Kansas State University

Every year, I receive a bill on my KSIS that feels larger than the last. Despite securing scholarships and working all summer, I often still need additional support to cover my education at Kansas State University. The burden of college expenses can be overwhelming, no matter how much you save or plan. The average student at K-State pays over $25,000 annually in tuition and housing, a figure that nearly doubles for out-of-state students. These numbers can leave many of us feeling financially stressed, scrambling to allocate our limited income to cover the mountain of costs associated with higher education.

If you’ve ever felt that financial pressure, trust me, I’ve been there and completely empathize. One of the first steps I took to regain control over my finances was creating a budget. A well-crafted budget can make all the difference in reducing stress and helping you stay on track. Here are three steps to apply a budget to your school year and take back control of your finances:

1. Identify Your Expenses

To get a handle on your financial situation, the first step is identifying exactly where your money is going. Use tools like the expense estimator on the Powercat Financial (PCF) website to get a close estimate if you’re a new student. For returning students, you can refer to your past expenses to make accurate predictions. Be thorough, and don’t shy away from listing even the smallest expenses—it all adds up! The goal is to see the full picture of your spending.

Tip: If you’re worried about staying organized, consider using a budgeting app. Tools like NerdWallet, GoodBudget, and Rocket Money are great for automating and tracking your expenses with ease.

2. Create Your Spending Plan

Once you know where your money is going, the next step is to develop a spending plan. Start by listing all your essential expenses—things like tuition, housing, and groceries. Then, factor in your income from sources like part-time jobs, financial aid, or parental support. After covering your essentials, you can allocate any leftover funds toward savings or discretionary spending. Remember, the key is balance—be realistic about your spending habits while making sure you’re putting some money aside for the future.

Pro Tip: Always aim to include some “buffer” in your budget for unexpected expenses that may arise, such as books or emergency costs.

3. Monitor and Adjust Regularly

Creating a budget is just the beginning. To truly take control of your finances, you’ll need to revisit your budget regularly. Expenses change throughout the year, especially as new opportunities or challenges arise. Whether you land a new job, win a scholarship, or face an unexpected expense, staying on top of these changes will ensure your budget remains useful. Set aside time each month to review and adjust your spending plan accordingly.

By creating and maintaining a budget, you can alleviate financial stress and stay in control of your expenses throughout the school year. With careful planning and regular adjustments, you’ll be better prepared to meet your financial goals and focus on what really matters—your education.

Holt Williams

Peer Financial Counselor I

Powercat Financial

www.k-state.edu/powercatfinancial

You put a lot of effort into completing the FAFSA this past Spring, now it’s time to make sure that you’ve got your semester finances covered!  Review this list of tips to make sure you have what you need:

• Review your financial aid package ASAP if you haven’t already. If you complete your FAFSA, you should have an award package on KSIS. Find step-by-step instructions for reviewing your award here.
• Get your financial aid! Once you have an award package, you still have a few steps to access your money.  You MUST complete the financial aid to-do list on KSIS to have it applied to your account.  This includes:
  • Review and accept only the aid you need.
    1. Scholarships and grants can be the best way to cover costs because they’re essentially free money. Make sure you understand the renewal requirements (GPA, credit hour minimum, etc.) so you can maintain general university scholarships and/or grants.
    2. Remember that subsidized loans cost you less money in interest. Unsubsidized loans cost you more.  Knowing the difference between subsidized and unsubsidized loans is important!

• If you accept Federal Work Study, you need to go out and find a Work Study job. You’ll get this money on a paycheck and then be responsible for using it to pay your school bills.

• Complete loan entry counseling
• Sign your master promissory note.

• What if you need more money to cover tuition and housing?
  • This year, for the first time, Parent and Grad PLUS loans require a separate application on gov. If you were anticipating using a PLUS loan but didn’t complete the separate application, there is still time to apply for this semester.
  • Schedule a Powercat Financial counseling session to review your budget and then make a plan.
• What if something changes in your financial situation? Circumstances change, that’s a fact of life. If something has changed in your life that’s making it harder to pay for school, talk to someone about it.  You have options:
  • Office of Financial Aid phone lines are open Monday – Friday 8:00AM – 4:45PM. Just call 785-532-6420.
  • Emergency Aid is available – see the options here.

Whether this is your first semester navigating financial aid or your last, Powercat Financial Peer Counselors are ready to support you through it.  Sign up for a free and confidential financial counseling session at https://www.k-state.edu/powercatfinancial/.

