LEARN TO BUDGET AND START SAVING………......1
YOUR
FINANCIAL FUTURE………..2
WHAT EMORY
PFC DOES AND HOW YOU CAN GET INVOLVED……..2
IS S U E 2
Ja nu a r y 25 , 2 01 3
New Year New Financial You
Start off the New Year by developing crucial skills to better your personal financial management. These skills will last a lifetime and set you up for future financial success. For more information, contact Emory Peer Financial Counseling and keep a lookout for more tips!
Do you know how much you spend? Time to set up a budgeting plan!
Most students have trouble planning their school schedule, let alone delineating a budget for their spending. But budgeting doesn’t have to be difficult. In fact, a few simple steps can work wonders in terms of helping you manage your spending and putting away some of your money for a rainy day. Emory Peer Financial Counseling can offer several tips to best manage your money in 2013.
Tip #1 — Necessary Spending: Know how much of your income or allowance goes towards necessities like food and rent. Set aside this money and use it strictly for these items. Tip #2 — Save for a Rainy Day: Put a portion of your money towards an emergency fund every month. Consider it as a nonnegotiable task and soon enough you will be amazed at home much you’ve stored away.
Tip #3 — Needs vs. Wants: Differentiate between your needs and your wants. For your “wants,” avoid swiping your credit card and use cash. That way, you can’t spend more than you have.
Tip #4 — Pay Off Debt: If you have any debt, attempt to pay it off as soon as possible. Cut down on unnecessary spending in order to do so. Tighten your expenses now to avoid watching your debt snowball down the road.
Tip #5 — Just Do It: It’s one thing to read these tips, but it’s another thing to actually enact them. Take the initiative this year to adhere to your budget and make sure to keep a record of your spending and saving. There are apps online and for your smart phone to make budgeting a breeze. Emory PFC can also help you create a budget. Utilize your resources!
Come see your Emory Peer Financial Counselors for advice on your financial management. Emory Peer Financial Counseling hopes to accomplish a great deal this new year. If you are resolved to make yourself financially fit in 2013, then Emory PFC can help you reach your goals. At Emory Peer Financial Counseling, we give various presentations concerning topics such as budgeting, credit & debt, investing, and student loans. We strive to promote a more financially literate generation of college students, who often find themselves lacking the necessary life skills to handle their finances upon their
Your Peer Financial Counselors: Kara Maynard kamayna@emory.edu Julia Wang jwan233@emory.edu Email Emory PFC at peerfinancialcounseling@gmail.com to request a presentation or to get involved.
Keep an eye out for our next issue on using technology to manage your finances. Check out our Facebook page, Emory Peer Financial Counseling, and follow us on Twitter @Emory_PFC.
graduation. If you are interested in requesting a presentation for your student organization or group, please contact Emory PFC or email one of our counselors. Alternatively, if you are interested in one-onone counseling, feel free to get in touch with a counselor to set up an appointment! We have big plans for this semester in addition to our usual functions at Emory PFC. We will be releasing this biweekly newsletter in efforts to improve our readers’ financial literacy, as well as giving you updates, and information through our Facebook page and Twitter. Keep an eye out for our financial literacy programs throughout the year. In particular, Emory Peer Financial Counseling will be celebrating National Financial Literacy Month in April, a month dedicated to educating Americans on improving their financial habits and understanding. Stay tuned for the many programs we will be hosting throughout April. Finally, Emory PFC is always looking for dedicated volunteers to promote our cause. If you are passionate about financial literacy and wish to volunteer at Emory PFC, then we encourage you to get in touch with us!
SAVING FOR YOUR FUTURE
As young adults, you will eventually transition from the world of the student to the world of the employed. As daunting as it may seem, you will have to start saving and investing for your future early on. Regardless of what career path you choose or where you might be in college, it is never too early to start thinking about how you should save in order to live comfortably down the road. It is often difficult for students to even envision retirement concepts, but attempt to familiarize yourself with the ideas of a 401(k), Roth IRA, etc. Learn what types of Mutual Funds are available, like growth funds and index funds. Moreover, begin to educate yourself on investing methods. At the very least, this will introduce you to the habits of investing and saving, which are crucial life skills. It is up to you to take the initiative to ensure your financial future is as stable as possible. Look out for Emory PFC’s newsletter issues on investing later this semester for more information.