Kansas State University

As this semester is starting many people become stressed with class, work, maintaining a social life, clubs and groups, and especially their finances. All of these areas are important and allow for a wonderful college experience, but managing all the activities you want to do while trying to pay for college is difficult for most. If you are overwhelmed with your course-load, financial situation, or social-load or trying to find more places to be involved, here are some tips I believe will help you navigate your college career and create memories to last a lifetime.

1. Come to Powercat Financial and Take Control of Your Finances

Since this is a blog from Powercat Financial you knew I was going to mention budgeting, but it is really a foundational component of managing finances and financial stress. A budget is the first step to financial success and the knowledge of where your money is going and knowing if you have enough to pay your expenses this month is powerful and can relieve stress. The concept is easy for most to understand, but actually finding the time and energy to budget is difficult. Come to Powercat Financial if you need help setting up a budget or adjusting your spending habits and we can help with your path to a stress-free financial life.

After starting your budget, you can start to form better spending habits that align with your goals and help you take control of your spending. Determine what expenses are “wants” vs. “needs” and then decide which of the “wants” can be reduced. Reducing “wants” typically involves changing spending habits and being more aware of where you spend money. See the Budgeting section of our website for more information on how to get started.

Manage your credit, debt, student loans, and other aspects of your financial life by letting Powercat Financial help! We currently have 5 peer counselors that will meet with you in our office (room 302 in the Union) or via Zoom to help you with budgeting, student loans, credit, evaluating job offers, and more. Go to our website to at the end of the blog to schedule an appointment and meet with someone like me. Setting your finances straight will take away stress and allow you to focus on your time on school instead of money.

2. Utilize Free Resources On-Campus

There are many free resources here to help you have fun and manage your physical and mental health. In addition to our free and confidential financial counseling sessions, Powercat Financial also hosts several events every semester focused on building your financial literacy in a fun and interactive way. We cover topics like Eating Healthy on a Budget, Love & Money, Spring Break not Spring Broke, and others that focus on providing financial education in a fun and interactive way. Currently we are having an event called ‘Get On The Money’ that requires you to search through our website and answer financial questions to win $200! See the bold text at the end of the blog for more information.

Other than Powercat Financial, the rec center is my favorite resource to use on campus because I find that physical activity is any easy way to relieve stress and “check-out” from my day-to-day life.

Also, Cats’ Cupboard is another great resource on campus that gives access to free food and personal hygiene products to any K-State student, faculty, or staff member. If you or a friend are food insecure, Cats’ Cupboard is an incredible resource on-campus that can help. Visit their website here https://www.k-state.edu/cats-cupboard/.

More groups that host free events include Union Program Council (UPC) and Housing and Dining Services (HDS). Both organizations have events on campus and include cookouts, concerts, games, and more. You can also go to most athletic events for free, with the only sports requiring money for admission being football and men’s basketball. K-State’s calendar lists activities happening on campus every day throughout the semester so check it out via https://events.k-state.edu/calendar/.

The Academic Achievement Center offers many different services, such as tutoring and academic coaching that will assist you in your classes and personal life. If you find you are needing mental health support or counseling, go to the Counseling and Psychological Services (CAPS) Center in located in Lafene Health Center. They have walk-in hours from 8:00-3:30 Monday-Friday for free 30 minute consultation sessions. Here is a link to their website https://www.k-state.edu/counseling/.

3. Be Involved

Join clubs and groups you have interest in, make friends with people on your dorm floor or Greek life house, or get a job. Some of my favorite memories come from my involvement on campus. There are over 500 different organizations at K-State and more forming all the time. There is a club for almost anything you can think of, and if there isn’t then you can make one. I am personally a member of Powercat Financial Student Advisory Board (in addition to being a peer counselor), FPA at K-State, Invest-a-Cats, and I have an off-campus job as well. There are so many different groups and they do not have to be related to your major or field of study for you to join!

