A Financial Story

Erin, Class of 2007

My parents were honest with me and let me know early on in High School that if I wanted to continue my education that they would be financially unavailable. Initially I had high aspirations to get as many scholarships as I could along with grants and other “free” money. The first semester I was at PSU I did the payment plan which my parents and I paid for. After that, I started looking into loans with NHHEAF and never turned back. Loans became more familiar to me as I took the time to look into them and ask questions.

PSU Home > Financial Aid > Financial Wellness > Manage Your Finances > Budgeting Tips

Budgeting Tips

Make impulse buying difficult (leave checkbook, credit cards at home)
Make savings an “expense” item
Make debt repayment an “expense” item (this is what credit counselors do for you)
Have some fun money for each family member
Budget for a fun item (vacation, toy)
Don't over categorize your budget (i.e. do not make too many “expense” categories)
Don't divide couple's paychecks functionally
Use an interest-bearing checking account, if possible
Create an “expense” item to pay off credit card balances
Pay off the highest interest rate cards first
Don't use credit cards again until balance is paid off
After a loan is paid off, keep paying the loan amount to yourself (make a vacation fund, or next car fund)
Set aside money monthly, for bills that are due quarterly, semi-annually, or yearly
Reconcile your budget at least once a month when reconciling your checking statement
Make sure to mark your last reconcile point in your budget
Try to get utilities or banks to change due dates of bills to make your work easier
Remember, just the act of identifying your expenses is extremely valuable. This is commonly referred to as “tracking” your expenses. But remember, this is only half of the
Budgeting equation. Tracking expenses is analogous to just looking in your “rearview mirror” for information. You have to learn to look ahead and see what is coming too!