{"id":2147,"date":"2016-09-22T21:27:45","date_gmt":"2016-09-22T21:27:45","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/?post_type=chapter&#038;p=2147"},"modified":"2020-07-29T23:15:58","modified_gmt":"2020-07-29T23:15:58","slug":"text-tracking-personal-spending-habits","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/chapter\/text-tracking-personal-spending-habits\/","title":{"raw":"Identifying Personal Spending Hazards","rendered":"Identifying Personal Spending Hazards"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Identify\u00a0personal spending hazards for college students<\/li>\r\n<\/ul>\r\n<\/div>\r\nLots of students work hard and manage to cover the cost of attending college, but plenty\u00a0find that they don't have a lot left over for other important things, like housing and food. The idea of actually saving money\u2014for things like clothes, entertainment, or other \"extras\"\u2014may seem completely out of reach. In this section we challenge you to take a chance and try. You may be surprised to find\u00a0that you can change your spending habits, gain\u00a0better control over your finances, and wind up with money in the bank. Below are some common hazards you can avoid and tips to get you started:\r\n<ul>\r\n \t<li><strong>New spending responsibilities<\/strong>: If you're starting college right out of high school, this may be the first time you've had your\u00a0own checking account or received\u00a0regular income from\u00a0a job. It may\u00a0be tempting to spend what's left over after you pay for big items\u00a0like tuition and books, forgetting that you still have other expenses. Even if you don't spend a lot of money on extras, you may not be aware of strategies for saving money, such keeping an eye out for coupons and sales.<\/li>\r\n \t<li><strong>Using credit cards<\/strong>: Young college students are often targeted by credit card companies because they have comparatively few financial responsibilities and generally have clean credit records. Owning and using a credit card can be an effective way to build a credit history, and it can also be useful in an emergency, but credit cards do carry significant risk: If you don't pay them off in full every month, they accrue interest\u2014sometimes at a very high rate\u2014and the total amount you owe can become an enormous financial burden.<\/li>\r\n \t<li><strong>Neglecting to pursue scholarships<\/strong>:\u00a0Many college students are either unaware of scholarships they qualify for or they just don't follow through and apply. Take advantage of the financial aid office at your college. Ask questions and get help finding out what's available to you. You may be passing up an opportunity to get \"free money\" for tuition, room and board, and books.<\/li>\r\n \t<li><strong>Recreational activities<\/strong>: Unlike high school students, college students don\u2019t generally have classes all day, so they may find themselves with hours of free time. To fill that time, they may want to go to places like restaurants, movies, and shopping centers. These activities add up fast and cost more money than eating on campus with a room-and-board plan or cooking meals and socializing at home.[footnote]Reaume, Amanda. \"6 Common Money Mistakes College Freshmen Make.\" <em>Money: College Planner<\/em>. 6 Sept 2015. Web. 2 Feb 2016.[\/footnote]<\/li>\r\n<\/ul>\r\nMost of these points have budgeting skills in common. <strong>Budgeting<\/strong> involves knowing how much money you have\u00a0and exactly where it\u2019s going.\r\n<h2>Contribute!<\/h2><div style=\"margin-bottom: 8px;\">Did you have an idea for improving this content? We\u2019d love your input.<\/div><a href=\"https:\/\/docs.google.com\/document\/d\/15ZCDmwpVxf-dDgMIOTnurTC6tA16-Nere3Dpcpi_8Lw\" target=\"_blank\" style=\"font-size: 10pt; font-weight: 600; color: #077fab; text-decoration: none; border: 2px solid #077fab; border-radius: 7px; padding: 5px 25px; text-align: center; cursor: pointer; line-height: 1.5em;\">Improve this page<\/a><a style=\"margin-left: 16px;\" target=\"_blank\" href=\"https:\/\/docs.google.com\/document\/d\/1vy-T6DtTF-BbMfpVEI7VP_R7w2A4anzYZLXR8Pk4Fu4\">Learn More<\/a>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Identify\u00a0personal spending hazards for college students<\/li>\n<\/ul>\n<\/div>\n<p>Lots of students work hard and manage to cover the cost of attending college, but plenty\u00a0find that they don&#8217;t have a lot left over for other important things, like housing and food. The idea of actually saving money\u2014for things like clothes, entertainment, or other &#8220;extras&#8221;\u2014may seem completely out of reach. In this section we challenge you to take a chance and try. You may be surprised to find\u00a0that you can change your spending habits, gain\u00a0better control over your finances, and wind up with money in the bank. Below are some common hazards you can avoid and tips to get you started:<\/p>\n<ul>\n<li><strong>New spending responsibilities<\/strong>: If you&#8217;re starting college right out of high school, this may be the first time you&#8217;ve had your\u00a0own checking account or received\u00a0regular income from\u00a0a job. It may\u00a0be tempting to spend what&#8217;s left over after you pay for big items\u00a0like tuition and books, forgetting that you still have other expenses. Even if you don&#8217;t spend a lot of money on extras, you may not be aware of strategies for saving money, such keeping an eye out for coupons and sales.