If you find that you need more income, a great way to be involved is to find an on-campus job by creating a Handshake account or find an off-campus job to help manage your expenses. Even just a little extra cash can be nice to have flexibility for more fun experiences while you’re at Kansas State.

4. Learn to Say No

Being involved on campus is a great way to meet people, enhance your career prospects, and have fun. However, being too involved can be harmful to your mental health and performance in other areas, like class and social life. Learning how to balance your time and prioritize your responsibilities is necessary to succeed in college and life.

One tip I have for students is to set time aside for yourself every day or every week so you can relax, unwind, and enjoy your time at K-State. Whether that means no homework after dinner or personal breaks throughout the day, putting aside personal time can help boost your success in other areas and mental health in general. If you can learn to say “no” to some, you can focus your time on things you really want to say “yes” to.

A new program called You@KSU just launched this semester and is focused on student well-being. As a student, you can “find tips and tools for everything from your mental and physical health, to friendships and finding balance.” Sign up today by following this link https://you.k-state.edu/.

Powercat Financial is available for online or phone financial counseling sessions which may be requested via our website link at www.k-state.edu/powercatfinancial.

This week through September 12th we have our annual GET ON THE MONEY online scavenger hunt (https://tinyurl.com/KSUGetOnTheMoney) where 5 students can win gift cards from $50-$200 with answers found at our website. This Friday (9/3) POP UP TO PF is happening at our office in Union 302 (third floor) which is a day when students can simply walk-in without an appointment to ask a quick money question and get a free pop.

Cal Shimkus

Peer Financial Counselor II

Powercat Financial

powercatfinancial@ksu.edu

www.ksu.edu/powercatfinancial

Welcome back to our POWERCAT FINANCIAL weekly blog posts!

As we begin the second week of classes and some of the craziness and feeling of being overwhelmed hopefully dies down, I thought now is a great time to share a quick reminder and differentiate the Office of Student Financial Assistance, Cashiers, and Powercat Financial to make it easier to understand who to meet with for what. I also included some insider tips to help you be successful.

First, remember it is okay and even encouraged for you to ask for help. Realizing you need help and asking for it is difficult and when finances are added to the mix, it can make it almost impossible to seek support. If you find yourself struggling financially or otherwise, know there are many resources here at K-State to help.

Food and Hygiene Assistance: Campus Food Pantry- Cat’s Cupboard

Unexpected, Temporary Financial Obstacles: K-State Emergency Aid

Trouble Understanding Financial Aid: Set up an appointment with your Financial Aid Advisor

Managing Your Finances: Financial Counseling- Powercat Financial (We’re always here to help! We offer presentations and one-on-one appointments.)

A list with links to many additional resources: Student Guide to Help and Resources: One Stop Shot

Office of Student Financial Assistance (SFA)

SFA spearheads K-State’s financial aid. They are the ones to go to if you have questions about obtaining student loans, cost of attendance, or financial aid questions in general. Additionally, there are three key things to know about them.

1. They are swamped the 3 weeks before and after a semester starts, so try to contact them as soon as you know you need to. Typically phone calls are handled quicker than emails but it is always best to just walk in to see them in 119 Anderson Hall. Their email is finaid@ksu.edu and phone number is 532-6420.
2. If you know a scholarship or other financial aid payment will arrive after your bill is due, contact them. They may be able to extend your bill due date and help you avoid a late fee.
3. If you find you took out you took too much or little of the federal student loan offered to you, contact them as they may be able to manually adjust those amounts or even reoffer those loans if you had previously declined them. (At Powercat Financial, we can help you better understand how much you need for the semester/ year and create a budget to help you be intentional about your spending).

*Several students may have been surprised by a refund or seen an award called HEERFA 3 reflected on their accounts in the last week. Following is more information on the HEERFA 3 Block Grant. Eligible students with exceptional financial need as determined by their Expected Family Contribution (EFC) on their Free Application for Federal Student Aid (FAFSA) and enrollment status are being issued these funds and they are being sent out as refunds to a student’s direct deposit or a mailed check to their “local” KSIS address. If you want more information on HEERFA 3, see https://www.k-state.edu/today/announcement/?id=76439.

