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If an unexpected event changes your financial situation say, one of your parents loses a job or you’re hit with a major medical bill—talk with your financial aid office. Most colleges set aside funds to help students get through difficult situations such as these.
Even if you blow it—for example, you get yourself head over heels in credit card debt—go to the financial aid office. They can direct you to people or programs that can assist you in getting back on solid footing. No matter how bad things may look to you financially, there’s a solution. Talk to someone and get the help you need.
Your financial aid package is a big deal. Make sure you know what you have to do to keep the money coming! Read the information about your financial aid carefully, and then file it in your “Financial Aid” folder.
Some scholarships, for example, require you to maintain a certain grade point average or to take part in events sponsored by the organization that awarded you the money. If you have a work-study job, there may be a requirement that says you can’t work somewhere else. Loans have very specific obligations. Some lenders will require you or your parents, to start repaying the loan right away. Others will allow you to start payments six months after you graduate. It’s up to you to keep track of these things.
If you “bounce” a check—write a check for more money than you have in your checking account—the bank will charge you $20, $30, or more for the mistake. Bounced checks also can hurt your credit record. If other banks learn about your bad habit, they may refuse to give you an account.
To avoid this expensive mistake, do the following:
- Every time you write a check, enter the amount into your checkbook register and subtract it from your balance.
- If you use an ATM or have a bank debit card (a card that works like a check), keep the receipts. Write down the transactions in your checkbook register.
- Don’t assume your account balance at the ATM is correct. If you wrote checks that haven’t been processed by your bank yet, the ATM balance will be higher than the amount of money you really have. Call the bank for a current balance.
- When the bank mails your checking account statement each month, compare the bank’s figures with your own and balance your checkbook. If you have questions, ask someone at the bank to help you.
• Learn to say “No, I don’t need it.”
• Know your income and expenses.
• Make a spending plan and stick to it.
• While shopping, use a list, cut coupons and watch for sales.
• Don’t eat out as much.
• Pay attention to daily spending.
• Lower your phone or cable bills by eliminating unnecessary features.
• Pay more than the minimum amounts against outstanding debts.
You probably have a notebook for each of your classes to help you stay organized. Take a few hours to get your financial life organized, too. You can keep most financial records in your dorm room or apartment. Buy a file box that locks and separate your financial records into file folders. Or keep your labeled file folders in a cardboard box and put the box in a locked drawer or closet.
Here’s one way to label your files:
- Bill Payments. Put your bills in this file to help you remember to pay them on time.
- Checking Account. In general, save your canceled checks and bank statements for five to seven years in case the IRS audits your tax returns.
- College. Keep records about your courses, grades, and credits.
- Financial Aid. Applications, award letters, and notes about important telephone conversations go here.
- Insurance. File your car, medical, and renter’s policies.
- Loan and Credit Records. File loan agreements and payment records for student loans, car loans, credit card
payments, and so on.
- Receipts and Warranties. Keep this information for major purchases, such as computers or stereos.
- Savings and Investments. File statements from your bank account and any other accounts you have.
- Taxes. Put your tax returns, W2s, pay stubs, etc., here. Records that are difficult to replace, such as your birth certificate and Social Security card, should be stored in a safe deposit box at a bank or in a fire-resistant box at home.
