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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

Lose Excess Spending:  Financial Fasts and Financial Diets

Posted on by christyne

Ever get to the end of the month and wonder where your money went?  Being in college offers not only the opportunity to become financially independent, but it also brings opportunities to squander your money away.  In our society, many social events are centered around eating and this holds true on campus as well.  However, spending money on eating out can be just as unhealthy as the food you get when eating out.  Two ways to begin exhibiting better money habits are by going on a financial fast or starting a financial diet.  Both require you to differentiate between needs and wants and can help you begin to understand what to spend money on and when it may be better off saving.

Financial Fast

A financial fast is a shorter but more intense way to kick-start better money habits.  The financial fast lasts 21 days and limits your spending to only the bare essentials to living.  Items considered essentials include bills (i.e. rent, utilities, etc…), gas to get to and from school or work, groceries meant to sustain your body (i.e. not chips or soda), and medications.  This list will be different for everyone and requires you be realistic about what is a need.  The financial fast also entails spending only in cash and recording every transaction as it’s made, justifying the need.  You can use a checkbook or debit card register, a notebook, an excel sheet, or apps such as www.Mint.com to record your transactions.  Recording your transactions helps keep you accountable to the fast as well as gets you to think about your needs and wants.  A financial fast can be beneficial to do before beginning a financial diet because it immerses you more into learning what areas are and aren’t flexible.

Financial Diet

A financial diet, on the other hand, is more prolonged and allows you to be creative with your spending.  First, know what is a need and what is a want.  From there, brainstorm ways to reduce or eliminate your spending in certain categories.  Don’t be afraid to get creative.  Use what you already have and look for DIY projects.  Similar to the financial fast, spending in cash and recording your transactions can provide you even more awareness and accountability of your spending.  Below is a non-exhaustive list of examples in which you can cut spending sorted by category.

Food

  • Limit the number of times you eat out (i.e. once a week)
  • Prepare meals at home
  • Bring your lunch (and any snacks you’ll need throughout the day)
  • Split entrées when you go out to eat (make sure to know what extra charge may be assessed for doing so)
  • Ask if the restaurant does half-orders
  • Sign up for coupons at places you frequently eat

Entertainment

  • Check out books or movies from the school or public library
  • Drink with friends at home rather than spending money in Aggieville
  • Utilize services such as RedBox or Netflix instead of going to the movies
  • Invite friends to go to the park or have a game night at home

Transportation

  • Walk or ride your bike
  • Carpool
  • Stay on campus between classes instead of driving back home and back to campus again
  • Use the ATA Bus

If you don’t succeed at first, that’s okay.  It’s not easy to change your lifestyle right away and like other diets, it takes time as well as requires you to tweak it until it fits for you.  Consider finding a friend to participate with you and hold each other accountable.  Once you find success, think about what to do with your extra money.  You can use it to pay down debt, save up for emergencies or upcoming trips, or even think about investing it.  The first step though is to be healthier and lose the excess spending.  Check out our Twitter in the coming month to read more tips on saving money.

Sources:

Christyne Stephenson
Peer Counselor III
Powercat Financial Counseling
www.k-state.edu/pfc