Holly Tilden

Peer Counselor I

Powercat Financial

www.k-state.edu/powercatfinancial

I don’t know about you, but for me the new school year always brings a combination of excitement, anticipation, nerves, and expenses! I’m excited to see/meet ALL the people, I’m full of anticipation for learning new things, I’m nervous about forgetting names and getting lost on campus, and I love new school supplies, a new outfit for the first day, and dining out with friends!

This year, the new school year is combined with a new home and a new job! I just joined the K-State team as the Executive Director for Powercat Financial and a Professor of Practice in the Personal Financial Planning Department. I’ve got all sorts of exciting things going on (no, I’m not talking about unpacking all the boxes), I’m pumped for the new year (school supplies, K-State gear, new faces), and boy howdy does my budget need a little attention after the move and all the expenses (necessary and fun) that it took to get my family here!

I joined the K-State team with 25 years of experience in the financial services industry. I’ve worked pretty much all over the board with my emphasis in helping vulnerable populations. As an Accredited Financial Counselor (AFC®) my area of one-on-one expertise is helping people create and maintain strong financial foundations…and THAT is what Powercat does for students—hence my excitement to join the Powercat team!!

A few key things to know about me:

1.      I love to meet knew people! Please stop by my office (302 Student Union) to say hi!

2.      I love answering questions about personal finance! Budgeting and credit are my two favorite topics!

3.      My budget is NOT perfect. I am married (husband—Slade), have two children (Kaden—18 and Slaeda 13), and have four dogs. We all make different demands on our financial resources.

4.      I love to cook, but hate to do the dishes, so if I get the chance to eat out, I’ll often take it.

5.      I believe budgets/spending plans should be living, breathing documents that help us live our best lives.

6.      A penny saved…is still money saved. Small goals accomplished are still goals accomplished!

7.      I believe in positive self-talk (especially around financial topics) and helping people develop a functional relationship with money as a tool.

Powercat leads the financial well-being initiative across campus as part of Kansas State University’s commitment to being a Health Promoting University and I am thrilled to be here and very excited to get to know you. Stop on by…I have snacks.

As the Spring 2024 semester is coming to an end and commencement ceremonies are right around the corner, some of you seniors out there might be thinking, “life is about to get a lot more serious”. Although it’s bound to happen at some time, there is no reason to fear what your future has in store! This should be a time of excitement, so what can you do after graduation to make sure that your finances don’t stand in your way? And if you are not a senior, what are some things that you can start thinking about for your life post-grad?

What steps should I be taking to make sure that I am financially successful post-grad?

There are two key steps that I highly encourage you to take post-graduation:

1. Determine a Realistic Starting Salary: Whether you have already accepted a full-time position or are still on the hunt for your dream job, it is important for you to understand your value as a new employee with your degree. A step that I encourage you to take is determining what a realistic starting salary looks like for someone with your education and your experience. One way to do so is by looking at the salary information of your major offered through the Career Center.
2. Look at a Cost-of-Living Calculator: If you are moving out of the area, or want to move eventually, your standard expenses could vary based on your location. To help you get a better understanding of what your expenses could look like in a new location, please consider looking at a Cost of Living Calculator and inputting information based on your current and desired location.

Why is it important to budget post-grad?

You may be questioning the value of maintaining a healthy budget once you graduate. However, now that you are out of school and are on a path to having a full-time job, with a larger income often comes more expenses.  This can be caused by several things, but here are a few examples:

• You realize that you no longer must eat ramen noodles at least three times a week, and that you can afford to make larger, healthier meals and potentially have leftovers. However, increasing the number of groceries you need also increases your living expenses.
• Maybe you are seeing a heavy expense fluctuation based on a new location that you must adjust to. Maybe you have some time this summer between graduation and your official start date, and you have plans to make the most of it! Or you might be without a source of income until that start date, but that’s a few months away.

Keeping your budget as accurate and up to date as possible will help you avoid spending too much to the point where you are forced to live uncomfortably until that first paycheck hits your bank account.

Maintaining your budget post-grad is essential to help you have a firm understanding of where your money is going and to assure that you are making enough income to cover any new and recurring expenses.

What expenses should I expect post-graduation?

Everyone’s story is different, and your expenditures are a representation of your values and priorities. As much as I wish there was a cut and dry answer, there isn’t, but there are a few common expenses to take into consideration as you enter the next chapter of your life.

Student Loans

If you took out student loans throughout your years in college, repayment would start within a few months. Ensure you have an account with your creditors to inform them of which repayment option you wish to pursue. Having an account will also provide you with information to know when your repayment period starts, where your payments need to be sent or how to set up automatic payments, and the amount that will be due with each payment. It is important that you include these payments in your budget as well.

