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Spring Break: How to Enjoy Your Time Without Breaking the Bank

Posted on by kbhennes

The spring semester can bring a multitude of different feelings as we enter the second half of the year, especially the spring break that we are all so anxious for. This break may look different for each of us, but I think we can all agree that the biggest goal is to just simply enjoy it. But how do we enjoy it without breaking the bank?

With the excitement of it just around the corner, there can also be concerns or overwhelming aspects that come with the much-needed break. So, I have piled together some tips and tricks on enjoying the break while combating the expenses that come with it.

Travel in Groups
If you’re like me and love to travel, this may be on your list of things to do over the spring break week. However, you may be wondering how much it’ll cost or how you will afford it which are important things to consider. Finding a group to travel with gives you both the experiences with them but also the benefit of being able to split the expenses. A shared hotel room could be halved in price. Or, splitting the price of fuel could greatly reduce the overall price.

Create a Budget and Stick to It
While I love having a plan, sometimes I also enjoy doing spontaneous adventures, but I still want to ensure I don’t go over the budget. With an extensive plan, I can budget how much I need to save up for the trip and how much I will spend each day. Plus, having a plan ensures I will get to do the things I really hoped to do. With this, a little extra cash for souvenirs or spontaneous adventures can be incorporated into my detailed budget, so it’s not entirely strict. We would love to help you create your spring break budget at Powercat Financial. Schedule an appointment using this link!

Choose Cost-Friendly Activities
Traveling may be at the top of my list, but it might not be for you. This doesn’t mean you can’t enjoy your break! There are so many activities that are local, low cost, and even free. Finding adventures that don’t cost a dime can feel rewarding in that you haven’t spent any money. In Manhattan, make it a goal to visit every mural you can find. This activity can be customized in any way whether solo or with friends, and it’s totally free!

More Cash, Less Credit
After creating a budget, I know I have the money available for each activity I have planned. To limit myself from overspending, I use physical cash or a debit card rather than a credit card. Credit cards typically have higher available amounts that can be spent at once, so it’s easy to swipe my card and move on without hardly thinking twice. With cash or a debit card, I know exactly how much I have and whether my budget can handle it. This strategy has been really beneficial for me in managing my finances effectively.

These can also be used in our daily lives, too. Creating a budget for ourselves and sticking to it can help ensure we are covered for upcoming expenses, plus it can reduce money-related stress! Traveling in groups can not only help limit our costs but can be safer too! While having these tips and tricks in mind, I wish you the most relaxed spring break yet, whether you spend it on a beach with friends or family or around Manhattan, KS. Both of which we can plan for and bring ourselves joy!

Alivia Kaiser
Peer Counselor I
Powercat Financial
www.k-state.edu/powercatfinancial

The Power of Micro-Habits for Financial Success

Posted on by kbhennes

Achieving financial success doesn’t require large changes. Sometimes, it’s the small consistent habits that make the larger impacts down the road. These are what we considered in the financial industry to be micro-habits. These tiny, everyday actions can have massive financial impacts over time. Whether it’s tracking your spending, automating savings, or cutting back on small expenses, these habits can build up over time to create a solid foundation for improving financial health. By incorporating micro-habits into your daily life, you can set yourself on a path towards a healthier financial life.

Track your spending daily.
• Micro habit: Spend 5 or less minutes every day reviewing your expenses.
• Why it works: Tracking your spending regularly helps you stay aware of where your money is going. It also helps prevent overspending. Ways you can go about tracking your daily spending include manually checking your credit card and debit card accounts or downloading apps like NerdWallet or PocketGuard.
• Benefit: By regularly staying on top of your spending, it prevents you from overspending or being unaware of your expenses. It also creates a level of safety in knowing if your information has been stolen by immediately being able to recognize a purchase that wasn’t from you.

Set aside income for savings.
• Micro habit: Every time you get paid, set aside a percentage of your income for savings.
• Why it works: Small amounts of savings add up over time. Doing this consistently overtime helps build up an emergency fund and ensures that you’re building your wealth passively.
• Benefit: By regularly contributing small amounts over time this allows you to create a nest egg of funds in the emergency that you need a chunk of cash. It also creates a mindset of saving that can translate further down the road for when it comes to retirement and other savings goals.

Pay off credit cards in full monthly.
• Micro habit: Each month pay off your credit card in full before the due date.
• Why it works: Paying it off in full each month allows you to avoid paying on hefty interest rates, fees, and debt payments.
• Benefit: By paying your credit card off in full every month, you avoid spiraling into credit card debt, paying extra fees, and it helps build your credit score. Think of this as three birds, one stone kind of benefit when paying your credit card off in full.

