New Year, New You

The start of a new year is often celebrated by resolutions.  Why not make changes to your financial situation in order to reach your goals?  Here are a few money resolutions you might consider to improve your financial well-being.

  • Limit entertainment expenses.  College is suppose to be fun, but the more you spend on entertainment, the less you have towards tuition.  You don’t have to completely eliminate your entertainment, just become more frugal.  Seek out free or low-cost options on campus, and take advantage of student discounts by showing your student ID at restaurants, movie theaters, and more.
  • Utilize your savings account. After each pay period, place some funds (any amount is good) into savings.  If you don’t want to think about making the transfer, set up an automatic transfer or utilize apps provided by your financial institution.  Creating the habit and having funds for emergencies is a good idea.
  • Use credit cards wisely.  Avoid impulse purchases and only charge what you can afford to pay off each month.  Paying down credit card debit over months and years incurs expensive interest charges.
  • Create a budget.  Estimating income and expenses is not difficult, but keeping track of expenses and comparing budgeted to actual amounts take time, and is often the hardest part of the budget cycle.  The advantages to completing the budget process includes personal knowledge of where your money goes and the ability to plan for changes.
  • Check your credit.  Use annualcreditreport.com to check on your credit history once a year.  Although this free site will not give you a credit score, it will allow you to look for errors and discrepancies in regards to your credit.  Often times, the credit report will alert you to any signs of  identity theft.

Pick one, two, or all of the above resolutions and implement a plan to work towards your goals and improve your overall financial wellness.  Take charge of your finances now to set yourself up for future success and freedom.  For more information or to set up a financial coaching session, contact the UWW Financial Literacy Center.

 

Refunds: What To Do With The Extra Money?

A financial aid refund is excess money left over from your financial aid package after your tuition and allowable fees have been paid.  Although it can be tempting to use this extra money on non-essentials, such as gaming consoles, vacations, or designer clothing, financial aid is meant for education-related expenses. In many cases, the refund check is actually a student loan which will need to be repaid in the future with interest.

Here are the recommended priorities for refund usage:

  1. Pay Outstanding Account Balance. Even though you may receive a refund, your student account may still have charges that need to be paid (see Note below).
  2. Purchase Essential School Supplies.  Depending on your course load, various school supplies are needed for class success such as books, calculators, and other materials.
  3. Pay for Living Expenses and Transportation.  Consider needs versus wants.  Depending on your personal situation, rent, groceries, meal plans, utilities, and basic transportation costs may be necessary expenses.
  4. Place Funds into Savings for Future Education-Related Expenses.  Although it may be tempting to use refund money on non-essentials, such as vacations or designer clothing, financial aid is meant for education-related expenses.
  5. Give Money Back.  If you have over-borrowed, consider giving the money back to reduce your overall student debt.

For more information and resources on financial aid refunds or other financial needs, reach out to the appropriate campus departments.

Note:  Due to financial aid restrictions, your student account in WINS may continue to have non-tuition charges that will need to be paid using personal funds.  Students are encouraged to authorize the Federal Title IV Financial Aid (WINS/Student Center/View Student Permissions) to pay additional charges on their student account such as parking permits, bookstore charges, health center services, and library fines.  Pay plan activation fees and finance charges cannot be covered with Federal Title IV permissions, therefore these will need to be paid with personal funds.