K-State Cashiers and Student Accounts

The Cashiers office handles a wide variety of topics: tuition and fee billing, payment options, refund distribution, receipt letters (typically asked for by scholarships) and 1098-T tax forms. The most important thing to understand about them is that they cannot change any fees and will most likely direct you to other departments if there is an issue with your charges. Here are 3 other important pieces of information:

1. Set up Direct Deposit in KSIS, so you never have to worry about a refund getting sent to a wrong address, get it quicker 2-3 days vs. 1 week+, and do not have to worry about cashing it. Instructions can be found at https://www.k-state.edu/finsvcs/cashiers/refunds/eft/.
2. If you ever want your parent or someone else to talk to the university about your account/ student records, you need to set up designated access so the university can speak to them about you. For more information on your bill, designated access, etc., see the many helpful links at https://www.k-state.edu/finsvcs/cashiers/billing/.
3. If you need a receipt letter, know that it takes 1-2+ weeks at the beginning of the semester and plan accordingly.

Powercat Financial

Where does Powercat Financial fit in? We work to help students holistically (as a whole person) understand and develop you finances, so you can be successful in all aspects of your life. As part of that mission of financial and overall personal wellness, we help students understand and connect with resources that help them navigate college as well as meet their needs.

Free tip: Set up an appointment with Powercat Financial today to help you set yourself up for financial success by helping you understand your student loans, find out how much you need for college, budget, etc. Also check out YOU.KSU.EDU for additional personal well-being help.

Powercat Financial is available for online or phone financial counseling sessions which may be requested via our website link at www.k-state.edu/powercatfinancial.

This week through September 12th we have our annual GET ON THE MONEY online scavenger hunt (https://tinyurl.com/KSUGetOnTheMoney) where 5 students can win gift cards from $50-$200 with answers found at our website. This Friday (9/3) POP UP TO PF is happening at our office in Union 302 (third floor) which is a day when students can simply walk-in without an appointment to ask a quick money question and get a free pop.

Ana Sanko

Peer Counselor III

Powercat Financial

302 K-State Student Union, Third Floor

918 N. 17th Street

Manhattan, KS 66506-2800

785.532.2889

www.k-state.edu/powercatfinancial

As students we often hear about the benefits of compound interest (earning interest on interest) and how we need to start investing to take advantage of that interest. We are told that investing will help us reach our financial goals (which it potentially can). Additionally, we may be facing pressure to invest from random people, family, friends, or ourselves. Or sometimes it feels like we are already behind. However, before beginning your investment journey, know the answers to the questions below.

1. What is investing?

Investing is the process of giving money or resources with the expectation of a larger amount of money returned to you at a later time. However, this return is rarely, if ever, guaranteed. Before you invest, it is important to understand that you may lose rather than gain money.

2. Are you financially ready to invest?

If you have not completed one or more of these items, wait to invest.

• Defined your goals- What are you specifically working toward? What do you want to accomplish and when?
• Budget regularly- Budgeting gives your money a plan and helps you figure out how much you have to invest.
• Established your emergency fund- Before investing you need to have a cushion set for emergencies like unexpected car repairs, medical expenses, job loss, etc. The amount in your cushion depends on you. It can be $500, $1000, 3-6 months of bare bones living expenses or complete expenses, etc.
• Paid off high interest/ credit card debt- Pay off any high interest debt like credit cards or pay-day loans, before investing. Depending on your goals and financial philosophy, this may or may not mean all debt.
• Understand what you are getting into- Have you taken the time to understand what investing means or what you are investing in? If you have not, wait until you have done your research. TikTok does not count, unless it is financial expert Dr. Brad Klontz or someone similar.

