Kansas State University

search

Powercat Financial

Tag: advice

SALT- Become Financially Savvy

Posted on by roxanne

Powercat Financial Counseling is proud to introduce SALTmoney.org, a FREE financial literacy and budgeting tool, to all current students and alumni!!

Did you know that salt was one of the earliest forms of currency? In today’s times, we are noticing a trend of rising student debt. Unfortunately we can’t bust out the salt shaker to pay-off our student loans, but you can log-on to Salt Money at www.ksu.edu/salt and become more financially savvy.

Once you have register within Salt you will have access to a multitude of functions that will allow you to better your financial awareness. Some of the main features include:

– Crunch Your Numbers – Here you can import your student loans from the NSLDS (National Student Loan Data System) and learn information regarding your monthly payments and repayment plans. Also, see the bigger picture, which includes; a tool that helps students evaluate the cost of living in different regions of the country and plans out a tentative monthly budget based on estimated income. Student loans aren’t much fun to repay, but Salt will simplify the process for you and show you how to fit repayment into your life.

– Save and Make Money – Here you can access a search engine that will help you locate scholarships, internships, and jobs that fit your specific needs. Salt also provides deals that are solely for members of the program.

– Get Money Smart – Here you can complete interactive activities to become more educated on many topics regarding personal finances. How do you choose the right bank or credit union for you? How can your credit score keep you from getting a job? When is student loan deferment a good idea? Log-on to Salt to learn the answers to these questions and many more.

Managing finances is one of the largest stressors that college students face, and Powercat Financial Counseling is expanding their services by proving SALT to all members of Kansas State University. Look for SALT events occurring on campus in the coming semester. PFC will be putting on a launch event on February 7th from 4:30 to 6:30 in the Rec. Stop by after your workout to put some SALT in your financial diet. We will be giving away prizes such as t-shirts, fruit smoothies, and a Mr. Coffee’s Self Brewer. Log-on now at www.k-state.edu/salt.

Bret Eisenbarth
Graduate Assistant & Peer Financial Counselor
Powercat Financial Counseling
www.k-state.edu/pfc

How to Save Money Through the Holidays

Posted on by roxanne

It can be so easy to overspend your hard-earned money over the holiday season. Of course you want to buy gifts for your friends and family, go out and catch up with friends you haven’t seen in awhile, and there are just so many sales that you can’t help but buy for yourself! Here are a few easy tips to keep in mind as we jump into the busiest time of the year:

  1. Make a budget. Before doing any shopping, decide how much money you can spend on gifts and who you need to buy gifts for. Just sit down and write down each person you need a gift for, then how much you would like to spend on each person without going over your total spending budget. The key is to stick to this list once you’re out shopping.
  2. Pay for all of your gifts in cash. This tip is similar to the envelope method of budgeting, for which you put a lump sum of cash in an envelope that is to be used just for gifts. Then once you spend that money, it’s gone – no more gift buying. This technique will help you from thinking your bank account is limitless or maxing out your credit cards.
  3. Try a gift exchange. Maybe you have several co-workers, roommates, or a large family, and trying to think of a gift for each individual person is difficult in itself, and it can become expensive for all of them. With a gift exchange, each person buys one gift for one other person in the group. This way, you only have to find one gift and won’t have to spend as much total. Gift exchanges can also be made into games, so it’s fun, too!
  4. Take advantage of coupons and sales. If you find a lot of really great deals on some of those gifts, you may have more of that total spending budget to reallocate or buy a few more smaller gifts in the end. Be sure to stick to your list at first, and don’t buy too many items for yourself just because they are on sale.
  5. Get crafty. So you have a tight budget, and buying a gift for all of the important people in your life is going to be financially impossible. Homemade gifts are the next big thing! In fact, people often enjoy homemade gifts more than store-bought gifts because they know that you put time and effort into making them. Make a scarf or jewelry, bake treats, or repurpose items around your house. The raw material needed and a little bit of your time can make a huge difference in how much you spend overall. Check out pinterest.com to get tons of do-it-yourself gift ideas.
  6. Lend a helping hand. If you aren’t feeling creative, give your time. Offer to babysit for your co-worker for an hour or two free of charge, spend some extra time playing a game with your younger sibling, clean the house for your parents, or rake leaves for your neighbor. People are so appreciative for having a little extra help during such a busy time of the year.
  7. Stay in. It can be very tempting to want to spend more money on entertainment through the holiday season since you’ll be meeting up with old friends or spending time with your family. Instead of going to the movies or eating out, try cooking at home and playing board games or renting a movie. You can also make a family affair out of decorating the house or wrapping presents together.

