January 10, 2011

Money Tips for Students

Money Management
If you play it smart, you can avoid the sort of money troubles that plague many young adults.

• Don’t get a credit card unless you absolutely need one. Those guys sitting behind the sign-up table are not there to help you. They’re there to make money.
• Avoid non-academic debt. It might seem like a good idea to put that Xbox on a credit card, but it’s not. Focus on developing good money skills with cash. Worry about credit later.
• Save and then splurge. If you decide you must have that Xbox, then save for it. Wait until you can pay cash.
• Pay your bills on time. Basic advice, but it’s surprising how many people lose track of things. If you pay your bills as they arrive, you won’t have to worry about forgetting them.

Organization and Planning
Some minimal organization will keep your finances in order. Each of these is an important adult financial skill.

• Track your spending. Use a notebook, or use Quicken if you have it. Good records will prevent you from getting overdrawn at the bank or charging more than your credit limit. This habit also allows you to detect spending patterns.
• Make a budget. It doesn’t have to be fancy. At the start of the month, estimate how much money you’ll receive and decide where it needs to go. Remember: you don’t need to spend it all.
• Save your receipts. Put them in a shoebox under your bed if you must, but hold onto them. You’ll need to be able to compare them with statements at the end of the month. And some you’ll need to keep for several years.
• Guard your vital stats. Don’t give out your social security number or your credit card info except to known and trusted sources.

Decision Making
Get in the habit of making smart choices now, and you’ll develop a pattern of behavior that will stand you in good stead the rest of your life.

• Make smart choices. Decide what’s important to you, and pursue that. And remember to leave time for yourself.
• When you want to buy something, ask yourself “Do I need it?” If you think you do, then wait. Don’t buy on impulse. Write the object of your desire on a piece of paper and pin it to the wall. Look at it every day for a week. If, at the end of the week, you still think you need it, then consider purchasing it.

Netiquette

E-guides on social interaction and communicating electronically
Communicating clearly on the Internet without creating misunderstandings can be a challenge. One problem is that you haven't any facial expressions, body language, or environment to help you express yourself; another that there is little "give and take" for developing what you mean to say or are discussing
These guidelines hopefully will help you:
Be clear - Make sure the subject line (e-mail) or title (web page) reflects your content
Use appropriate language - If you have a question on whether or not you are too emotional, don't send the message, save it, and review it "later", remember: no one can guess your mood, see your facial expressions, etc. All they have are your words, and your words can express the opposite of what you feel. Don't use ALL CAPITAL LETTERS--it's equal to shouting or screaming
Be brief - If your message is short, people will be more likely to read it
Make a good impression - Your words and content represent you; review/edit your words and images before sending
Be selective on what information you put in an e-mail or on a web site: Information on the Internet is very public, and can seen by anyone in the world including criminals, future employers, and governments
Forward e-mail messages you receive only with permission of the sender
Remember you are not anonymous What you write in an e-mail and web site can be traced back to you
Obey copyright laws Don't use others' images, content, etc. without permission
Don't forward e-mail, or use web site content without permission Visit the Library of Congress' Guide on "Copyright Basics"
Cite others' work you use Refer to the Guide on “Citation”
Use distribution lists appropriately and with permission
Do not send SPAM SPAM is posting or e-mailing unsolicited e-mail, often advertising messages, to a wide audience (another way of thinking of it is electronic junk mail)