Frequently Asked Questions

financial literacy

Frequently Asked Questions

Frequently Asked Questions

 

How do I start a savings plan?

Try to "pay yourself first." Commit to saving a certain amount of each paycheck. You can start small. If you set aside $10 per week, you'll have saved over $500 in a year's time! Also, think of easy ways to reduce your spending, such as making your own coffee in the morning or eating out one less time a week.

How much can I expect to spend on groceries if I live off campus?

In general, students spend $100-$200 on groceries each month, but people differ in terms of their needs and budgets. Make sure you plan ahead. Try making a list before you go shopping and resist impulse purchases. Look for sale items and review the store's ad pages for coupons.

What should I expect for monthly loan payment after graduation?

Everybody's situation is different. The official Federal Student Aid website provides information about various loan repayment options as well as a tool to help you estimate your future payments.

Are there resources available to help me budget and track my financial accounts?

Yes! There are many options and resources available to you, such as GradReady (which we also have a link to on the left), Smart About Money, or software through your bank. You may find that several of these resources are free! Don't hesitate to research different options to find the one that is best for you.

Should I have an emergency fund?

It is a good idea to have some money set aside for unforeseen circumstances. Consider your lifestyle and your budget to determine how much you should and can afford to save.

Is it safe to throw junk mail in the trash?

It depends. Anything that has personal information, such as a credit card offer, could put you at risk for identity theft. In these instances it is best to shred items rather than simply throw them in the trash. A general rule would be to shred any paperwork you intend to throw away if you are concerned about the contents remaining confidential.

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