To find some of these tips and more, visit: http://www.betterbudgeting.com/articles/holidays/saveatchristmas.htm and http://www.bankrate.com/finance/personal-finance/ways-to-save-during-holidays-1.aspx

 

Kelsey Darnell
Peer Financial Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc
 

Avoid Santa’s Claws

Posted on by roxanne

Did you survive Open Early Thanksgiving?  How about Black Friday?  How much did you send to Amazon on Cyber Monday?  The family hasn’t even finished their turkey or watched the football marathon and yet Santa has his claws out…saying “buy….buy….buy!”  You might have survived the mobs – but how is your checking account, credit card, or spending plan doing?  Has Santa clawed his way through those yet?

The Thanksgiving break was a nice relief before term papers and finals week, but you might have already cratered your finances if you weren’t careful.  According to ABC News, most Americans have already spent about $450 this season, and will fork over $700 to Santa before we watch the Little Apple drop in Aggieville on New Years Eve.

If you don’t have a spending plan for the holiday season, you might ring in the New Year with a new friend:  the debt humbug.  To avoid the humbug, here are a few simple things you can do.  First, have a written spending plan.  Some people call them budgets, but a plan seems like a more friendly way to put it.  The best thing is to earmark a little money each month for the holiday season.  That’s the best way to handle an irregular expense, spread it out over the entire year.  And don’t just plan for gifts – those trips home for the holidays can get expensive depending on how far you have to go.

Another thing you can do is give gifts that don’t cost a lot of cash.  A gift of your time will be really appreciated, and will be remembered long after that trinket has been put in the closet or the basement (or the re-gifting pile!). Offer to clean out a closet, rake the yard, housesit the dog while your friends are away, or help someone take down the holiday decorations.  Or make a homemade gift.  Homemade gifts and gifts of service are unique, and are only limited by your imagination.

The last thing you can do is talk with your family about focusing more on fun time with family and less time on spending.  In my family we got to the point where we didn’t know what to get someone, so we spent time running around getting gift cards.  Then we’d get together and exchange gift cards with each other.  How lame is that?  We decided to just give one gift to each child, and the adults (college age or older) got a nice Christmas card and a homemade gift or gift of time.

If you need help with your holiday spending plan, or want some help dealing with the debt you already have, check out the Powercat Financial Counseling website at www.k-state.edu/pfc/  for some ideas with spending plans.  You can also sign up for a free counseling session on the website, or give us a call at 785-532-2889.  Trained peer counselors are ready to help deal with Santa’s claws and avoid the debt humbug.

 

Rob Jones
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc
 

Thrifty Gifting

Posted on by roxanne

The holidays can be a joyous time full of family, food, and gifts.  During this exciting time, it is important to keep a close eye on your spending.  On November 13th, Powercat Financial Counseling hosted the event Thrifty Giving to help K-State students manage their money during this potentially stressful season.  Listed below were some key tips mentioned at the event to help students stay within their means during the holidays.

Plan Ahead:

  • Set aside money each month that will go specifically towards those holiday gifts.  It can be very stressful to have a list full of gifts but not the money to buy them. Planning ahead and saving will allow you to relax because the money will already be saved up.
  • Staggering purchases throughout the year spreads out your spending and can make purchases more manageable.  Also, gifts may not always be the cheapest during the famous Black Friday Sales.  Monitoring prices of gifts you are interested in can help you get them cheaper than during the holiday season.

Get Organized:

  • Have an idea of who you will be buying gifts for and create a detailed shopping list according to the money you have saved.
  • Create a holiday budget and stick to it!!!

Be Creative:

  • To shorten your gift list suggest a gift exchange with your family or friends.
  • Big family dinners can be stressful, especially for the host.  Potlucks are a great way to spread the responsibility and costs around.
  • If your holiday plans involve traveling it is best to book as early as possible.  Airline tickets get more expensive as the holidays get closer.  Also, try to be flexible.  Instead of departing on a Friday consider Thursday.  Flights over the weekend tend to be more expensive.
  • The Holidays are a great time to use your Pinterest Boards!!!  Homemade gifts are so thoughtful!

