Money Smart Thursday- Spend

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. Resources with + are calculators available on library resource RIA Checkpoint. To access these, start at the library homepage, click “R” in the alphabetical list, scroll down and click RIA Checkpoint, then click “Tools”)

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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