Page 16 - NYS GEAR UP Level Up

NYS GEAR UP All things Finance All things Finance NYS GEAR UP All Things Finance Lesson 3 All Things Finance Lesson 16 PERSONAL BUDGETING & OPENING UP A A A A BANK ACCOUNT
• Personal Budgeting is is very important as a a a a a a a a college college student Since you you you you are now now a a a a a a a a young adult in in in this world you you you you have to to know how much money do you need to survive college • Break your budget budget down daily and then make a a a a a a a a a a a a a a budget budget for for the the the week week Calculate expenses expenses expenses such as roundtrip transportation (i (i (i e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e e buying buying a a a a metro card for the week or or monthly) food expenses expenses (i (i e e e e e e e e e e e e e e e e coffee & meals) school expenses expenses (i (i e e e e e e e e e e e e e e e e making copies buying buying • books) and emergency or just in in in case money money Ensure that that your budget is cohesive to the money that that you you receive weekly or monthly ‰ ‰ Think about getting a a a a a part-time job if you you you need money money coming in in in in ‰ ‰ If you you you you receive a a a a a a a a a refund refund refund check check check and you you you you don’t owe money money towards your tuition save that refund refund refund check check check This refund refund refund check check check can be used to fund or “fuel” your weekly budget Don’t spendthat check on on unnecessary items and expenses (i e e e e e e e e e e e e e e e e spring break
vacations an expensive bag or shoe etc)
• Opening up up a a a a a a a a a a a a a a a a a a a a a bank bank account account is is very easy All you you need is is a a a a a a a a a a a a a a a a a a a a a state ID college name and and projected graduated date Do your research and see the perks or promotions that banks currently have on on opening up student accounts • • Banks such such as as as as Chase and and and and Citibank have have student student bank bank bank bank accounts accounts these banks banks are are also everywhere in in in in NYC and and and and in in in in other other states as as as as well • • • There are are are no minimum deposits necessary or any fees fees such such as as as overdraft and and other fees fees • • • Ensure that you you you you are are maintaining your your your bank bank account account get your your your bank bank account account app on on on your your your phone • • SAY NO TO CREDIT CARDS! Many credit credit card card companies prey on on on college students students and will persuade students students to open up a a a a a a a a a a a a a a a a credit card ‰ ‰ If you you you have have no income coming in in in you you you shouldn’t have have a a a a a a a credit credit card card how will you you you pay the bill when it it it arrives ‰ ‰ Use your your cash or or debit card card from your your bank account to pay for expenses