Hey all! I hope your first week of classes went well! I am very excited and a little sad to say that I am finally in my last semester here at UWL. Being that it is my last semester here, I definitely want to make the most of it—school, fun with friends, and my finances. That being said, I know that January is coming to an end and many of you probably made some New Year’s resolutions back at the beginning of the month, but I did not and have, therefore, decided to come up with some financial resolutions for this upcoming semester and beyond!
- Coming up with a cash spending allowance. I am someone who has always liked to have all of my money in the bank so that I never have to worry about carrying cash around. What I have found from this, though, is that it is a lot easier for me to swipe my debit card for a purchase than it is to physically hand over the dollar bills. I am going to make an effort to have a specific amount of cash that I am allowed to spend per week, and only use my card for necessary situations.
- Do a little less spending. Being a waitress, I always have access to getting fast cash. For this reason, sometimes I find myself making hasty decisions when it comes to money because I have the mindset that I can just pick up another shift later in the week to make up for it—especially when you add in the added pressure from friends. While this hasn’t gotten me into trouble just yet, I realize that this isn’t the best habit to have. Therefore, I’m going to think twice before making a purchase and try and make sure that all of my monthly expenses are taken care of before I treat myself for a meal out or some other kind of “fun” spending.
- Start thinking and planning about my loan repayment plan. Even though you are not required to start paying your loans back until 6 months after you graduate/cease enrollment, in my opinion it is never too early to start looking ahead! As you all know, I already started making small payments on my loans. However, I am a planner and would like to have an idea of about how much money will be going toward my loans each month. This makes it easier to plan ahead when looking for new living arrangements and budgeting options! Actually, if you use the FSA repayment calculator you can get a pretty good idea of what your monthly payments could look like! All you need is your FSA ID & password: https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action
Happy savings and have a wonderful semester!