Prisoner to you money? Let your money know who’s boss!

Document created by franchescac on May 31, 2016Last modified by amara.mastronardi@socialedgeconsulting.com on Dec 5, 2016
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Freshman year of college presents students with greater opportunities and the responsibility of managing one’s own money and overall providing for one selves. The overall task of saving money is easier said than done as many students are down-and-out by the spring semester eagerly waiting for their financial aid disbursement. Coming from a low-income family I’ve witnessed firsthand the struggle of saving and budgeting one’s money even when in doing so it led to arguments amongst my family. Every day needs and emergencies that occur out of the blue make it nearly impossible for a poor family to actually “save” their money. Once it came time for me to leave home and go off to college I understood how to budget my money as I saw my parents saving to provide for our family their whole lives. It is crucial knowing where your money is going and the practice of setting your money apart in jars labeled groceries, gasoline, etc. is useful and is one of the many ways my family has allotted money for expenditures. In this new technological advanced era, we are presented with more convenient ways of practicing this without having a ton of jars locked up in our closets. I was given the advice of using an app called Mint, which allows me to connect to my bank account and set apart my money into different categories of expenses. My categories are as follows: groceries, personal, tutoring, gasoline, travel and having fun with friends. When I receive my disbursement of financial aid, I simply log into my account and estimate how much I would be needing for each of those areas until the next four months when I receive my next disbursement. I set aside those needs and the minimum amount of money leftover goes to the cost of going out with friends and the majority of the money I receive goes to situations that occur out of the blue in case I would be needing more money than I had originally planned for. During the last two months of the spring semester I noticed I would be needing to stay and take extra courses to get on track for an architecture program. I did not originally plan for this to occur, but thankfully I had enough money to pay for extra months of rent and then some more to replace my laptop that unexpectedly broke. Nonetheless, these difficulties seemed unfair to me as I was put in a tighter financial position than before. For this reason, it is important to manage one’s money expecting the worse to happen.

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