Getting to Cheap

1
Getting to Cheap

• Selling Deprivation to Students

2

• People need to stop thinking about saving as
  deprivation. We look at saving as a grim exercise
  rather than realizing that it's going to bring
  joy to our lives later on.
• - Pat Jennerjohn

3
Agenda

• Common debt issues students face
• Deprivation defining frugality?
• Defining money values
• Common budget busters
• Getting to cheap choices

4
Common Debt Issues

• Credit cards
• Average student debt is 2700
• Average household debt is 8400
• Cell phones
• Collection accounts
• Old medical bills
• Other debts
• Student loans
• Personal debts

5
(No Transcript)
6
DeprivationDefining Frugality

• Financial sacrifices are different for all
• Goal setting may influence levels
• Why do you feel deprived?

7
Defining Money Values

• Get to know your financial self
• Spending diary
• Needs and wants
• Emotional spending triggers

8
(No Transcript)
9
Common Budget Busters

• Not having one
• Unrealistic expectations
• Unaffordable lifestyle choices
• Emergency purchases

10
Getting to Cheap Choices

• Involuntary simplicity
• Where do you want to be financially?
• 1 year from now
• 5 years from now

11
Getting to Cheap Choices
cable
cellular phone
espresso
automobile
new computer
impulse buys
IPods
half-yearly sale
restaurants
12
Help Sally Maxout

• Small group budgeting exercise

13
Thank You

• Questions?
• Kim Miller
• Financial Awareness Trainer
• ECMC
• kmiller_at_ecmc.org
• 804-267-7175