home Future Students Current Students Faculty and Staff Business and Community Online Courses
 
Where is your money going?

Have you ever had the experience of not remembering how you spent money, you just know that it is gone? Or did you pay major bills on time, only to realize that you don't have any money to live on for the remainder of the week or month? Or did it s uddenly occur to you that your income is not sufficient to support your lifestyle?

Develop healthy personal financial habits now so when you graduate and start to make 'big money', you will know how to manage, save and avoid financial distress. Become financially literate about budgeting, saving, credit, consumer banking, credit rating and credit scores. Live within your means; don't spend more than your income. Don't borrow what you can't pay when it's due. Don't loan what you can't afford to lose. Identify budget busters and quit spending money on them. Separate your needs from your wants. Understand the impact that money has on your friendships and how you treat yourself. Remember, if you love yourself, your children and other family members, you will not make decisions that lead to financial trouble.

Make financial literacy a priority this year. Your TRiO advisor has budget sheets that you may use to plan your budget. Also, make plans to attend a TRiO Financial Literacy Workshop. Find upcoming dates on the TRIO website, www.mccneb.edu/trio.

Start setting limits now on how you will spend your money, pay bills, save for emergencies and future goals and afford daily necessities, plus afford the fun things in life.

Consider these steps to before making a plan for spending your money.

  1. List the due dates and payment amount for each bill.
  2. List individual balances on each loan.
  3. List money spent throughout the day, week or month. Your list might reveal the areas where you are spending a large amount of money (e.g., vending machine purchases, loaning money, getting your nails/hair done or eating out.)
  4. List due dates and expenditures in these categories:
    • Fixed necessities weekly/monthly – those necessities that must be paid (rent, utilities, day care, credit cards, gasoline, etc.)
    • Periodic necessities – expenses that occur annually, biannually, quarterly (e.g., health insurance, car registration)
    • Controllable – expenses that don't have to occur at all or expenses that you can control the amount you spend (presents for holidays, birthdays, special events, concerts, parties, etc.)
    • Anticipated emergencies – car maintenance or doctor visits

 
 
 
Contact Us