Smart Bugeting

Smart Budgeting Tips

Credit vs. Debit Cards - What's the Difference?

Many students have at least a debit card, and many have stared building credit with a credit card, but it can be a little confusing to understand the different reasons for their use.

Here is a video breaking down the difference between a credit and debit card. You can read more about it via Campus Well - Article "Money management basics: Debit and credit cards explained"

Click on the image to go right to the site!

Understand Loans Before Taking Them Out (3-video breakdown)

Part 1 of 3 - Loan Basics

Part 2 of 3 - Credit Scores and Reports 101

Part 3 of 3 - Mistakes and Best Practices

If you are planning to or already have loans taken out, it is best to learn the basics on how to manage and pay off those loans before they become an issue. When taking out a loan should be done thoughtfully in terms of budgeting.

These videos are a great resource to ensuring you have the tools to take out and manage loans!

Plan Your Monthly Bills

On a word document or excel sheet - write in your monthly bills that you know come in. For example - rent, approximate utilities, car insurance, approximate grocery bill, etc.
Put your bills in your calendar with reminders to pay them on-time (or early)
Run a total of those monthly bills
Subtract it from the average you make that month

Once you have your totals, it will help you plan what $$ you have to spend and what $$ you need to live. It is important that you attempt to spend less than the total of your remaining check!

Additional Tip: Try to put a little $$ away to your savings!

You should always have an Emergency Savings with a minimum of $1000 - if you do not have one yet, set a goal to put in a little each paycheck to ensure you are covered. Even $10-15 each paycheck will go a long way!

Ideal Budgeting: 50/30/20 Rule

SAVE $$$ with

Student ID

Did you know that there are more benefits to your Student ID outside of on campus use?

Many shopping and dining businesses offer student discounts which may result in you saving $$ in the long run! An important part of being budget conscientious is knowing how to get the best deal when you need one.

In Peosta, the use of your student ID can get you gym access to the UD Rec Center, and in Calmar, you can get great student discounts for membership at Results Fitness as well as free use of the Ft. Atkinson Gym (Opening 6-9pm Starting September 7th).