3. Getting Started to Invest

If you completed the list above, that is great! You may be ready to start investing. You just have a few more steps.

1. Set goals- Will you need the money in a short or long time frame? What are you specifically saving for?

**If you plan to make frequent trades (day trading) on apps like Robinhood or Stash, use fun money and do not count it as savings/ investing. Day trading is speculating rather than investing, which normally is intended to  lasting months or years. While day trading can lead to massive gains, it can and more often will lead to (potentially massive) losses.

2. Risk tolerance- What is your risk tolerance? It is important to not be too risky or to not take enough risk. Find where your sweet spot is- the risk level that will not keep you up worrying at night. There are many different risk tolerance quizzes online, try a few if you are not sure of their results.

3. Decide on an investment vehicle (mutual funds, ETFs, etc.) and check its fees (the lower the better).

4. Diversify- After you decide what kind of investment vehicle you plan to use, make sure it is diversified or that there are variety of investments within your holdings to help reduce risk. The phrase warning ‘not to put all your eggs in one basket’ comes to mind.

At Powercat Financial we cannot give specific investment advice, but we can help you find out if you are financial ready to invest. Create an online or phone appointment with us at www.k-state.edu/powercatfinancial, if you want help with your finances or have additional questions about this or other topics.

Also check out our past blog articles about investing (under Money Tip Topics) for more information about investing.

Helpful Links: https://www.investopedia.com/terms/i/investing.asp, https://www.bradklontz.com/about, https://www.investor.gov/introduction-investing/getting-started/assessing-your-risk-tolerance, https://www.investopedia.com/investing/importance-diversification/

Anabelle Sanko

Peer Counselor II

Powercat Financial

www.k-state.edu/powercatfinancial

As you hang up your cap and gown and prepare for life after college, here are eight personal finance strategies that can help you get your post-college life off to a good start:

1. Learn How To Create and Live on a Budget

The first step to handling your money is understanding where it is coming and where it is going. Establishing and sticking to a monthly budget is essential for long-term financial health. This is the foundation for everything else you do in personal financial management. Until you have some knowledge of and control over how much money you’re earning and spending, you won’t be able to implement any other personal finance strategies. One way to kick-start your budget is to use a free app like Mint to automatically track your spending on the go.

2. Make Saving a Top Financial Priority

Oftentimes new college graduates place saving at the bottom of their priority list, since their income is probably relatively low. As you embark on your professional career, making saving a top priority instead, will instill strong financial habits that can last a lifetime.

Regardless of how small your paycheck is, you can probably afford to save something. The amount isn’t as important at this stage of your life as building the discipline of saving. One strategy is to save a percentage of your income — this way, your savings will automatically increase as your income grows.

3. Establish an Emergency Fund.

It might not be pleasant to think about, but emergency funds are crucial protection from life’s unexpected and costly events. Whether your car breaks down, you get injured or lose your job, having this safety net will give you financial peace of mind. The trick here is to reserve this fund only for emergencies.

4. Learn the Basics of Investing.

It is important to realize that saving money and investing money are not the same thing. After you have built up your emergency fund account to a comfortable level, you can start thinking about how you might want to invest some of your excess money in stocks, bonds, or other financial instruments depending on your financial goals.

5. Start Thinking about Retirement.

While retiring might seem like it’s the last thing you need to think about as a new graduate, the reality is that the sooner you start saving for retirement, the more time you have to benefit from compounding returns and tax benefits.

So how do you actually start saving for retirement? If your employer offers an account like a 401(k), make a transfer from each paycheck to it. If the employer offers to match your contributions to a certain amount, aim to contribute at least enough to get the full match — it’s free money!

If you don’t have an employer-sponsored retirement account, open an individual retirement account through an online broker or automated financial advisor. Have the financial advisor help you decide whether a Roth IRA is the most tax-friendly option for you as a new graduate, or whether a Traditional IRA is best (read our prior blog posts explaining these retirement fund options).

