My Financial Health and Wellness Plan by Dawn Gauthier https://padlet.com/egauthi2/qk16ipi7120tbtvd 5 column planner for my future en-us 2021-11-15 18:36:54 UTC 2026-02-11 23:40:09 UTC hello@padlet.com 4 year plan egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1892136886 As someone who has already pulled out student loans, I am very unsure if I will even be able to pay off my loan debt in 4 years. I intend on working most of my time off of school at Starbucks, where I currently make 12/hr but will be upped to 15/hr this summer. 50% of my paycheck will be put into my checking account, 30% directly into my bank account where my loan is being withdrawn from, and the rest (20%) into my savings to put towards any kind of emergency expenses. This 50/30/20 rule was taught to me by my dad, and so far it has gone very well regarding my payments towards my loans. Currently, I don't have any scholarships I intend on applying for, but my dad suggested I look for simple scholarships, such as the "left handed scholarship" he half-jokingly suggested to me prior to this fall semester, and I regret not applying for more scholarships than I did. Next term for sure I will make sure I do my research and find plenty of scholarships to apply for in the hopes I receive even the smallest amount of funding. However, I am very lucky to have a college fund set up for me from my grandparents with about $5,000 in it I have only been putting towards necessary things for school, such as books and other school supplies. This has helped keep me from cutting money directly from my pocket change and put more towards repaying my debt. ]]> 2021-11-15 19:03:47 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1892136886 Credit Cards egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1892169575 My dad, being as he is one of the most financially stable people in my life, has given me a lot of tips and tricks as to how to keep my credit looking good even before I turned 18. When I was 16, almost 17, he opened an AMEX account under my name and gave me a credit card of my own only to use for authorized purchases from him, such as a trip to the grocery store or on an oil change. These charges are linked directly to a bank account of his own, that automatically withdraws enough money to pay back the amount due on the card so that no interest accumulates. This gives me credit history, the ongoing documentation of an individual's repayment of their debts. This credit history shows that I have been responsible with my credit, giving me a good credit score, that I can use to persuade banks into giving me future loans and etc. ]]> 2021-11-15 19:18:21 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1892169575 Loans egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1892186789 Speaking of loans, I just recently took out another loan besides my student loan to buy a car. This car is a used 2013 Chevy Malibu, and it was about $8,000. Obviously, I don't have this kind of money, so my dad cosigned on a loan with me to get this car and even that can contribute towards my credit score. This loan is similar to my AMEX situation; a separate bank account was opened dedicated solely to automatically repaying the loan. Every paycheck, I put my usual 30% into my account and let the payment go through on it's own. As a partial birthday gift, my dad is also putting money into this account to ensure I meet the full amount that's taken out each month. My first payment on this car besides the down payment actually withdraws in a week, and if I wasn't taking all the necessary steps to ensuring I had the money I would be suffering from the negative consequences, not only due to interest but my credit score would drop too. Credit scores are mainly determined through payment history. Payment history is the most important ingredient in credit scoring and even one missed payment can have a massive negative impact on my score. That's why it's very important I stay on top of my payments and ensure I don't let the loan sharks drown me. More information regarding car loans and their effect on your credit score given from Bank of America themselves can be found in the link attached if you are looking into taking out a loan of your own! ]]> 2021-11-15 19:26:26 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1892186789 Budgeting Ideas egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895621104 Besides my 50/30/20 budgeting tactic, I haven't attempted any other budgeting strategies. I've never been good with my money; once it's in the spending account, I don't hesitate to spend it. However, after some research on ways to budget for beginners, I have found a few different things I plan on taking for a spin to see if it helps me with my "burning a hole in my pocket" problem. ]]> 2021-11-17 01:39:53 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895621104 Budgeting Worksheet egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895699206 This simple yet effective method I discovered ties directly into budgeting: filling out a budgeting worksheet! A budgeting worksheet is one of the easiest ways to document how much money you have coming in vs how much you're spending. To fill one out, start by listing your monthly income, including what you’re earning from your job, financial aid, and scholarships. Then, begin to list your expenses based on your spending log, which you can find easily on most banking apps. Consider separating your expenses into categories like housing, food, entertainment, education, etc. to gain a better understanding of where exactly your money is going, and if one category seems unusually higher than the rest, maybe consider cutting down expenses in that field. You can find budgeting worksheets anywhere with a simple google search, but for those who prefer to look at diagrams rather than raw data you can put all your information directly into this website I attached and it will do all the sectioning and organizing for you! By laying out all your costs vs your income, you are able to analyze how much you're /actually/ spending, and for many, the amount they've been spending monthly is quite shocking. Save yourself the shock and start budgeting ASAP! ]]> 2021-11-17 02:11:30 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895699206 Cutting Corners egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895716510 Saving money, similar to budgeting, is very difficult for most college students, given that college provides a lot of freedoms when it comes to financial standing. However, it truly isn't as hard as many students are convinced it is to save money here and there. Feel free to take note of a few tips I discovered!]]> 2021-11-17 02:19:08 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895716510 Carrying Cash egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895721106 While it may not really seem like a "strategy", carrying cash instead of card may actually be the solution to my spending problem. By carrying large bills, people are less likely to spend them because they don't want to break it, and carrying change can get annoying. Not only does it slow down spending, carrying cash and having to count it regularly can help those with a poor understanding of digital money to understand just how much they're REALLY spending when they have to cough up 2 Jackson bills at the movies. It can really open your eye on how much you're actually putting out, and maybe even convince you to conserve a little more than you usually would. A journalist from Business Insider took up the challenge and she said that it changed her life; inspired, I hit an ATM today on the way back from home today and I hope it goes well for me! Check out her article here:
I Tried the Cash-Only Diet for 2 Weeks - Business Insider
https://www.businessinsider.com › Personal Finance


