| July 2009 | Volume 9, Issue 7 |
Mapping Your Future is a national collaborative, public-service organization of the financial aid industry - bringing together the expertise of the industry to provide free career, college, financial aid, and financial literacy information and services for students, families, and schools via the web.
Mapping Your Future is supported by guaranty agencies (Sponsors) and lenders, servicers, and secondary markets (Friends) in the Federal Family Education Loan Program. Through the support of Sponsors and Friends, Mapping Your Future is able to provide free services.
Top 10 tips for managing your money
10. Visit online money management resources. There is a variety of FREE resources to help you manage your money. See mappingyourfuture.org/money/moneyresources.htm for details.
9. Use free calculators. Mapping Your Future offers several calculators to assist you as you manage your unique financial situation:
- Budget calculator
- Checkbook balancing tool
- Income based repayment calculator
- Savings calculator
- Student loan debt/salary wizard
- Loan consolidation calculator
Go to mappingyourfuture.org/money/calculators.htm to get started.
8. Establish yourself financially. Take the basic steps at mappingyourfuture.org/money/establish.htm to get established financially
7. Reconcile your checking account. You should reconcile your checking account records to the bank's records regularly. For more information or visit mappingyourfuture.org/money/checkbook.htm.
6. Review and understand your credit report. Your credit report is a collection of information about you and your credit history, and can have a major impact on your life. Go to mappingyourfuture.org/money/creditreport.htm to learn more.
5. Prevent and detect identity theft. Identity theft, the fastest growing crime in America, is when someone uses another person's personally identifying information to commit fraud. Learn how to avoid becoming a victim at mappingyourfuture.org/money/identity.htm.
4. Save money. Establishing a savings account is the best way to handle both the uncertainties of life (such as job loss or medical expenses) as well as to reach your financial dreams (like college, a nice car, travel, or retirement). Want to know more? Go to mappingyourfuture.org/money/save.htm.
3. Budget. Establishing a budget and sticking to it isn’t easy, but it’s the best way to be in control of your finances and make sure your money is going toward the expenses that matter most to you. Get started at mappingyourfuture.org/money/budget.htm now.
2. Manage your student loan debt. At Mapping Your Future, you can learn how to repay your student loans, no matter how much you borrowed. Remember, student loans must be repaid. Visit mappingyourfuture.org/money/studentdebt.htm today.
And the number one money management tip is . . .
Use your credit cards wisely. It’s easy to get a credit card. Managing a credit card well isn’t as easy. Help is available at mappingyourfuture.org/money/creditcards.htm.
Everyone with a checking account should know how to reconcile their check records to the bank's records, commonly known as "balancing the account.”
If you are able to view your checking account activity online, you should reconcile your account on a regular basis (weekly, bi-weekly, or at a minimum, monthly). Even if you pay all of your bills online, you still should keep record of your transactions (deposits and withdrawals).
To balance your account when online banking, follow these simple steps:
- Review your account activity online
- Compare your register with your activity online by checking off all items that appear on your records and online.
- Add to your records any deposits or additions including interest payments and ATM or deposits listed on the statement, but not entered in your records.
- Subtract from your records any account deductions including fees and AMT or electronic deductions that are listed on the statement, but not in your records.
- Update your statement information
It is important to keep record of your transactions and balance the account regularly, even if you bank online. One uncashed check, even for a small amount, or a delayed withdrawal can lead you to think you have more money–resulting in a bounced check and/or over-withdrawal fees.
To balance your account if you do not bank online or want to reconcile against a monthly bank account statement, follow these simple steps:
- Review your bank statement.
- Compare your statement with your records by checking off all items on your records that appear on your statement.
- Add to your records any deposits or additions including interest payments and ATM or electronic deposits listed on the statement, but not entered in your records.
- Subtract from your records any account deductions including fees and ATM or electronic deductions that are listed on the statement, but not in your records.
- Update your statement information.
For more information about this and other money management tips, visit mappingyourfuture.org/Money/.