Emergency Fund

It is important to have an emergency fund established if you don’t have one already. It is advised that you have at least 3-6 months’ worth of living expenses put into an emergency fund.  As mentioned above, it is very likely that your living expenses will increase with additional income coming your way. So, after you graduate, it may be beneficial to reevaluate your living expenses and potentially put more into your emergency fund each month.

Insurance

Insurance is crucial to help ensure that you don’t experience a significant loss and must pay for everything directly out of pocket. There are different sectors of insurance that you may deem necessary for your living situation. Certain insurance policies may be offered through your employer as an employee benefit. It is important to understand what coverage you need, investigate those policies, and ensure that you can afford the premium payments at their respective payment schedules.

Retirement

Retirement… Need I say more? I’m pretty sure that all of us would like to retire around the typical retirement age, if not earlier, so it’s better to start investing in your future now instead of putting it off. It may seem unnecessary or even a little bit extreme for you to start saving for retirement now, but as you start receiving those larger paychecks from your employer, it would be beneficial for you to make investments in yourself. By making these payments early, it has more time to grow and compound, giving you more comfort in the future and the ability to live your desired retired life.

Where can I go for help?

As you are about to start your life after college, Powercat Financial is here to help you! At Powercat Financial, we offer free and confidential counseling services to students seeking financial assistance. Whether you want help with creating a new or revised budget as you enter a new phase in your life, want to sit down to look at student loan repayment, consider job options, or have other financial concerns, you can schedule an appointment with a Peer Counselor by visiting the Powercat Financial website at the following link: https://www.k-state.edu/powercatfinancial/. The services provided by the counselors will be directed towards your personal needs, goals and values. Your success is important to us!

Alonna Cross

Peer Counselor I

Powercat Financial

www.k-state.edu/powercatfinancial

Why should you check your annual Credit Report

Checking your credit report annually is very important because it gives you access to information about current and past credit accounts, information on your payment history, and the total amount of money you owe to lenders. Knowing all of this information is vital to you because you may have late payments or open credit cards that you didn’t know about previously. Pulling a credit report, gives you access to all of the information that you will need regarding your personal credit. At Powercat Financial we say that your credit report is your financial transcript. When you pull your credit report and get your credit score, we call this your financial GPA. Knowing what your GPA is at school is very important and so should knowing what your credit score is. Like your school transcript, if you see something on your credit report that you do not think should be there, you would reach out to the university to try and get that fixed. In this case you would need to reach out to the credit bureau that you pulled your credit report from and the business that is listed wrongly and report that there is inaccurate information on your credit report. It is very important to stay up to date on what your credit report looks like which is why we recommend pulling your credit report once each year from each of the credit bureaus.

How to view your credit report

You can view your credit report for free through www.annualcreditreport.com. This is a website that was established by the government to ensure that people are able to see their credit report for free once a year from each of the three credit bureaus (TransUnion, Equifax, Experian) – unfortunately, it does not include your credit score for free. However, seeing your credit report will include information of credit accounts you have had, your payment history, and the total amount you owe to lenders. This information will give you a good idea about where you stand in terms of your credit score and can provide a rough estimate of how you are doing credit wise.

How will this affect your future?

Your credit score plays a very big part in your future. Potential lenders and creditors may look at and use your credit score to determine loan decisions. You may be in the hands of these lenders and creditors when it comes to opening a credit card, getting a mortgage, or a car loan. Pulling your credit report yearly will help you stay on track without even knowing your credit score. Your credit report has all of the information regarding your credit history, which in turn can give you a good idea of how your credit score is doing. For example, if you have late payments or if you owe money to different lenders, your credit score is not going to be very good. Pulling your credit report once a year, if not three times a year from each credit bureau, will help prevent you from having late payments and debt which will keep your credit score in good standing.

How can Powercat Financial Help?

Powercat Financial can help you pull your credit report if you are stuck in the process of doing so. We can also walk you through your credit report and explain what different parts of the credit report mean. Powercat Financial can also give you suggestions on how you can build credit to help prepare you for the future when you want to pull out loans for a car, home, etc. We also have a plethora of information on our website, listed below, that can help you get started if you do not know where to start!

Nathan Haney

Peer Counselor I

Powercat Financial

www.k-state.edu/powercatfinancial

Financial goals are the foundation of a sound financial plan, providing a roadmap for individuals to navigate their financial journey. Whether you are aiming to buy a home, fund your children’s education, retire comfortably, or achieve any other financial milestone, setting clear and achievable goals is crucial.