6. Get and then Stay Out of Debt – Student Loans and Credit Cards.

Excessive debt could be the biggest detriment to your long-term financial security. So, paying off any debt that you have when you graduate college should be another top financial priority.

If you have any high interest rate debt, such as credit card debt, start with repaying them quickly. Then focus on student loan repayment. Start tackling student loans by answering these questions:

• Are the loans federal, private or a mix of both?
• How much do you owe?
• What are the loan interest rates?

Most student loans have a six-month grace period, meaning payments won’t come due until late fall. But if you can start making payments earlier, you’ll save on interest and establish the habit of paying (Note: most ED-owned federal student loans have no interest or payments due until 9/30/21 due to COVID relief). For federal loans, you’ll make payments to your loan servicer, the company the government hires to handle loan repayment.

Once you’re out of debt, make a commitment to staying out of debt, especially high-interest credit card debt. One way to do this is to pay for all purchases with a debit card or cash. If you do use a credit card, pay the balance in full each month to avoid paying interest charges.

7. Establish and Track Credit.

Your credit score will become one of the most important parts of your financial life – either positively or negatively – going forward. It will affect everything from whether you are approved for a car loan or mortgage (or even an apartment lease) to the interest rate you will pay on these and other types of loans. Some employers even check credit history before offering a candidate a job!

To build and maintain good credit, remember a few basic rules: keep your oldest credit card open, pay your bills on time and avoid maxing out cards (in fact, try not to spend above 20-30% of your credit limit). To avoid late payments, consider scheduling automatic payments, setting calendar reminders before due dates, and downloading an app like Mint, which aggregates all your bills in one place

8. Live Within Your Means.

As you start your professional career, happy hours, lunches out, and expensive exercise classes are fun and tempting when you start receiving your first paychecks, but these daily or weekly luxuries will eat away at your budget fast. To combat this, identify a few classes, restaurants or bars you’re really eager to try, so that when you do treat yourself, you’re doing so mindfully and responsibly.

Bonus Tip: Remember you can always make an appointment with Powercat Financial if you have any financial questions, would like to review your job offer, discuss salary negotiating strategies, develop a post-grad budget plan or review your student loan repayment options. All you have to do is request a free appointment with one of our peer financial counselors at www.k-state.edu/powercatfinancial.

Sarah Meenen

Peer Counselor II

Powercat Financial

www.k-state.edu/powercatfinancial/

Sources:

https://www.thebalance.com/the-best-financial-advice-for-new-college-graduates-1289592

https://www.nerdwallet.com/article/loans/student-loans/money-tips-college-graduates

Mindfulness is a great quality to have. The Oxford Dictionary definition of mindfulness is the quality or state of being conscious or aware of something. While mindfulness can seem very meta and hard to understand it can be very simple when you break it down into its basic parts. Today we will be focusing on financial mindfulness since this is a financial blog. However, I want to preface with the fact that mindfulness can be utilized in most every topic of your life.

What does it mean to be financially mindful?

Essentially, financial mindfulness means you are aware or conscious of your financial situation. In the short-term, this can mean you know what your checking account balance is or you know you have $100 stowed away somewhere safe for emergencies. It could also mean that you are aware of what you are spending and how you are spending it. Mindfulness drives your decisions. When paired with a budget or spending plan, being mindful can be the difference between spending too much, saving not enough or being surprised by an unexpected bill.

How can I be mindful with my money?

It is all too easy to get sucked up by the world and your busy life that you can’t stop to think about purchases before they happen. Trust me, I’m no stranger to spending too much in a short amount of time. But it is how you react to those situations that help you in the long-term. By taking a second to realize your current situation and where you want to be financially, you will be better off. So next time you are getting ready to go out with some friends or are planning a big weekend to Kansas City think a little before you go about how much money you want to spend and what you want to spend it on and try and stick to that. Eventually things that you shouldn’t be overspending on will trigger your mind and remind you that you should think twice.

