Posts Tagged ‘personal finance’

Saving Money for College

February 11, 2011

College tuition, books, supplies and the basics needed for living can cost a lot of money when you go to college.  There are a few things you can do to start saving up for your education such as having a savings account started by your parents when you are young, having a job, and spending your money wisely.  Learning to budget your spending in college is a great way to take control of your personal finances.  I’ve noticed that one of the most stressful things people experience is not having the money to support themselves.  You can avoid that by saving your money ahead of time.  Planning your budget every month is another great tool you can use while in college.  At the beginning of each month, you should decide on how much money you will need for basic necessities.  If you have extra money at the end of the month, you can take out a little for an occasional luxury.  It isn’t smart to spend without a carefully planned budget.  The best thing to do is save money each month.  You never know what unexpected expenses could come up.

The financial responsibilities your parents take up while you are growing up include saving for your college education.  Once you go to college, you start taking on some of those responsibilities.  What better way to learn about money than by budgeting your spending while you go to college.While you are in college, it could be hard to stick to your carefully laid out budget.  Buying food and alcohol, as college students are wont to do, could cost you a lot of money.  Coffee runs, especially during midterms and finals, can add up fast as well.  The best thing you can do to combat impulse buying is to buy your food at the supermarket, using coupons and club discount cards whenever possible.  If you make your coffee where you live, you will save money in the long run.  With regards to alcohol, drink only on occasion or go to parties that supply the drinks.  Avoid drinking at bars or restaurants, since alcoholic beverages tend to be pricey.  Saving money can be a difficult task, but if you learn to do it right early on, it will become second nature.  Think of it as doing yourself a favor that you will appreciate for years to come.

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Taylor P.

From Piggy Bank to Union Bank

January 20, 2011

Please retweetUncertainty drifts into peoples’ minds when they think about how to keep their money safe.  You may think that keeping your money hidden somewhere in your bedroom is the best solution, but keep in mind that piggy banks can be easily broken into.  On the other hand, Union Bank promises they can be trusted to keep your money secure.

Life lessons applied in real life. Blogger Joie describes the life lessons she learned about saving money as a child, then applying those lessons when she opens a bank account at Union Bank.Since I was little, I’ve been taught that saving money, although it is overlooked, is a very valuable skill.  Whether it was in a piggy bank or lock box, I always figured out a way to keep my money stored in a safe place.  As I got older, though, I knew it was time to start looking for more appropriate and secure ways to keep track of my money.  Opening a bank account may not seem like such a big deal to most but it is, in fact, an important step towards sound money management.  Personally, I never put much thought into opening a bank account, figuring that things would fall into place.  Now that I’m older and starting to make my way into the business world, though, I realize it is a necessary initiative. More and more adults are finding that teaching their kids to save money is an essential lesson to learn.  Millions of people have gone through some financial struggles during the recent downturn in our economy.  Now with the economy slowly improving they would like to make things better for their kids.

My dad taught me a technique that can help weather any economic fluctuation.  He told me that when I got my paycheck, I should divide it three ways: 10% to the church, 50% to the bank, and 40% to live on.  To this day, I’m grateful to him for teaching me that valuable lesson.  Once I opened my first bank account at Union Bank I was able to manage my money and achieve the financial goals I set for myself.  For those who have not been taught similar financial lessons, Union Bank offers counseling on the importance of saving your money.  If you are not able to put as much as 40% of your earnings into your savings, Union Bank’s new policy can help.  With your permission, they authorize a monthly $25 transfer from your checking account to your savings account.  Keep all this in mind when you consider opening a bank account at Union Bank or teach your kids the importance of money management.  It is never too late to start saving.  In the long run, you are only helping yourself.

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Joie Montoya

Before you buy anything that costs more than $20…

March 26, 2010

Ask yourself these four questions:

  • Do I really need it?
  • If yes, can I afford to pay for it with cash?
  • If so, do I already own an equivalent item?
  • If I don’t own any such item, have I shopped around for the lowest priced item?

Before you buy anything that costs more than $20, ask yourself the questions in the blog.If you have a satisfactory answer for all questions, give yourself another 24 hours before making the purchase.  You may end up not making the purchase at all and, thus, save yourself some money.  Try asking yourself these questions on your next shopping trip.  The more you can prevent instances of impulse shopping, the more money you will find in your wallet over time.

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Francis M. Unson