<\/li>\n<li><strong>Using credit cards<\/strong>: Young college students are often targeted by credit card companies because they have comparatively few financial responsibilities and generally have clean credit records. Owning and using a credit card can be an effective way to build a credit history, and it can also be useful in an emergency, but credit cards do carry significant risk: If you don&#8217;t pay them off in full every month, they accrue interest\u2014sometimes at a very high rate\u2014and the total amount you owe can become an enormous financial burden.<\/li>\n<li><strong>Neglecting to pursue scholarships<\/strong>:\u00a0Many college students are either unaware of scholarships they qualify for or they just don&#8217;t follow through and apply. Take advantage of the financial aid office at your college. Ask questions and get help finding out what&#8217;s available to you. You may be passing up an opportunity to get &#8220;free money&#8221; for tuition, room and board, and books.<\/li>\n<li><strong>Recreational activities<\/strong>: Unlike high school students, college students don\u2019t generally have classes all day, so they may find themselves with hours of free time. To fill that time, they may want to go to places like restaurants, movies, and shopping centers. These activities add up fast and cost more money than eating on campus with a room-and-board plan or cooking meals and socializing at home.<a class=\"footnote\" title=\"Reaume, Amanda. &quot;6 Common Money Mistakes College Freshmen Make.&quot; Money: College Planner. 6 Sept 2015. Web. 2 Feb 2016.\" id=\"return-footnote-2147-1\" href=\"#footnote-2147-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/li>\n<\/ul>\n<p>Most of these points have budgeting skills in common. <strong>Budgeting<\/strong> involves knowing how much money you have\u00a0and exactly where it\u2019s going.<\/p>\n<h2>Contribute!<\/h2>\n<div style=\"margin-bottom: 8px;\">Did you have an idea for improving this content? We\u2019d love your input.<\/div>\n<p><a href=\"https:\/\/docs.google.com\/document\/d\/15ZCDmwpVxf-dDgMIOTnurTC6tA16-Nere3Dpcpi_8Lw\" target=\"_blank\" style=\"font-size: 10pt; font-weight: 600; color: #077fab; text-decoration: none; border: 2px solid #077fab; border-radius: 7px; padding: 5px 25px; text-align: center; cursor: pointer; line-height: 1.5em;\">Improve this page<\/a><a style=\"margin-left: 16px;\" target=\"_blank\" href=\"https:\/\/docs.google.com\/document\/d\/1vy-T6DtTF-BbMfpVEI7VP_R7w2A4anzYZLXR8Pk4Fu4\">Learn More<\/a><\/p>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-2147\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>College Success. <strong>Authored by<\/strong>: Jolene Carr. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-2147-1\">Reaume, Amanda. \"6 Common Money Mistakes College Freshmen Make.\" <em>Money: College Planner<\/em>. 6 Sept 2015. Web. 2 Feb 2016. <a href=\"#return-footnote-2147-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":19,"menu_order":11,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"College Success\",\"author\":\"Jolene Carr\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"52f5ce22-e48d-496b-a785-1b1313776e45, bb3c574f-98fc-4c48-ae6a-2f66e8c0d7d2","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-2147","chapter","type-chapter","status-publish","hentry"],"part":135,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/pressbooks\/v2\/chapters\/2147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/wp\/v2\/users\/19"}],"version-history":[{"count":4,"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/pressbooks\/v2\/chapters\/2147\/revisions"}],"predecessor-version":[{"id":3614,"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/pressbooks\/v2\/chapters\/2147\/revisions\/3614"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/pressbooks\/v2\/parts\/135"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/pressbooks\/v2\/chapters\/2147\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/wp\/v2\/media?parent=2147"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/pressbooks\/v2\/chapter-type?post=2147"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/wp\/v2\/contributor?post=2147"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/waymaker-collegesuccess\/wp-json\/wp\/v2\/license?post=2147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}