Ne[x]t Magazine | Summer 2023

GET TO KNOW JUMP START SCHOLARSHIP RECIPIENT

KELSEY WOODS

Also Inside: Student Loan Payoff Winner

3 Steps to Back Up Your Data

How to Earn Extra Money

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Jump Start Winners

FROM THE EDITOR

It’s been a sizzling summer in Georgia with record high temperatures! We broke our own records by awarding $48,000 in scholarships and student loan payoffs. Of that total, $1,000 scholarships were awarded to 18 graduating seniors through our Jump Start Scholarship program. You can see the winners and get to know recipient, Kelsey Woods, on pages 8-11.

Millions of Americans struggle to pay off student loan debt. This statistic inspired Georgia's Own to launch our Student Loan Payoff contest and award $10,000 each to three deserving college graduates to pay toward their student loans. This issue features round-one winner, Travis Reid. Learn more about the contest, how to apply, and why Reid applied on pages 4 and 5.

We want to equip our members to be financially prepared for life! We offer

free, financial courses online, literacy blogs, and educational articles like you’ll find in this issue. Learn 3 Steps to Back Up Your Data and prevent losing your personal information on page 6.

Make it your goal to have financial confidence when graduating high school or college! If talking about money makes you uncomfortable, you’ll want to check out 7 Habits to Gain Financial Confidence on page 14. We’ve made a list of habits that you can start implementing today that will aid you in managing your money well.

Want to stay connected? Follow Georgia’s Own on Facebook, Twitter, LinkedIn, and Instagram. Don’t forget to subscribe to georgiasown.org/blog for more financial tips and education!

Did you know? Did you know?

We're awarding three individuals $10,000 each!

STUDENT LOAN PAYOFF ROUND 1 WINNER

Travis Reid

Meet Travis Reid —the first-round winner of our Student Loan Payoff contest. Reid moved to Georgia when he was 13 years old and still lives here with his wife, Lashera. Reid unexpectedly lost his father two years ago. To help his mother, he moved in and took over his parents’ mortgage. Newlywed Reid was stretched financially with student loan debt, housing expenses, and a mortgage. When Reid heard about the Student Loan Payoff contest, he sought financial relief and submitted his video application. The $10,000 student loan payment made by Georgia's Own alleviates a huge financial burden for Travis and Lashera. Reid hopes this loan payoff will set himself up for financial freedom and allow him the opportunity to focus on other areas of his life.

steps you should take to back up your data

Our digital devices contain vast treasure troves of data, from family photos and music collections to financial data, health records, and personal contacts. Storing all this information on a computer, tablet, or phone comes with the risk of loss if all that data is contained in one digital location.

Data can be wiped out in many ways. Maybe your computer gets wet, or a software update malfunctions. A fire or natural disaster can destroy your device. A virus could steal all your data and erase your machine. Or, a bad actor might target you with ransomware, which is when they hold the data on a device hostage unless you pay a fee.

To prevent losing precious data, documents, and files, back up your files regularly and often. You might want to back up your files daily or more frequently.

Create copies of your data

It’s likely that your computer already has backup software installed, which means you may have an option available. With most backup software programs, you can copy all files and programs on your computer or only the files you’ve changed since your last backup.

Where to back up your data

Nowadays, it’s common to back up your data to the cloud (i.e., online servers outside of your device). However, you should also back up to a physical device. These devices include external hard drives, USB flash drives, CDs, or DVDs. It’s recommended to back up your data both on the cloud and on a separate device.

Safely store backup devices

Keep your physical backup devices secure—it’s best to keep them in a separate location from your main device, especially if the data is sensitive. You could ask a trusted neighbor or place them in a fireproof safe, but even putting the backup device in another room adds security. Remember that you should back up your files regularly, so ensure your devices are easily retrievable.

A data backup is a three-step process:

1. Create copies of your data.

2. Set up automatic cloud backup, select the hardware for storing your data, or both.

3. Safely store your copied files on a backup device or service.

How to maintain your car without breaking the bank

When you purchase a car, new or pre-owned, you don't necessarily factor in the cost of maintenance or repairs. Ensuring your car is in good, working condition helps keep you safe and extends the life of your ride. Routine maintenance keeps it running every time you step on the gas. So why do most people stall when caring for their vehicle?

Car maintenance isn't cheap, and it's somewhat inconvenient —especially in our hectic lives. Think about it, though. If your car breaks down on the side of the road, it'll likely be more expensive and ill-timed than the alternative.

It's smart to add a line item to your monthly budget and start planning your car's recommended maintenance schedule. All maintenance doesn't need to be done at the dealership, unless you have a new car with warranty—those services must be completed by your dealership at the required intervals to maintain coverage. If you've purchased a used vehicle, or your car is no longer under warranty, it's time to make friends with your local mechanic or even test out your own skills. Here's how you can maintain your car without breaking the bank:

Change your oil

Changing your oil is one of the easiest care requirements to follow. Check your owner's manual to see the manufacturer's recommendation, but the majority suggest an oil and oil filter change every 3,000 to 7,000 miles.

Replace your air filter

Your air filter keeps dirt and debris out of your engine and should be changed every 15,000 miles. A technician will almost always ask you if you want it done while changing your oil, but it's much less expensive to do it yourself. YouTube offers quick tutorials, and it's an easy 15-minute DIY project that'll save you some cash.

Change your brake pads

Now, changing your brake pads sounds a lot harder than it is. It requires an initial investment to buy the necessary tools, plus the cost for replacement pads. It might take a few extra hours to determine the process, but after the first time, you'll be an expert. In the future, one afternoon is all it will take. You'll also save hundreds of dollars over the life of your car, and you can put the money you would save into a high-yield savings account, like a CD or Money Market.

Replace your windshield wipers

Worn-out windshield wipers are not only frustrating, but they're also dangerous. The cost to replace your wipers will vary depending on the type, length, and number of blades— don't forget your rear wiper blade if your car has one. If you prefer, you can replace them yourself or visit an auto parts store and a technician will install them for free rather than having them professionally replaced.

For additional tips to maintaining your vehicle without breaking the bank, visit georgiasown.org/blog

Congrats to our Congrats to our

winners! winners!

Left to right, top to bottom: Aiyanna Solomon, Alesia Holmes, Anna Delk, Antonia Butler, Brooklyn Hinton, Candice Price, Holland Jarvis, Israel Hill, Jameriah Wimberly, Joseph Reed, Kayla Sims, Kelsey Woods, Landen Wiggins, Mary Thomas, Meredith Conger, Skyler Love, Timia Mitchell, and Zaria Davenport

Kelsey Woods JUMP START JUMP START Get to know recipient

Albany, Georgia resident, Kelsey Woods was born and raised in South Georgia. She comes from a large family who has supported her interests while encouraging her to chase her dreams. She’s extremely close to her sisters and considers them her closest friends.

Kelsey has big academic goals set for herself. In winter of her junior year of high school, she applied for the Minority Introduction to Engineering and Science (MITES) program that would allow her an opportunity to learn from MIT professors on the MIT campus. Due to COVID restrictions, the on-campus program was paused. As a consolation, MITES automatically submitted all applications to the MIT Online Science, Technology, and Engineering Community (MOSTEC) program.

Earlier this year, Kelsey learned she was accepted into the MOSTEC program. During the online program, Kelsey took two courses at MIT furthering her education: Biomedical Signal Processing and Science Writing. Kelsey recaps highlights of the program saying, “I learned a lot about how to use MatLab—a coding software used to analyze data and create models. For my final project, I worked with two other students to draft a research proposal on how to improve an HCV diagnosis model to be more inclusive for Black patients.” Over the course of the MOSTEC program, Kelsey is most proud of her article, “Black Death, but a Modern Plague” which won the Best of Science Writing and was published on the official MITES website.

Her time in the MOSTEC program proved to be fruitful, as Kelsey was invited back to

work with Dr. Leo Anthony Celi, a principal research scientist, on his research team. Kelsey, along with others on the research team, attempted to find a correlation between open-access data sets and the dimensions of diversity for research paper authors in the biotechnology field. Kelsey’s work has noted a visible lack of ICU research and funding in over-exploited countries. It has identified a gap in representation, specifically in African countries, which Kelsey hopes to improve over time. Without work like hers, there will always be a gap in healthcare data regarding the overrepresented and the forgotten.

Kelsey recognizes that college is expensive. Without sacrificing her academic goals, she’s applied to various scholarships, including the Georgia’s Own Jump Start Scholarship. It’s her desire to use financial aid and scholarships to pay for all of her college expenses. In fact, Kelsey admits that she’s been looking forward to applying for this particular scholarship for years. She says her mom has always told her, “We need to remember this [scholarship] when you’re a senior.”

When Kelsey first learned she’d receive the Jump Start Scholarship, she was ecstatic! She couldn’t wait to tell her mom that all her reminders paid off. She has since been accepted into MIT, Harvard, Princeton, and Yale. The sky is the limit with Kelsey’s academic future, and we are incredibly grateful to play a small role in supporting her education through the Jump Start Scholarship.

"Georgia’s Own has helped fill some of the gaps left by my financial aid office and for that, I am forever grateful.

HOW TO: earn extra money

You may have found yourself getting creative to stretch your budget a little further than usual. Some extra income would be ideal, but you may not be able to take on a job right now in addition to the other responsibilities in your life. But if you could find a source of income that worked with your schedule and skills, while also allowing you some breathing room for your budget, wouldn’t you jump at the opportunity? Read on for five great ways to bring in a little extra money each month.

TUTORING

Were you a teacher in a past life? Or, if not, do you feel you have always had a talent for understanding algebra or chemistry? Put those skills to work for you and find some students who need tutoring. You can even expand beyond your community and offer tutoring over a video service like Zoom, or sign up with a program like VIPKid to have a more steady schedule. If you have the time and space, you could also set up a weekly tutoring session for multiple kids in your home or at a local park.

WRITING

If you have a gift for writing, consider looking into opportunities to do some freelance work. Many websites or magazines are looking for writers who can assist them in creating new content and covering relevant topics for the audience they want to reach.

SHOPPING

As much as we wish shopping for shoes or golf clubs could bring in extra money, we're talking about the grocery shopping service, Instacart. Instacart allows people to pay a personal shopper—which would be you—to help them find the grocery items they need and deliver them to their home. If you're a champion at your local grocery store and are looking for the next challenge to test your skills, this could be your time to shine. Much of this income relies on tips, so if you want to try this out, be prepared to put your best foot forward.

SELLING

When's the last time you had a yard sale? There are probably a few things around your home that you don’t really need anymore, and selling them could bring in a little extra cash. Shoes, clothes, books—these are all things that take up a lot of space in your house, even though you don’t use all of them. Get together with a neighbor or two and host a garage sale to not only add to your wallet, but also declutter your home. If you're not a fan of garage sales, take some pictures of the items you want to get rid of and use online selling options, like Facebook Marketplace or Craigslist.

CREATING

If you have a creative outlet that can benefit someone else, make a plan to sell some of your products! You might be really handy with power tools, or maybe you're always getting comments on your custommade t-shirts, or people can’t stop raving about your hand-knit scarves— your ability to create could also create an opportunity to bring in some money. Set up a free account for your new business on places like Facebook or Instagram, and let your community know that you're selling some high-quality, one-of-a-kind items.

This is the time to think outside the box—even if you never saw yourself taking a writing job or being a personal grocery shopper. Decide what direction you want to go, make a plan, and see where your new side-hustle takes you.

HABITS TO GAIN FINANCIAL CONFIDENCE

How do you feel about money? Does the conversation make you squeamish? Do you avoid money talk at all costs? Managing your money well starts with how you feel about money! People who manage their money well have similar habits that we believe have led to financial confidence. Keep reading for seven habits you can start implementing that will give you the tools to manage your money in no time.

KNOW WHAT MONEY IS COMING IN

Do you know how much money you bring in each month after taxes? Whether you’re paid a salary or an hourly wage, it’s important to know your net income so you can determine your budget. Your paystub will show your gross earnings, which is your income before taxes. Your net pay (or net income) is what you’ll make after taxes and deductions—use that amount to set a budget.

KNOW WHAT MONEY IS GOING OUT

Our next question: Do you know how much money you spend each month? When calculating your monthly spending, be sure to include fixed and variable expenses. Fixed expenses generally remain the same each month, like rent (or a mortgage), insurance, car payments, internet bills, or a gym membership. Variable expenses fluctuate, such as food (groceries or dining out), clothing, electric bills, or other entertainment.

DON’T SET AN UNREALISTIC BUDGET

An unrealistic budget will lead to failure. Creating a realistic budget is a habit that will set you up for financial success. Your budget should help you manage your money, not be restrictive. Ideally, you want a budget that allows for both fixed and variable costs. Two common methods are a zero-based budget and a 50/30/20 budget.

A zero-based budget allocates every dollar. You start from zero each month and factor in how much you’ll spend on fixed and variable costs—the goal is for your income minus savings and expenses to equal zero. A 50/30/20 budget dedicates 50% of your income to go towards needs, like rent or groceries. Thirty percent of your income will go towards wants, like dining out or entertainment. Last, 20% of your budget will go towards savings. There are dozens of other ways you can budget, and it may take a few tries until you find a method that works best for you.

SET OBTAINABLE FINANCIAL GOALS

What do you want to use your money to achieve? Buy a house or car? Travel the world? Whatever the goal, account for this in your budget and set money aside regularly. You don’t have to set aside a large amount, either—every dollar counts.

Various apps make it easy to save and are free or cost as little as $5 per month. Digit is an automated savings app that analyzes your checking account and your spending. Then, it periodically moves money from your checking to savings in safe amounts. It’s free for 30 days then charges subscribers $5 per month. You’ll have access to automatic transfers, plus the option to pay off credit card debt and establish savings goals.

AUTOMATE YOUR FINANCES

Are you set up for autopay? With automated payment options, you should never worry about paying your bills on time. Setting up automatic payments can boost your credit by helping you avoid late payments. You could also save money—some lenders give a reduced interest rate when you have loans on autopay. Most financial institutions, including Georgia's Own, offer free bill pay through online banking, which allows you to view, manage, and automatically pay your bills.

PLAN AHEAD

Do you have an emergency fund? This savings account helps you prepare for the unexpected like the washing machine going out or a flat tire. Keep your funds in an accessible place, and think about what you consider an emergency, so you’re only using your emergency fund for its intended use.

What about other expenses that sneak up on you? Like Christmas, birthdays, and servicing your car? These expenses happen routinely and can be planned for.

BE WILLING TO LEARN MORE

Learning to manage your money well takes time and requires financial education. Things are always changing—the economy, cost of living, and your goals—which is why continuous education is important. There are so many free resources for financial learning—podcasts, books, advisors, and financial courses. You can access our free financial courses on our website!