Financial Wellness

Goal-Setting

 SMART goals 

[Insert SMART image]

The University of California has a pdf file titled, "SMART Goals: A How to Guide" which provides greater detail of what SMART goals are and how to decide your SMART goals.

Job vs Career

"A job can be just going to work to earn a paycheck. A career means that each of your jobs, experiences, and training programs is helping you advance in pay or responsibility." - Minnesota State Colleges and Universities

Career Resources

Include career centers, career fairs, online job search, community businesses and places of worship. 

[Insert Job vs Career image]

Financial Action Plan

Implementing SMART goals towards your career:

University of California - "SMART Goals: A How to Guide" 

Budgeting is the process of creating a plan to manage how you spend your money by balancing your income with your expenses. A budget is important to help you stay on track with your spending and ensure you are not spending more than your income allows.

For help with building a budget check out the consumer.gov budgeting page.

Spend Wisely 

Examples of  ways to spend money efficiently:

• Rent textbooks or buy used ones
• Drink filtered water instead of buying water bottles
• Make coffee at home
• Use discounts whenever possible
• Bike instead of driving a car
• Buy used furniture
• Use budgeting apps

https://mint.intuit.com/blog/relationships-2/how-to-save-money-in-college/

Budgeting

What is a budget? A budget is a guide that you to reach your financial goals by showing you when to make adjustments to your spending. - FSA Budgeting 

Why do you need a budget? Budgeting helps you achieve financial and academic goals, it makes it easier for you to plan and control expenses, and it helps you improve your credit score and avoid debt.  - FSA Budgeting 

Create a Personal Budget

 How to make a budget and templates for guidance.
Budgeting Template- https://financialaid.uchicago.edu/files/documents/sample-college-budget-template.pdf

Free Financial Apps

There's a slew of free apps for your mobile phone that can simplify your financial tasks. Among our favorites are apps from Mint.com to track your spending and investments.

Budgeting Help

• Mint
  Google Play and Apple App Store
  Free 
  Syncs to your bank accounts and credit cards
  Users can create savings goals, track investments
  Customized alerts when over budget, for large transactions, ATM fees, etc.
  Bill payment reminders
  Credit monitoring service
  Loan repayment calculator
  Security features included
• Personal Capital
  Free 
  Money-tracking on dashboard
  Free investing tools
  Syncs to your financial accounts (ex. bank accounts, credit cards, etc.)
  Offers financial planning tips
  Security features included
• Honeydue
  Free 
  Aids couples manage their money together
  Syncs to partners' bank accounts
  Choose what accounts to share
  Users set up monthly spending limits                                                                                              Users are alerted when reaching spending limit
  Bill reminders
  Communicate with your partner through the app
  Joint bank account options
  Security features included

How to Build a Budget

Tips for Saving Money

1. Make a list before you go to the grocery story, and stick to it. This will help stop unplanned purchases, and can further help you avoid buying food that you might waste.

2. Plan your meals around your grocery store’s flyer. Local grocery chains advertise their weekly specials, and you can plan your weekly meals based on what is on sale.

3. Make coffee or tea at home. Spending $4 a day on your morning beverage of choice adds up quickly, and that money could be put to better use in your savings.

4. Always ask for a student discount! They’re not always advertised, but it doesn’t hurt to ask. Ask about student discounts everywhere you go, but be sure to have your student ID card with you.

5. Remove your credit card numbers and automatically saved payment information from your frequently used online stores. This will help prevent instant purchases, and adding the extra minute or two of having to input your payment information when you want to make an online purchase may help you rethink whether or not you really need that item.

6. Go to your library for free entertainment. At the Santa Fe College library, not only can you check out books, but you can check out movies, CDs, and audiobooks as well. There are also up-to-date magazines and newspapers that are free to read.

Building Your Savings

Savings are a vital part of your budgeting, and should be built up to help pay for unexpected events or emergencies. Without savings, these events can become large financial burdens, so it is important to save for those rainy days.

Tips to Increase your Savings:

1. Set money aside automatically with a savings account, or automatically put money aside every month and save it. You can think of your savings as a bill you have to “pay” each month, and instead put that money aside.

2. Choose something to save for. When you have a goal to work towards, it becomes much easier to visualize your savings and what that money will be used for. You can have both long term goals (such as saving for retirement or a down payment on a home) and short term goals (such as 3-9 months’ worth of living expenses, a vacation, or a down payment for a car).

3. Limit yourself to one frivolous purchase per week, or only allow yourself to buy lunch or dinner at a restaurant once per week. Limiting the amount of non-essential things you purchase, as well as making lunch and dinner at home, help reduce your spending. See the Money Tips above for more information on how to save money and increase your savings.

4. Toss your spare change into a jar or an old-fashioned piggy bank. When it’s full, you can either put that money directly into your savings as an added bonus, or use it to help offset necessary costs, like rent or utilities.

