Cash at College: Spending, Saving & Student Loans (Recorded Webinar)

Cash at College is a must-see webinar for all students headed to college. University of Illinois USFSCO’s Student Money Management Center and University of Illinois Extension have teamed up to offer this educational and engaging webinar for all University of Illinois students. This free webinar features lessons on:

  • how to effectively budget your money while in college
  • the basics of banking
  • options for paying your college tuition
  • understanding credit
  • and how to make the most of your college education

Cash at College offers an important guide to managing your finances, so don’t miss out! Watch it below or on YouTube now!

Test your knowledge. Take the quiz!

Spending badgeThis is a Spending Badge eligible program, so make sure to take the quiz after watching to get credit!

By participating in three Spending Badge eligible events, you could earn a digital badge to enhance your online professional portfolio. Learn more about the Financial Literacy Badges Program by visiting: badges.illinois.edu/usfsco/.

Schedule an Appointment with a Peer Educator

Need help with organizing your finances? The University of Illinois Extension Financial Wellness program aims to help college students learn to manage money effectively and make wise financial decisions. Financial Wellness Peer Educators are trained volunteers to help students who want help with money management or financial related questions. It is FREE to meet with a Peer Educator. Peer Educators can help with: managing spending, organizing finances, increasing savings, goal setting/planning, credit/debit card questions, credit reports, student loans, and more!

Schedule a FREE appointment with a Peer Educator: Financial.Wellnessuie@gmail.com

My account is in collections. What should I do?

When your account goes past due and is now in collections, be proactive! These tips can help you cope with and resolve accounts in collections.

OWN IT/ DON’T IGNORE IT. Contact your creditor and tell them what happened. You do not need to divulge personal information; just be truthful and give the basic facts. Most accounts receivable specialists, or “collectors,” will welcome this approach, have worked with many people in similar situations, and probably have options available.

HAVE A PLAN. The collectors don’t know what your resources are, so be prepared to offer some alternatives. Can you pay interest only for a few months or make a partial payment on the past due balance? Ask your representative for advice and what they recommend during times of temporary financial distress.

FOLLOW THROUGH. Do what you have agreed. Do not hesitate to contact the company again if your plans or resources change. Stay in continuous contact until you are able to bring your account up to date.

Written by Mark Austin, Collection Manager, University Student Financial Services & Cashier Operations

Making the Most of Job Benefits (Recorded Webinar)

In today’s economy, we are happy to have jobs, but many college graduates are underemployed. This webinar on job benefits is to inform students across the state how to get the most from their employment perks. Topics that will be discussed include salary negotiation, pension plans, and many more employee benefits. This is a great opportunity for students to prepare for the working world so they can be better informed when making decisions on those post-graduation job offers.

University of Illinois Extension, along with the University of Illinois’ Student Money Management Center, hosted the webinar “Making the Most of Job Benefits” on February 24, 2015. The FREE webinar focused  the types of job benefits employers could offer you and how to make sense of them. Watch it below!

Earning badgeThis is an Earning Badge eligible program, so make sure to take the quiz after watching to get credit!

“Making the Most of Job Benefits” is part of the Get $avvy: Grow Your Green Stuff webinar series.

 

Written by Andrea Pellegrini, University of Illinois USFSCO Student Money Management Center

Why get a savings account?

The most noticeable benefit of a savings account is interest earned on money deposited. The interest rate on a savings account is currently very low, but it still provides extra money. A savings account has many characteristics of a checking account, but it offers other benefits. A benefit of having a savings account is that it can create a saving mindset. Finally, a savings account will provide additional security.

A savings account annual interest rate is, as of April 2015, ranging anywhere from .05% to 1%. This may not seem like a high number, but it is still creating money. For example, 1% of a thousand dollars is ten dollars. Current rates can be checked regularly through your institution’s website or other online sources such as http://www.bankrate.com/.

A savings account is a great offer because it has very high liquidity. Liquidity measures how quick an asset or any financial instrument can be converted into cash (usually into a checking account). The process is as simple as doing a quick online transfer from savings to checking. In addition to having liquidity, a savings account is backed by the FDIC in conjunction with a bank’s checking account, or the NCUSIF if your saving account is with a credit union. Your account is insured up to $250,000. (Personal limits also apply if you have multiple accounts.) Basically, a savings account provides interest with zero risk on savings up to $250,000. Specific variations on a savings account, like a money market account, may provide higher interest rates but may limit the amount of transactions that can occur. It is important to talk with a bank or credit union representative to figure out which account fits your needs.

Besides earning interest, savings accounts are great for creating a saving mindset. First, while savings accounts are liquid, the money is set aside from regular checking. This makes it more difficult to spend unexpected amounts of money on any good or service. The process of transferring money from savings to checking creates time to mull over the decision and can prevent unnecessary expensive purchases. However, the money is still available and accessible in times of emergency. Next, taking extra income and depositing into a savings account can develop a mindset more geared towards saving. Saving money is important for achieving future financial goals, and a savings account is the first step in saving and earning interest income.

Finally, a savings account can create additional security for money stored in an account. For example, a savings account has a different account number than the checking account, so if account information were to get stolen, the savings account funds would remain difficult to be stolen. It is a good idea to not link your debit card to your savings account. This will create an extra barrier if your debit card were to get stolen.

In conclusion, a savings account is a great complement to a regular checking account. It provides many of the same features of a checking account but earns interest on the money deposited. It also allows you to create a saving mindset which is important in the long run. Savings accounts can also come in many different styles, so it’s important to contact your financial institution to figure out which is right for you!

Written by Jonathan Alton, Financial Wellness for College Students Peer Educator, and Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension