Money Management

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Money Management

• Student Support Services
• Wallace Community College
• Presented by Mary Lou Gamble

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Money - a medium of exchange.

• A simple but accurate definition. So what is the
  problem?
• Our perception of money is determined by our
  values and life experiences.
• Money is power.
• You can never be too thin or too rich.
• The love of money is the root of all evil.
• Money cannot buy happiness.

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But I am always broke!

• Pay yourself first. On payday, set aside a
  certain amount for savings. Car repairs always
  seem to come when we can least afford them.
  Saving for emergencies will greatly reduce
  stress. Even 5.00 a week will add up over time!
  

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Needs versus Wants

• I need reliable transportation to get to school
  and work.
• I want a new BMW.
• It is time to look at priorities if this is a
  difficult choice for you. How much can you
  afford each month on a car payment? Are you
  shifting money from a necessity, such as rent, in
  order to pay for the car?

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Money Saving Tips

• Do not carry around a lot of cash. If you do not
  have it, you are less likely to spend it.
• Put away your credit card.
• Think again. Do not buy on impulse.
• Wait until it is on sale - you may save a bundle.
• Find more affordable housing.

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Free Fun!

• read a novel
• have a popcorn and TV party
• exercise
• write a letter to a friend or family member
• play cards
• ride a bicycle
• stargaze

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Learn to say NO!

• Recognize your vulnerable spots
• browsing at the mall
• catalog shopping
• being manipulated by others (children, peers)
• QVC or the Avon lady

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Get Organized!

• Save time and money by combining errands
• Your To-Do list might look like this
• pick up dry cleaning
• have oil changed in car
• post office for stamps mailing envelope
• groceries

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...Save Time Money

• Plan a circular or progressive route and stop in
  order that makes sense with traffic flow.
• Purchase only the items on your list.
• Groceries
• never shop when hungry
• buy in bulk if possible for savings
• generic or store brands are the best buy
• use coupons for additional savings

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Making Ends Meet

• Make a conscious effort to evaluate where your
  money goes.
• Examine your values and priorities.
• Still not enough money?
• reduce expenses
• increase income

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Expenses

• Fixed Expenses
• Housing
• Car Payment
• Utilities
• Insurance
• Savings

• Flexible Expenses
• Food (eating out)
• Gasoline
• Credit Cards
• Entertainment
• Clothing

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Summary

• Money does not buy happiness.
• The way we handle money is a product of our
  values and learned responses.
• Seek help if you get into trouble.
• You are attending college to acquire the skills
  for a rewarding career. If you love what you do,
  pay raises will reflect this!

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Money Management

• Thank you for your participation in this
  workshop.
• Please come by Student Support Services to
  complete an Academic Enrichment Summary so that
  we may document your participation.

EXIT