]]> 2021-11-17 02:21:06 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895721106 Student Discounts egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895722723 For as much as we pay for our tuition, we as students are definitely entitled to a few discounts here and there. However, many students are unaware of what their student status can get them. Upon my discovery of the app HONEY, my life was definitely changed for the better. This app instantly applies any known discounts to your online purchases, and by adding a bit of personal information regarding your student ID, HONEY can also automatically apply any known student discounts to your order to get you the best deals available, saving you money in the long run! I have only used HONEY a handful of times, but the few times I have it has proven to be very useful, including a 20% off & free shipping deal on a $100 amazon order. That just saved me enough money for a full tank of gas! With HONEY, I feel that it's very easy for any college student to take advantage of their offers and save money on nearly any online purchase. A link to the HONEY website has been added for anyone curious!]]> 2021-11-17 02:21:49 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895722723 Only $1 egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895756714 While this may seem like a stupidly simple trick everyone knows, not everyone actually does it. Grocery stores like Meijer, Kroger, and Target are all notorious for having rather steep prices for necessary items; DON'T OVERPAY!! Consider going a few extra miles to find your nearest dollar store, where everything is, you guessed it, a dollar. Yes, the cereal may not be name brand, but the usual $4 you've been paying for Lucky Charms gets cut down to a measly, you know it, $1 when you buy "Marshmallows and Stars" instead at your local dollar tree.  With how often college students eat, saving a few bucks here and there by hitting up off brand things can really benefit you in the long run. The extra money you save can be put towards your student debt, loans, or if you prefer, additional pocket change. Who can't say no to $1 deals? Read a bit further up on how much the dollar store can REALLY save you according to a couple who are also looking to repay debt here: https://livinglowkey.com/dollar-tree-store/]]> 2021-11-17 02:35:03 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895756714 Rounding up egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895778248 Every once in a while, I get asked to round up my purchase to donate the extra change towards whichever cause they're funding; but what if that cause could be your pocket? Although there are an array of different apps you could choose from, my personal favorite is Acorns. Essentially, Acorns links right into your bank account and rounds up all-yes, all-purchases to the nearest dollar amount. This loose change that Acorns picks up, they will drop right into your savings, boom! Instantly! Overtime, this loose pocket change will build into a hearty savings you can put towards whatever your heart desires. I have been using Acorns for as long as I can remember and I currently have almost $500 saved up from my recent years of use. I feel that many students are unaware that apps like this exist, and that so many could save so much by dedicating a few minutes towards a quick download, sign up, and account link. Want to try it for yourself? Check the link attached for more information! ]]> 2021-11-17 02:44:06 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895778248 Emergency Funds egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895797779 While having a regular savings account is great, I feel that students should consider dedicating a second account only for emergency use, such as the loss of a car or home. When I crashed my car, the savings I had built over nearly 2 years wasn't even remotely near as much as I needed to get my hands on a reliable car. If I had started building up an emergency fund beforehand, however, I probably could've saved myself a lot of hours at Starbucks to make up for the money I needed. While the size of your emergency fund will vary depending on your monthly costs, income, and lifestyle, the general rule of thumb is to try to put away around 3-6 months worth of expenses. While this may seem like a lot of money, it is definitely not difficult to accumulate. Setting aside this additional fund is simple and easy, and by connecting Acorns specifically to this fund, you don't even have to think twice about putting money into this account. Your built up "Acorns" can serve as your additional "just in case" savings to ensure you have a bit of a financial cushion under you just in case things are swept under the rug for you. Once you reach your savings goal, you can keep this money tucked away permanently until you really truly need it. I was never expecting to need a new car within the next few years, so naturally, I had no savings ready for one, but with this strategy I definitely would have been 10x better off than I was. ]]> 2021-11-17 02:52:25 UTC https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1895797779 Reflecting egauthi2 https://padlet.com/egauthi2/qk16ipi7120tbtvd/wish/1898421948 As a chronically horrible spender, budgeting, saving, and managing my money has never been my forte. However, thanks to my dad, I have been able to pick up on easy ways to ensure my financial stability. From credit cards to loans to even way-back-when allowances, my dad has always made a conscious effort to educate my brother and I on the importance of staying on top of our spending and ensuring that we know how to ration our money so one day, when we become functioning adults, that we weren’t struggling to understand today’s era of finance. 

Paying for college is something not even my dad was good at, since he’s still paying back his debt on his masters, but his guidance helped me understand just exactly how insanely much I would be spending on my education, and how I should go about repaying it. Although it wasn’t his plan, we ended up taking out loans this year for my tuition but between me working and my grandparent’s influence, I will be able to combat interest rates and at least begin to make payments on the loan. This way, I can ensure this debt doesn’t haunt me until I die, nor grow exponentially over the course of a few years thanks to insanely steep interest rates.

Credit was something I had been explained to several times about by both of my parents as they had made several poor financial choices regarding overuse of credit and lack of funds to repay debts on time. Because of their misfortunes, they were extra careful about making sure my brother and I both understood how credit /really/ works, and that it’s not as simple as buy now and pay back later, since that’s what many, especially uneducated college students, think having a credit card is. Being able to feel confident in my current credit score and maintaining regular payments on my card is fantastic and I definitely would have no idea what I’m doing without the help of my parents.

I was not taught much on budgeting, however. This area was where I struggled the most to come up with sections for the padlet. I really didn’t know what the differences were between savings and budgeting at first, but after a little help from the internet I think I have a solid grasp on the two and how I can include both into my college spending lifestyle. My dad told me the 50/30/20 rule, and while I didn’t abide by it for the longest time, it’s actually been one of the most useful financial decisions I’ve made that’s kept my pockets a little less empty. 

All in all, looking back on this project and rereading my research really does surprise me how easy it can be to organize your finances and begin thinking ahead regarding loans, credit, and etc. These tips and tricks are definitely going to benefit me in the long run, and I hope that any student who may stumble upon my padlet can also recognize good financial decisions and encourage them to start making some changes to their spending.

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