https://padlet.com/lchapm11/ld3cna84dm7kdw0u Financial Literacy en-us 2021-11-10 00:35:12 UTC 2021-11-10 02:55:25 UTC hello@padlet.com https://padlet.net/icons/png/1f4b0.png lchapm11 https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1879901351 I think it's a little outlandish to believe anyone not born into money can realistically pay off their student loans while in college or over the course of four years. Realistically, my only course of action will be to continue doing what I already am, which is applying for federal aid each year, searching for any available scholarships, and taking out loans for whatever isn't covered. Even beyond that, if loans STILL don't cover the tuition for the semester, I'll just have to charge whatever cost of attendance is left to my credit card like I had to do this semester. 

One thing I will say is last semester I filled out my FAFSA very late in the year, so I wasn't awarded nearly as much money as I could have been if I had filled it out sooner. For future reference, I'll fill out my FAFSA as soon as I possibly can to ensure I'm able to get as much money as I possibly can from loans. As far as paying off those loans, once I finish finally paying off the credit card debt I've accrued, I intend to rebuild my savings account in order to prepare for when I'll need to start making payments on these loans, but until then I'm a little strapped for cash. Working retail on the weekends only allows for so much spending and saving to be done after necessary bills have been paid off. 

I currently have two scholarships, one for being a transfer student and the other for maintaining a decent GPA and getting good grades. I earn my wages through working at Jo-Ann Fabrics and Crafts, which as I've mentioned only goes so far. I intend to try and look into some grants I may be able to apply for to help pay for college. I wasn't able to find any for previous years, but then again I admittedly wasn't looking very hard. ]]> 2021-11-10 01:19:27 UTC https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1879901351 lchapm11 https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1879947663 I currently have two credit cards, one being a Discover card and the other being a Victoria's Secret credit card that I had no intention of opening, but misunderstood what the cashier was selling me on and felt too awkward to do anything about it. My parents had always drilled me on the importance of not going overboard with spending on credit cards, because when they were newly married they treated their cards like free money and ended up in a lot of debt. So logically I knew I shouldn't spend so much, but as it turns out I have some serious self-control issues and a spending addiction to match. By the time I realized I had gone way over my limit, I suddenly had bigger adult expenses that NEEDED to be taken care of, and I had no actual money in my savings account to take care of them since I poured all of my savings into trying to pay off my already high credit card bill. Needless to say, I am broke and struggling. My friends and family have been nice enough to offer to pay for food or things like that when we're out while I steadily work to pay all of my debt off, which is slow going as I'm not making all too much cash to begin with. 

I've found the bigger problem isn't necessarily not making enough money, but rather my inability to control my spending habits. I'm currently looking into getting a therapist for several reasons, one of them being to help with my addictive habits. I'm hoping once I'm able to work with a professional and get to the root of my personal issues, my finances will be in a much better spot as well. 

My Discover app keeps me updated on my Fico credit score and breaks down what areas I'm doing well in and what areas need improvement. A credit score lets lenders know how likely it is that a person will be able to pay off what they owe on any given loan. My score takes into account my payment history, the amount I owe, the length of my credit history, any new credit that's opened, and the types of credit I have. The better your credit score is, the more money lenders will be willing to loan you, because they can trust that you'll be able to pay them back in a decent timeframe. ]]> 2021-11-10 01:38:30 UTC https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1879947663 lchapm11 https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1880038073 My bank is with Huntington, and on the Huntington app there's a section I utilize that's all about budgeting. It shows what categories you spend your money on over the course of a month, and lets you set plans in place to make sure you don't go above a specified amount in any of those categories. I also use my notes app to just keep track of what I'm spending and what I would like my limits to be. This last tool isn't specifically for budgeting, but I still find it useful regardless. It's an app called Fetch, and you scan receipts on it to earn points that can be redeemed for certain gift cards or things of that nature. Fetch keeps track of what items you purchase and what businesses you frequent, so it's another helpful way I keep track of my money. 

I actually prefer to budget out each paycheck instead of going off a monthly basis, so this is roughly based off of my cash flow every two weeks. Depending on how many hours I'm able to work, each paycheck I'm roughly taking in between $200 to $300 every two weeks. The first thing I do with that money is donate 10% of it to my church as a tithe. Under normal circumstances, I would then set aside another 10% into my savings account, but right now I'm focused on paying off my credit card before I build up my savings again. So next, I set aside $50 for gas, since I usually have to fill up my tank every two weeks, and it usually costs about $40, though lately it's been more expensive. I set aside another $50 for personal groceries I may need or for occasionally eating out, and then I set aside yet ANOTHER $50 to pay rent to my dad once a month. I also have a personal rule I try to follow where I don't let my checking account drop below $100 in case of emergencies. So with all of that in mind, after I've subtracted what I need to from each paycheck, I take whatever money is left without going below $100 and put it towards paying off my credit card little by little. ]]> 2021-11-10 02:15:55 UTC https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1880038073 lchapm11 https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1880062566 The first obvious tool I use to save money is, well, my savings account through my bank. It's a simple way to set aside money while also earning a little bit back for keeping larger amounts of cash in your bank. I used to have a fairly decent amount of money in my savings account before I had to put most of it towards paying off my reckless spending habits. I'm not sure if this one counts as much for savings as it's technically about investing, though I suppose you could argue that's just a distinction without a difference. Lately I've been getting into this app called Robinhood, which is a simple way to start investing in the stock market and building up some cash. I have some friends who swear by the app and can't recommend it enough, but I haven't had the chance to dive into it myself, so I'm trusting their judgement on this one. Lastly, a good savings tool to use is PocketGuard, which tracks your investments and your net worth, along with providing good budgeting strategies. ]]> 2021-11-10 02:26:17 UTC https://padlet.com/lchapm11/ld3cna84dm7kdw0u/wish/1880062566