Money Smart Thursday- Spend

2014 MSW FB Cover
Now that we’ve learned about earning, borrowing, saving, and investing our money, it’s time to talk about spending it. Spend is the fourth of the MyMoney Five principles.

Of course, spending money is easy, at least for many of us. But how easy is it to be Money Smart about our spending? Here are some guidelines to follow to help you manage money wisely:

  • Live and spend within your means
  • Compare prices and quality before making a big purchase (or even a small one)
  • Keep track of your spending with a budget
  • Make long and short-term goals and make sure your purchases doesn’t detract from those goals
  • MyMoney FiveEasier said than done, though, right? Check out these resources to help you put these guidelines into practice. (Resources with * require you to enter your SWAN username and password for off-campus access)

    Budget
    You Need a Budget– Cloud based budgeting software available FREE for college students
    Adult budgeting 101: How to create your first budget in the real world
    CNN Money 101 Lesson 2: How to Budget
    The Best Apps for Budgeting your Cash
    Home Budget calculator
    Student Budget calculator *
    Student budget calculator *
    The Budget Kit: The common cent$ money management workbook (ebook)*

    Track your Spending
    Mint Free online financial tracker
    Spending Diary Simple online spending tracker
    Review: Apps to Track Income and Expenses
    Assessing how you manage money: Money Basics online tutorial

    Compare prices and quality
    The 10 best shopping apps to compare prices
    How to save the most money on your grocery budget with a price book
    Five Ways to Save Serious Money on Car Repairs
    Consumer Reports *
    Consumer Reports Buying Guide *

    Hopefully, we haven’t sucked all of the fun out of spending money. Rather, we hope you’ve learned how to get the most out of each dollar so that you can continue saving towards all of your financial goals, like that summer vacation!

    Come back tomorrow for tips on protecting your money so that it’s there for you when you need it.

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