Shopping Warning:

Consumers need to be careful with department store credit cards.  During the holiday shopping season stores often offer a percentage off your total purchase if you open a credit card account with them.  Shoppers may do this at every store they visit with the intentions of cancelling the credit cards once the transactions are complete.  This allows you to save money in the short-term; however, we discourage this tactic because doing this can actually decrease your credit score.

In addition to the helpful information discussed, participants also enjoyed an evening full of apple cider, delicious desserts, and prizes.  Students battled for country stampede tickets, holiday food baskets, and much more during games of holiday-themed family feud.   This fun event was just the thing to get students prepared for the exciting holidays ahead.  If you would like more information about how to cut spending and stress during the holiday season, you can make an appointment with Powercat Financial Counseling at www.k-state.edu/pfc.

Heather Gibson
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc
 

Beware of the “One Month Free” Offer

Posted on by roxanne

Several online services such as Netflix and Hulu offer tempting one month free opportunities, but here is why you should be skeptical about signing up for them.  It is no secret that college students usually live on a tight budget.  Often times that means there is not a lot of money going around towards entertainment.  You might see the one month free offer and think that signing up for it isn’t a big deal because you will cancel their subscription at the end of the month.  It is not that easy!

Those online services make that offer for a reason.  They hope you will either get hooked on what they are providing or that you will simply just forget to cancel it.  And it works!  All too often the servicer gets exactly what they want from tricking the consumer into using their product for free.  That could quickly turn into a very costly decision for you.  To sign up for that offer, keep in mind that you have to give them a lot of personal information which includes your credit card number.  At the end of the first month, they will start billing you without even notifying you!

When you add up the costs of these services, they likely are not worth it while you’re on a tight budget.  Common providers of these services cost anywhere from $7 to $10 each month.  That might not seem like a lot, but when you realize the cost is anywhere from $84 to $120 per year, it might put it in a little bit of a different perspective.  Likely, that’s a big chunk of your budget.  Play it safe and don’t take the one month free.

 

David Biggs
Peer Counselor I
Powercat Financial Counseling
www.k-state.edu/pfc

Joining Finances?

Posted on by roxanne

Are you a newlywed or thinking of joining your finances together with your significant other?  Instead of jumping in head first, you should do your research.  Here are some tips to consider when deciding how to join your accounts.  Remember both parties need to communicate, decide on a joint or individual account, or both, and ask about online banking.

Talk openly and honestly about finances with your spouse so you can begin to understand how they handle money.  Both parties involved need to decide how they will share the task of managing their money and expenses.  Take into consideration each other’s strengths and weaknesses; maybe one of you is more organized with money and should be in charge of paying the bills.  Agree on a budget to plan for everyday expenses and reach long-term goals together.  Set some ground rules, such as which types of expenses you need to decide on together, and how much either of you can spend without consulting the other party.

Then, you must decide if a joint account or individual accounts works best for you.  If you are having troubles deciding if joint, individual, or both is best you are not alone.  Many couples open joint accounts and pay all their expenses jointly.  Other couples choose to have one joint account for shared expenses such as housing payments, and separate individual accounts for personal items such as clothing.  Still others prefer to keep individual accounts, and share the bill paying duties.  If you do choose joint accounts this means shared responsibilities.  Either of you can withdraw or transfer funds, and make payments.  If one of you overdraws the account or bounces a check, both of you are liable.  Each person will need the appropriate information and identification with him or her when applying for a joint account.  This includes Social Security numbers, driver’s license or other ID numbers, and employment information.  If you apply in person, you will both need to sign the application.

For joint checking accounts, and savings accounts with check-writing privileges, you get one checkbook.  You can both access the account, and any other accounts you have, through online banking.  Banks will have each of you choose your own username and password, so you and your spouse will have access to your joint accounts, and you alone will have access to your individual accounts.  You can view account balances and history, receive your bank statements online, transfer money into your joint account, set up services, and more.

Remember, there is not a “correct” way to join finances with another person, but it is important to make the best decision for you.  This decision will come with communicating and compromising on the best option to manage your money together now and in the future.

For more tips and ideas see http://news.yahoo.com/tips-combining-finances-getting-married-213600423.html and http://www.huffingtonpost.com/learnvest/love-and-money_b_1870705.html.

 

Ronika Ledesma
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc