Poll Results – most students manage money for themselves
According to our recent poll, more than half (53%) of the students who responded only manage money for themselves. While not surprising, these results highlight the importance of being good stewards of your personal finances—especially when you are on your own. The resources provided here on One For Your Money can help you learn how to budget your money, manage your bank account and control your spending!
Are you part of the other 46% who manage the finances for their household, spouse or significant other? We know that staying on top of your household’s money while balancing school, work and family can be a challenge. So, with that in mind, here are a few tips to help you stay on track:
- Sit down with adult household members and set a monthly budget
Even though you manage the household finances, it is important for other household members to understand where your money is going. Sitting down together to set a budget gives everyone a “stake in the game” and a more realistic understanding of what you can afford and where you may have to cut back.
This will save you trips to the bank and ensure that your money is in your account when you need it to pay bills. You can set up automatic bill payments for recurring monthly bills such as loan payments or rent and easily update and submit payments for other monthly bills such as utilities, cell phones and insurance. Also, you may find it less stressful to pay bills just once or twice a month, instead of sporadically throughout the month.
- Check your bank account balances often.
Especially if you are managing money for more than yourself, it is important to keep track of bank account balances. Most banks now offer online banking and other automated ways such as texting to check your balance. You can quickly confirm deposits and reconcile withdrawals with your transaction register, receipts and automated payment schedule. If you see your balance shrinking faster than planned, it’s time regroup with household members to reassess your budget plan.
Managing your finances is really about taking responsibility for your hard earned cash. It doesn’t have to be stressful or a nuisance. In fact, with all the automated features available today, it can be really easy and fun!