What is mindfulness going to do for my financial picture?

As a fellow college student, I can attest to the impact that mindfulness has had on my financial picture. College is a crazy time in your life. You are constantly trying to make it to the next time you get to have fun, while keeping your grades up and creating the other aspects of your life whether that is romantic, professional or whatever else you are focused on. By being mindful of what you have done financially I have been able to let myself spend more because I have done a good job recently or told myself to stay home one night because I went a little crazy last time.

“Man this sounds like a bunch of work.”

While the concept might seem pretty complex it fits well into anything else you have heard about money and budgeting. Start small, differentiate between “needs” and “wants”, and have a plan. By starting with one thing or activity you spend money on, for example, eating out, you can fine tune what mindfulness looks like to you before you implement it across your entire financial life. By picking a “want” or something that is discretionary, you have the control to decide your fate. You can’t decide that you don’t want to pay rent this month because last month’s entertainment was too darn expensive.

Essentially, let the little voice in your head work in your and your wallet’s favor. Decide what you are going to spend and continually remind yourself through mindfulness. As I have moved closer and closer to graduating I have seen the impact that being mindful has had for me and the positive impact it is having on other aspects of my life. Like they always say, money can’t buy happiness.

If you are interested in more resources on this topic, below are a few web article on how to practice being financially mindful. Also, we encourage students to request an appointment to meet with a peer financial counselor anytime for free via the link on our website at www.k-state.edu/powercatfinancial. We offer sessions conveniently via Zoom right now and can help you create a financially mindful strategy!

Garrett Jackson

Peer Counselor II

powercatfinancial@k-state.edu

Additional Resources:

https://www.cnbc.com/2020/04/30/why-you-should-create-a-daily-money-mindfulness-practice.html

https://www.nbcnews.com/better/business/how-use-mindfulness-manage-your-money-better-ncna839111

After making it more than halfway through the semester, I think now is a great time to focus on personal well-being. What better way to do that than to explore YOU@KSU a new free and confidential platform K-State is using to help meet students’ well-being needs. YOU@KSU is a comprehensive 24/7 well-being service focusing on three core areas: succeed, thrive, matter. Whether you want help growing into your strengths, succeeding academically or financially, or thriving physically, this app can help.

1. Explore

The Explore section allows student to read short articles or watch videos on topics important or interesting to them. If you are not sure where to start, it also has a section where you can look through articles trending at K-State. Additionally, you can bookmark articles you want find again later. Each of these sections are updated with new articles and resources on a regular basis, so there will always be something new to learn.

2. Self-Checks

The Self-Checks section allows you to quickly check-in on how you are doing or feeling about the three core areas: succeed, thrive, and matter. After taking the assessment it will show you your results. From this you can see areas you are really succeeding in and others you can grow in. If there is a specific category you want to work on, you can click it and see resources relating to it.

3. Goals

The Goal section encourages students to make SMART goals in the three core areas. Students are able to create their own goals or choose from a pre-made list. Once chosen they help students determine why the goal is important to them and set a specific timeline to accomplish it. Then students tweak and edit action steps (ready-made goals) or create them from scratch. They also help students track in progress and completed goals. This section helped me focus some goals I have been struggling with and determine doable action steps to start making progress on them.

I enjoyed using the app and firmly believe each student can benefit from it. We all need help succeeding/ thriving from time to time and this platform helps provide students the resources to do that.

For personalized help with mental/ emotional well-being, check out the free resource at K-State counseling https://www.k-state.edu/counseling/. For personalized assistance with the financial aspect of well-being (budgeting, paying for school, etc.) feel free to reach out to us at Powercat Financial at powercatfinancial@ksu.edu or create an appointment at www.k-state.edu/powercatfinancial. For more student resources, check out Student Life’s One Stop student resource page at https://www.k-state.edu/onestop/virtual/.

Anabelle Sanko

Peer Counselor II

Powercat Financial

www.k-state.edu/powercatfinancial