AGLS (Money Management for College Students) Flashcards
Who was the guest speaker for the Money Management lecture?
Nick Kilmer
How many Americans are financially literate?
57%
What is the Consumer debt for the U.S.?
$15 trillion dollars
What is the path to financial well-being?
Financial skills + financial behaviors + financial situation = well - being
how much does an aggie ring cost for male students and female students?
male students pay $1400 and female students pay $700 on average
What is the number one reason for student stress?
money
What is the ratio of students that feel stressed about their finances?
7 out of 10
What requirements should your budget meet?
Understandable to you, easy, quick, does not eliminate all fun, right for you, flexibility, discipline
What are some budget methods:
50-30-20 method
Envelope method
Mint.com
What is the 50-30-20 method?
50% for needs, 30% for wants and 20% for savings or paying off debt
What is the Envelope method
The envelope budgeting system involves assigning spending categories to individual envelopes
What is Mint.com?
Mint.com is an online personal finance tool that allows you to track your spending and helps you make a budget. If you want to use Mint, you must sync all of your financial accounts, or at least the ones you want to utilize via Mint.
Financial goals are classified as:
Short term - one year to 18 months, new phone, iPod, etc.
Medium term - 3-5 years, Aggie ring
Long term - new house, new car, retirement
What are some sources of Income?
financial aid, work, family, college fund
What are fixed expenses?
is any expense that does not change from period to period
ex: rent, cable/internet, car payment, insurance, savings/emergency fund
