Tips for Living on a Personal Financial Plan

YGrad TIPS FOR LIVING ON A Personal Financial Plan TRY THIS: Keep your money in the bank The less cash you have handy, the less tempted you will be to spend it. Try putting some money into a savings account for which INSTEAD OF: Carrying a lot of cash around you can't access the money with your debit card to make it even less tempting. INSTEAD OF: TRY THIS: Learn to cook at home and bring a bag lunch to work Eating at restaurants or ordering out Unless you're truly a horrible cook, it's also healthier TRY THIS: Cut down or eliminate costly habits INSTEAD OF: Treating yourself to a daily coffee / pack of cigarettes / drink after work Eliminating a $4 daily coffee = $1,460 SAVING PER YEAR! TRY THIS: Compare prices for everything from auto insurance to computers Look for bargains online including: http://www.promotionalcodes.com INSTEAD OF: http://www.pricegrabber.com Buying items and services simply because you saw a cool ad on TV/ online http://www.retailmenot.com http://www.shopzilla.com TRY THIS: When shopping for anything, make a list of what you need and stick to it! INSTEAD OF: Making impulse purchases - Use weekly sales circulars from the newspaper to plan your grocery purchases · Leave your credit card at home TRY THIS: Be willing to say, "No, I can't afford to do that." Many students don't have much money, but are unwilling to admit it INSTEAD OF: Making a purchase because all your friends are buying that jacket / going to Cancun / wearing solid gold sunglasses - Willing to be honest and live within your means sends a strong message to others that you are your own person - Write down your long-term goals (e.g., "Finish college with less than $10,000 in student loans") and read this list every day to remind yourself why you have committed to working within your PFP TRY THIS: Make saving for future expenses part of your PFP so you can pay in cash INSTEAD OF: Paying interest by taking out a loan or paying by credit card TRY THIS: Clip coupons, buy off-brands, and pay attention to sales · Saving $10 PER WEEK in groceries = $520 SAVINGS A YEAR! • Check out weekend coupon inserts in newspapers or online coupon outlets including: .... http://www.smartsource.com INSTEAD OF: Buying items without regard to price http://www.redplum.com - Consider consignment and "second-hand" stores for clothing, shoes, sports equipment, etc. WARNING Don't buy items that you really don't need just because they are on sale! TRY THIS: Pay all your bills on time! INSTEAD OF: Paying bills past the due date with added late fees Paying on time improves your credit score too TRY THIS: Investigate economical entertainment options – Cheap does not equal boring INSTEAD OF: Splurging on entertainment • Go to matinees for movies · Look for discounts for museums, theatre tickets, etc. - Check out local sports events (e.g., minor league baseball) with lower ticket prices TRY THIS: Buy the "basic" phone package SMS INSTEAD OF: Paying for services you don't use - If you really won't ever use a million minutes a month, why pay for them? TGrad