Setting financial goals involves identifying your priorities, understanding your current financial situation, and outlining the steps needed to reach your desired outcomes. It is a proactive and intentional approach to managing your finances, allowing you to make informed decisions that align with your aspirations. Don’t know where to begin? Think SMART! Setting SMART goals is a fantastic way to put your thoughts onto paper and begin the process of achieving a financial goal. Most recently, I have set a challenging financial goal of graduating from K-State debt-free.

Here is how my goal looks from the SMART perspective:  

Specific: I have this goal concisely down into one specific item. Having too broad of goals can make it difficult to stay motivated to obtain them.

Measurable: Being debt-free is fairly cut and dry in how I will be able to know this. Do I have any student loans, repayments to parents, any other loans with a bank, etc.

Achievable: While this will not be an easy task, I strongly feel some of the practices I have developed and am using will make this possible.

Relevant: To me, this goal is truly relevant. To be able to graduate debt-free and not worry about repayment would be a huge financial success. From my very first paycheck, the money that would have to go to pay the loans can immediately be invested. Being able to start investing in accounts that have compound interest even a year sooner can potentially allow me to retire sooner or save money for my first house down payment.

Time-Bound: By including “when I graduate,” I have put a timeline on my goal, and I will know whether I have achieved it.

Calculating Total Costs/ Utilizing Scholarship Opportunities: 

The first step I took in this financial goal was to calculate what my total costs would be factoring in tuition, housing, and monthly expenses throughout my 4 years using Powercat Financials’ Education Financial Plan. This tool then allowed me to insert scholarships and expected work income over the next 4 years, further allowing me to see if this goal is achievable. After completing this spreadsheet, I knew I had work to do. The first thing I thought of was scholarship opportunities. Scholarships are an incredible way of being rewarded for being involved and the leadership roles you held. Think about it this way… if you won a $1000 scholarship that took 2 hours to complete, you made $500 per hour! Comparing that to an average college salary of $14 per hour, it would take 71 hours to make $1000. I believe that utilizing scholarship opportunities is the MOST important way to help pay for school. How to prepare for this? Always update your resume, have strong record-keeping skills to remember all that you did so you can build the strongest application you can, and keep up with schoolwork by having a good GPA for your degree path.

Managing Work and Studies: 

As mentioned in the Education Financial Plan, working while attending school is a great way to get some cash inflow to help pay for school and additional expenses. While at K-State so far, I have worked 4 part-time jobs at various points in my college career. Currently, I work for a swine farm and Powercat Financial. I’ve also served two terms as the Alpha Gamma Rho Fraternity Recruitment chair and was a teaching assistant for an Ag Economics class at KSU. While these jobs have kept my college life very busy, it has given me some financial freedom to spend some money on hobbies, build savings, begin small investments, and of course, help me achieve my goal of graduating debt-free.

How I have enough time in the day to have a job:  

For me, taking a class each summer and winter intersession has allowed me to only take 12 hours each semester while at K-State. This works to my advantage in a couple of ways. First, you can often find these classes at a cheaper rate than the fall/spring semesters. This has allowed me to save money on my coursework and utilize cash in other places. Second, only having 4 classes has given me more free time to work. Lastly, only having 4 classes without a doubt has helped my GPA which ties back into scholarship opportunities. Plus, having more time to focus on my classes has allowed me to retain more info from those classes, giving you more bang for your buck!

How I manage the money I earn:  

Another important component to spending habits on things that don’t bring much in return. A good example of this is food. While it is fun to go out and eat nice once in a while or conveniently go grab a burger from your favorite fast-food restaurant, food is an expense that can add up quickly. Another example is coffee. Spending $5 on a coffee each work morning is $1250 per year (using 250 workdays). These are expenses I try and eliminate as much as possible. Saving money in places such as food and coffee can allow you to build up some savings. Currently, there are numerous ways to earn a risk-free 5% return on your savings. I have taken full advantage of this opportunity over the past 2 years as prior risk-free rates were less than .5%.

Even with all these practices I use to make financially sound decisions, it’s still important to allocate funds to enjoy yourself. I like to live by 2 mottos, work hard play hard and life is only as fun as you make it. While in college, this could be the only time of your life to go on various trips and have 20,000 + peers to network with and build connections. For me, my “play hard” has been traveling to KSU Football and basketball games. In my 1.5 years at K-State, I’ve traveled to Ames, Fort Worth, Arlington, Columbia, and Lawrence to support the football team. For basketball, I have attended both “Cats in KC” games, and both games played in Allen Field House. Utilizing sound financial practice has helped me get on a path to achieving my goal of graduating debt-free while still enjoying my college experience.

James DeRouchey

Peer Counselor I

Powercat Financial

www.k-state.edu/powercatfinancial