5. Occasionally, have a “Nothing Week,” when you don’t spend any extra money, and save that money you would have spent. For example, don’t go to the movies or eat out that week. Instead, consider free activities, such as reading a book, going out on trials, or participating in community events.

Your First Savings Goal 

Having an Emergency Fund 

This is a cash reserve for unplanned emergencies or expenses. Unplanned bills or expenses that are not part of your routine monthly bills can be paid with emergency funds. - consumerfinance.gov

Invest for your Future 

401(k) Plans

"A 401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts." - https://www.irs.gov/retirement-plans/401k-plans 

What can I do now to prepare for my eventual retirement?

A Minute To Learn It: Saving Money

Make Saving a Priority

Credit Scores

What is it? Why is it important? 

A credit score helps creditors determine whether to give you credit. Having a high score can offer many opportunities including making it easier for you to rent an apartment, get a loan, or lower your insurance rate. - https://www.usa.gov/credit-reports#item-213816

What influences your credit score?

The number of credit accounts you have applied for, bankruptcies and debt, open credit accounts, how long you have been using credit, your credit utilization, and your payment history influence your credit score. - https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/building-credit/ 

Credit Cards

 Should you have one? Where to acquire one? How to use responsibly.

Loans

 (ex. Student Loans-FAFSA)

Sometimes loans are necessary. If you need additional help paying for your college education Federal Student Loans can be a useful option, but remember every dollar you borrow must be paid back with interest (a fee for borrowing the money). Stick to your budget while in school so you only borrow what you need.

The Loan Simulator provided by the Federal Department of Education can help you with understanding the impact of borrowing money for your education.

A Minute to Learn it - Credit Scoring

What can I do to improve my credit score?

What can I do to build my credit?

A Minute to Learn it - Credit Cards

Federal Student Loan Repayment Options

Insurance:

What is Insurance?

Health Insurance

Life Insurance

Auto Insurance 

 - consumerfinance.gov

Identity Theft

 How to prevent. What to do in case that your identity is stolen.

 - https://www.texasattorneygeneral.gov/consumer-protection/identity-theft/help-prevent-identity-theft 

Financial Emergencies

          1.) Move payment dates around
          2.) There are resources to help
          3.) Pause/Cancel Services
          4.) Dip into emergency savings
          5.) Shut down all nonessential spending ASAP

How to Avoid Scams

Typical scam characteristics, Safeguard your private information (ex. passwords, email, address, phone number, etc.) - https://www.nyu.edu/students/student-information-and-resources/student-visa-and-immigration/current-students/avoid-fraud-and-scams.html 

A Minute to Learn it - Identity Theft

What is Identity Theft?

What do thieves do with a stolen identity?

Earning

SMART Goals Graphic: https://universitylife.columbia.edu/news/final-days-flu-fair-and-setting-smart-goals

"SMART Goals: A How to Guide": https://www.ucop.edu/local-human-resources/_files/performance-appraisal/How%20to%20write%20SMART%20Goals%20v2.pdf

Job vs Career: https://careerwise.minnstate.edu/mymncareers/finish-school/job-vs-career.html

Job vs Career Graphic: https://www.empoweryouth.com/blog/what-is-the-difference-between-a-job-and-a-career

Job vs Career - Career Resources - Career Center: https://www.sfcollege.edu/cec/

Job vs Career - Career Resources - Career Fair: https://www.sfcollege.edu/careerplacement/events/

Job vs Career - Career Resources - Online Job Search: https://sfcollege.hiretouch.com/

Budgeting

Consumer.gov: https://consumer.gov/managing-your-money/making-budget

Spend Wisely: https://mint.intuit.com/blog/relationships-2/how-to-save-money-in-college/

“What is a Budget?”: https://studentaid.gov/resources/prepare-for-college/students/budgeting

Free Financial Apps: https://mint.intuit.com/ , https://www.personalcapital.com/financial-software/mobile-app , https://www.honeydue.com/ 

Budgeting Template: https://financialaid.uchicago.edu/files/documents/sample-college-budget-template.pdf

Saving

Saving for Your Child’s Education: 529 Plans: https://www.moneygeek.com/financial-planning/paying-for-college/choosing-529-plans/

“Invest for your Future”:  

https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

https://www.irs.gov/retirement-plans/401k-plans

Borrowing

Credit Scores - What is it? Why is it important?: https://www.usa.gov/credit-reports#item-213816

Credit Scores - What influences your credit score?: https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/building-credit/

Guide to Paying for College:  https://www.moneygeek.com/financial-planning/paying-for-college/

Student Loan Forgiveness, Cancellation, Discharge and Repayment: https://www.moneygeek.com/financial-planning/paying-for-college/student-loan-forgiveness-cancellation/

Ultimate Guide to Paying Down Student Loan Debt: https://www.moneygeek.com/financial-planning/paying-for-college/pay-down-student-loan-debt/

“How to Avoid Scams”: https://www.nyu.edu/students/student-information-and-resources/student-visa-and-immigration/current-students/avoid-fraud-and-scams.html