Money Management 101

Budgeting and saving money is a critical tool in your everyday life.  It is important to be aware of how much income you have after paying for necessities. Proper money management provides peace of mind and allows you to plan for expected and unexpected expenses. West Virginia Junior College Charleston would like to offer some tips on managing your finances. Below are some useful tips to help you stay on track.

1. Utilize money apps or your bank app to keep your expenses at your fingertips.
2. Ask about using your student ID to get you a discount at stores and restaurants.
3. If you can use a credit card responsibly, pay attention to interest rates and look for credit cards that give you cash back.
4. Create an emergency fund for those inevitable moments in life where you need extra cash.
5. Use coupons and reward points for stores and restaurants. It may not sound glamorous, but coupons add up.
6. Meal plan each week instead of overspending at the grocery store and eating out.
7. Reevaluate your daily habits. Do you purchase specialty coffee drinks? Do you purchase cigarettes? All of those unnecessary purchases add up quickly!
8. Look for free events around your town for entertainment.
9. Live beneath your means. Even if you can afford some luxuries, you would be even better off saving the money instead.
10. Educate yourself on common financial terms such as APR, annual fee, transaction, ledger, capital, interests, balance, lien, expenses, liabilities, FICO, etc.
11. Be cautious signing up for services and contracts.
12. Before lending money or co-signing for vehicles, consider how you will pay for them.
13. Consider carpooling to save on gas or take public transportation.
14. You might have cash in your closet! Selling unwanted or forgotten items may be a quick way to help build up a cushion for emergencies or purchase needed items.

Now that you have some tools to help you manage your finances and stay on track, you are ready to invest in your future! At WVJC, you can earn your associate degree and be career ready in months! Visit www.wvjc.edu to learn more about our fast track programs or request information HERE!