In summary, micro-habits are small actions that, when practiced regularly, can lead to significant improvements in financial health. By focusing on simple behaviors like tracking spending, saving regularly, and paying off credit cards in full, you can start building better financial habits. These small adjustments to your daily life can have large impacts on your financial health over time. With patience and consistency, micro habits can lay the groundwork for lasting financial success. If you have any further questions or would like to learn more about this topic, reach out to us at Powercat Financial Here to schedule an appointment.

Drew Cason
Peer Counselor II
Powercat Financial
www.k-state.edu/powercatfinancial

Cash Apps – The New Way to Transfer Cash?

Posted on by ekoochel

Image result for cash apps

These days it seems like fewer and fewer people are carrying cash. Especially as students, it’s a lot more convenient to carry around a debit card and/or credit cards on a daily basis, rather than to have to lug around a large amount of paper money or coins. But as many of us know, this can lead to complications when you are splitting a pizza deal with a couple friends, or trying to four-way spilt utilities with your roommates. And since checks can be expensive and ATM fees can add up, we need an easier solution.

Apps like Venmo, Square Cash and Google Wallet offer that solution. All you need to do is download the app from the app store, sign up, and register a checking account or debit card. Boom. You can instantly transfer money to anyone at anytime, using a unique username and password. Did I mention that it was free? And, whoever receives the transfer can “cash out” whenever is convenient, and it processes almost instantaneously!

Sounding too good to be true? Yes, these types of applications have their downfalls. Here are some things to look out for when using cash transfer applications:

  • Lack in Customer Service: many online reviews state that these companies are lacking when it comes to customer service. Their account stops working and it takes longer than it should to get ahold of a customer service rep to finally get their account back up and running. In addition, many of these companies offer little-to-no live support.
  • Security Problems: it seems that there have been no big issues with fraudulent behavior or hacking with these types of apps. However, it is important to be cautious when using them because many offer no extra security measures (you only have to login to the app once to transfer out money). I’m not sure if I would trust one password on a mobile device to protect my entire checking account!
  • Need for Checking Account: another downfall is that some of the apps require a checking account or debit card for the free transfers. They will often tack on a small fee when transferring from a credit card. However, with their business models, if you do have a checking account/debit card, it is hard for them to have hidden fees.

So whether or not you decide to join the cash transfer application community, remember, as in any decision with finances, it is important to weigh the pros and cons. Yes, it will add convenience for the college lifestyle – but at what costs?

Hillary Williams
Peer Counselor II
Powercat Financial Counseling
www.k-state.edu/pfc

Peer Pressure and MONEY

Posted on by ekoochel

We have all been put into a situation financially where we did not have the money to spend but spent anyways! Being a college student does not help with this situation either. We live in a world where most feel the need to keep up with their peers and by doing that we sometimes end up spending money that we do not have. Unfortunately, there is not a magic formula to being able to say, “no” when the time comes to financial obligations.

We sometimes go out of our way to avoid tricky situations, especially when it involves money. However, there are some steps that you can take to assist in being able to stick to your budget and not spending money that you do not have. Having honest communication about your finances with your friends and loved ones, budgeting for events, limiting yourself, and not keeping score.

Communicating your goals to your friends and family.

You should be honest with your friends and family when it comes to your goals financially. If they understand what you are trying to accomplish they will have a better understanding of why you turn outings down and why saving or getting out of debt is so important to you.

Budgeting for events.

Almost every goal that you set for yourself in life may have money involved. It is important to set your goals early and decide how you are going to achieve those goals. Budgeting does not have to be only for big lifelong goals, it can be for mini trips or having a fun night out with your friends.

Limit yourself to the amount of activities you do.

In today’s society we often feel pressured to be involved and to not say, “no.” Saying no to going out to dinner, drinks or buying new items all the time can be difficult but it is important to learn how to limit yourself.

Keeping score.

Keeping score with your loved ones, friends and family can be dangerous. When it comes to money you should never compare yourself to what others have or make. Each individual is going to be in a different place at a different time. It is important to not try to keep up with the Joneses.

I leave you with this remember that peer pressure can be difficult but if you make your goals and priorities your number one focus it will affect you less. Last but not least if you ask to not be peer pressured financially or you ask for their help with sticking to your budget from your friends remember, to do the same for them.

By: Camila Haselwood

References:

Friends with Money: How to Handle Peer Pressure