{"id":33,"date":"2018-10-31T15:19:06","date_gmt":"2018-10-31T20:19:06","guid":{"rendered":"http:\/\/blogs.uml.edu\/money-mentors\/?p=33"},"modified":"2018-11-02T11:12:17","modified_gmt":"2018-11-02T16:12:17","slug":"money-talk-steps-to-keeping-a-balanced-budget","status":"publish","type":"post","link":"https:\/\/blogs.uml.edu\/money-mentors\/2018\/10\/31\/money-talk-steps-to-keeping-a-balanced-budget\/","title":{"rendered":"\u201cMoney Talk\u201d Steps to keeping a balanced budget"},"content":{"rendered":"

By: Luis Enrique Diaz (adapted from Lauren Schwahn of Nerdwallet.com)<\/strong><\/p>\n

Creating a budget that accounts for textbooks, housing and other expenses can cut stress and over spending. It can also help shape healthy financial habits for the future!<\/p>\n

Before creating your budget, be sure to factor in all of your potential income for the time you are building this budget for. Is anyone helping you finance your college career? Keep everyone involved with your finances in the loop by discussing the amount of money you will be receiving from them and the times that you will be seeing that money. This ensures that you will have all of your money accounted for. It also keeps your expectations in check!<\/p>\n

Who is\u00a0<\/strong>paying for college\u00a0<\/strong>and how.<\/strong><\/p>\n

Have a conversation before the start of each school year to decide\u00a0whether your family will pay for costs out-of-pocket or if you\u2019ll need to get a job, rely on financial aid, or combine these options.<\/p>\n

What expenses to expect.<\/strong><\/p>\n

In addition to tuition, you\u2019ll have\u00a0to budget for other\u00a0college costs, like transportation and school supplies. Make a list of likely\u00a0expenses, estimate the cost and agree who pays for what.<\/p>\n

FAFSA and taxes.<\/strong><\/p>\n

Whether a parent or guardian claims you as a dependent or you\u00a0file taxes on your own\u00a0determines whose information is required to fill out the Free Application for Federal Student Aid, or\u00a0FAFSA, and who can claim tax credits and deductions. Discuss your financial status before each school year and address any changes, like a raise or job loss.<\/p>\n

Credit cards and bank accounts.<\/strong><\/p>\n

If you\u2019re considering opening a\u00a0credit card\u00a0account for the first time, are younger than 21 and don\u2019t work full time, you\u2019ll need a co-signer: a parent or other adult. You\u2019ll want to talk about ground rules, like using a credit card only for emergencies and defining what constitutes an emergency. Approach new financial products with caution and be careful not to take on debt. If you plan to directly deposit funds from a job or allowance, look for a\u00a0checking account\u00a0that offers low (or no) fees.<\/p>\n

~ Follow this Step by Step Process! ~<\/strong><\/p>\n

\u00a0<\/strong>Talk it out.<\/strong>\u00a0Before building a budget, chat with\u00a0everyone who will be involved in financing your education. Discuss who is paying, expected expenses, financial aid and perhaps opening a new credit card or checking account.<\/p>\n

List expenses.<\/strong>\u00a0Anticipate the costs of textbooks and school supplies, room and board, transportation, clothing and discretionary spending.<\/p>\n

Track your spending.<\/strong>\u00a0Once at school, monitor your spending. Determine needs and wants and decide which nonessentials you can trim.<\/p>\n

Take budgeting to the next level.<\/strong>\u00a0If you\u2019re in good financial shape, start setting yourself up for the future. Create an emergency fund, for example, or plan for paying off student loans.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0Keep your future self in mind<\/h2>\n

If you\u2019ve managed to stay afloat as a student, you\u2019re in good shape. Continue on a financially healthy path by thinking about life after graduation. If you\u2019re working and able to build a cushion, set\u00a0financial goals, like creating an\u00a0emergency fund\u00a0or saving for a trip \u2014 and don\u2019t forget about any student loans you might have to\u00a0pay off\u00a0after graduation.<\/p>\n

Refer to the links below for more information!<\/p>\n

https:\/\/www.nerdwallet.com\/blog\/finance\/how-to-set-financial-goals\/<\/a><\/p>\n

https:\/\/www.nerdwallet.com\/blog\/banking\/life-build-emergency-fund\/<\/a><\/p>\n

https:\/\/www.nerdwallet.com\/blog\/loans\/student-loans\/student-loan-repayment-plans\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By: Luis Enrique Diaz (adapted from Lauren Schwahn of Nerdwallet.com) Creating a budget that accounts for textbooks, housing and other expenses can cut stress and over spending. It can also help shape healthy financial habits for the future! Before creating … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":745,"featured_media":27,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/posts\/33"}],"collection":[{"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/users\/745"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/comments?post=33"}],"version-history":[{"count":6,"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/posts\/33\/revisions"}],"predecessor-version":[{"id":40,"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/posts\/33\/revisions\/40"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/media\/27"}],"wp:attachment":[{"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/media?parent=33"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/categories?post=33"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.uml.edu\/money-mentors\/wp-json\/wp\/v2\/tags?post=33"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}