3 STEPSTO SAVING MONEY AND BUILDING PERSONAL WEALTH

EVEN WHILE YOU ARE A POOR COLLEGE STUDENT

STEP # 1PAY YOURSELF FIRST! Treat savings like a monthly bill – and

make payment to your savings account each month.

Remember you are the recipient of the payment so if you skip a payment you are not getting paid!

10% of net is standard but any amount is more than you have now

STEP #2 EASY TO DEPOSIT HARD TO WITHDRAW No ATM card or transfer capabilities on

account Open account at a bank at least 45min

from home If married put both names on account

not as an “either or” but as “both” parties must be present to make a withdraw.

STEP #3THE SECRETE QUESTION

Is this purchase more important than ME?

Simple ways to save Coin jar – spend no coins -always break

a bill (the average person spends between 300 and 600 dollar a year using change)

Expensive piggy bank that must be broken to retrieve money.

Politely ask for savings bonds or gift checks for presents.

One for one

REDUCING EXPENSESHow to decrease the amount of money going out

NEED VS. WANT Will not purchasing cause death or

physical harm? Will not purchasing be a violation of law Will not purchasing cause mental

anguish to the point of incapacitation Will not purchasing cause bodily harm to

a loved one

DEFERRING GRATIFICATION Pride for waiting to make a “want”

purchase Will you be able to purchase something

nicer if you wait? Personal goal vs. tangible purchase Is this expense to relieve some other

tension?

COST CUTTERS You pay for convenience so cook from

scratch (prepared and microwave food always more than cooking yourself)

You pay for personalization – is your hairstylist knowing you worth a $90.00 hairstyle.

Companies plan for you to make spontaneous purchases – never buy without a waiting (thinking) time period

INCREASING INCOMEBringing more money into the equation

INCREASE PAY RATE Having a job instead of career can

sometime produce more money for the short term

Always be looking and networking Remember, you never know who may

be your next boss so act appropriatly

INCREASE # OF HOURS WORKED Time management schedule can reduce

wasted time which provides more time for work

Education first – no benefit if you have to w/d or fail a course due to working to many hours

FINANCIAL SUPPORT Family and friends provide monetary

support Family and friends provide a service for

you that reduces you expenditures scholarships, grants and loans gifts

HINTS AND SECRETES

HINTS Goals Planning and budgeting Support Determination Expect and plan for disasters Resources – financial literacy website

SECRETES Personal wealth comes from length of time

money grows – start now Compounded interest is the key Invest in retirement program – 401, 403b Maximize any employer matching funds Take benefits and retirement plan into

consideration when talking salary Follow your passion and live within your

means Strive for debt-free living