of entertainment are important to you, this could be a good investment. Another unique feature is the opportunity to share your account. This allows you to share the Amazon Student Prime services with family members in the Amazon Household, which qualifies one other adult and four children. Once you invite them to join your account in your settings you can successfully share your prime membership, regardless if they are a student or not.

To help you decide if Amazon Student Prime is right for you, there is a free six month trial. Unfortunately, during the free trial you will not be allowed to utilize the free movie and TV show streaming. After the free trial is over, if you wish to not purchase Amazon Student Prime, make sure you discontinue your account. If you do not discontinue your account, you will be automatically charged $49 for a year-long membership.

In conclusion, you have nothing to lose—including money—to at least try Amazon Student Prime. During the free trial, you may find yourself saving money, or it is possible you will find yourself barely using the different services. Whichever decision you come to, make sure it is the right one for you financially. For other financially savvy decisions visit Powercat Financial Counseling for a free and confidential peer-to-peer consultation.

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