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Negotiating With Creditors And Credit Bureaus: Boston Attorney Strategies – In addition to managing your academic life, part of the challenge of being a student is learning how to manage your expenses, how to take out and use credit wisely. We believe that building basic money management skills provides a solid foundation for a lifetime of financial success.
The successful Start program aims to ensure that Boston College students are financially literate throughout their lives by offering a series of workshops and seminars led by Boston College staff and expert guest speakers on all aspects of personal financial management.
Negotiating With Creditors And Credit Bureaus: Boston Attorney Strategies
Questions? Comments? Contact successful start at successfulstart@. Like Boston College’s Successful Start page on Facebook and don’t forget to follow us on Twitter!
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Did you miss one of our workshops or events? Below is a list of presentations used at each workshop or event.
Would you like to learn about money management in person? Connect with a money mentor! Sikeres Start offers money mentors who can help you create a budget, learn about credit and set realistic savings goals. Mentors receive personal finance training and then meet with students to provide personalized coaching. Interested? Email money.mentors@ or fill out the mentor questionnaire below to find a mentor.
If you want to help others with money management, fill out the student application below and become a Peer Money Mentor.
If you want to help others with money management, fill out the peer application form below to become a Peer Money Mentor.
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A budget can be an incredibly important resource in developing stable financial habits. You can help determine your financial resources by looking at your monthly income and deciding in advance how you will spend it.
Creating a budget can help you reduce or eliminate unnecessary expenses while keeping track of all your expenses. This allows you to determine the lifestyle that is best for you. A budget is useful for everyone, regardless of age or income. They allow you to reach your financial goals and know exactly where you stand with your finances.
The first step to creating a realistic budget is to take an honest look at your monthly expenses. Keep a small notepad in your pocket and track all your expenses for a month, or come up with another easy way to track your money. Once you’ve done that, it’s important to look at the difference between “needs” and “wants.” Identifying “necessary” expenses and “desirable” expenses will allow you to see areas where you can cut expenses and save money. The more detailed your budget is, the better you can estimate your expenses and future savings.
There are many ways to buy goods and services. You can use cash, debit or ATM cards, checks, credit cards and loans. It’s a good idea to know exactly how using any of these methods will affect your financial situation.
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Credit cards are not financed from a bank account; they are a form of loan money provided by credit card companies. As a college student, you are a prime target for credit card companies. It is important to understand all the costs of having a credit card. There are many extra fees and potentially high interest rates.
In the future, it will be important to know your budget well in order to plan larger purchases. To buy a car, buy a home or take out a loan, you need to know if you can afford the monthly payment. By developing your budgeting skills now, you’ll know exactly what you can afford in the future.
It’s hard to gauge how much money we actually spend each year and how much we can’t save without a budget. With the availability of debit cards, we are using less and less cash, so it is difficult to notice when we are spending too much money. With the help of online banking, we can see how much money goes out and how much money is deposited into a particular account.
Saving can make a huge difference in the way you view your money, work and life. Starting to save today will make a big difference in your quality of life in the future.
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Most people set a savings plan and savings goals when creating a budget. For a student or recent graduate, the most important part of saving isn’t the amount, but simply starting to put a little away each month. Putting your money to work for you as soon as possible will pay off more in the long run.
Cutting expenses on an already tight budget can seem difficult, but even a small change can have a big impact. Simply skipping a $4 coffee or bringing your lunch 5 days a week can save you nearly $1,000 a year. A grocery list will help you avoid impulse buying. When shopping for clothes, stick to the basics and make minor repairs instead of replacements. Shopping at discount stores and clipping coupons can save you even more.
There are four main savings options at banks and credit unions: checking accounts, money market accounts, savings accounts, and CDs (certificates of deposit).
The difference between saving and investing is time; we usually save for short-term goals and invest for long-term goals. For example, if you have a short-term goal that you want to achieve or you will need money in an emergency, you need savings. Examples of short-term goals are making a down payment on a car or house, or paying for a vacation. A long-term goal, such as financing retirement or a child’s college education, requires a higher-risk investment.
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When you take out a loan, you borrow money. The lender now gives you cash for the purchase, and you agree to pay that amount back over time, with interest rates and sometimes fees on the borrowed amount.
A credit card can be used in emergencies. The card itself is a convenient and safer option for online shopping. Credit cards can be more secure than carrying cash, and can come with additional benefits such as “cash back” and “buy now, pay later” options. In addition, potential landlords, auto lenders, and employers in areas such as banking and government all review your credit and payment history. A good salary history shows responsibility – a trait most employers desire.
The biggest risk of using a credit card is also its biggest benefit: convenience. It’s very easy to make an impulse purchase and it can lead to negative credit card habits. Many credit cards can raise interest rates as high as 29.99% in a few months. Also, credit cards come with many fees. Late fees average $29. Annual fees range from $25 to $60. If you go over your credit limit, it could cost you up to $25 more per purchase over the limit. There are also cash advance fees and may include a balance transfer fee. A late payment can immediately increase your interest rate.
Let’s say you paid $100 a week for a year and only paid the minimum monthly payment of 3%. Since interest also accrues on the card’s outstanding balance, your balance at the end of the year will be $4,713. This is the total after paying $960 during the year. By the end of the year, your reasonable payments will increase to $146. Even if you cut up your credit card after a year, it would take 19 years to pay off a year’s worth of purchases, and you’d end up paying $4,845 in accrued interest alone.
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As a student, you have to decide for yourself if you can handle the credit card liability. They’re easy to get, but not so easy to manage, especially if you end up with a high unpaid balance that accrues interest but doesn’t pay off.
If you decide to apply for a credit card, be a smart consumer and shop around. Check out resources like bankrate.com for guidance on evaluating credit card offers. Find a company that offers:
Unlike paying off traditional loans like student or car loans, credit cards don’t allow you to spread your debt over a set period of time. Instead, you pay a minimum monthly payment, which is the smallest amount you can pay and still meet your cardholder agreement (the terms you agree to when you sign up for your card). The minimum deposit is usually 2-3% of the outstanding balance. As your credit balance increases or decreases, the minimum monthly payment also increases.
If you need cash, use your debit card, not your credit card. Credit card interest is usually 2-3% higher for cash advances than for purchases. Cash advances likely won’t be paid in full until the credit card balance is paid off.
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Your credit report is the story of your ability to manage credit. Think
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