Financial Wellness

Helping you manage your money, for school and for life!

October 1, 2013
by Carissa
0 comments

Spending $936 on lunch

The report is official: the average American spends $936 each year by going out for lunch (as reported by Visa’s survey at Practicalmoneyskills.com).  And that doesn’t even include the daily trips for coffee that many often make… 

I don’t know about you, but when I look at how I spend my money each year, I definitely don’t plan for almost $1000 of my hard-earned money to go to restaurants!  That’s money that could be used to pay down debt, start an emergency fund, invest in my retirement account, or even take a really nice vacation – the possibilities are endless!

Although eating out is by far the biggest “spending leak” in the budgets of most, there are MANY other ways in which we needlessly spend/waste our money.  From late fees to interest charges to missed tax breaks, this Kiplinger article on Yahoo Finance has a great list to help you identify and start combatting all the ways in which you may be losing money.

If you have any great tips or comments on spending leaks, let us know!

September 23, 2013
by Carissa
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Living on less than $40k per year

When I talk to people about responsible money management, they will sometimes argue that they don’t even have enough money to manage.  I wholeheartedly disagree!  Like most things in life, smaller projects are always easier to manage than larger ones, and thus having less money is actually the best time to really get control of your finances. 

But don’t just take my word for it; lenpenzo.com has a great series of guest posts from people all across the country who are living on $40,000 or less.  And they are doing it well!  It is always inspiring and motivating to me to see how others are gaining financial freedom, and I hope their stories will do the same for you.  Check them out, let me know what you think, and feel free to share your stories of money management in the comments!

September 2, 2013
by Carissa
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Student ID = Discounts!

When you’re a college student, finances are tight – hence the familiar college staple, the Ramen Noodle diet.  And if you’re a working student with a family to support, you need all the help you can get!  Well, many businesses and retailers recognize this, and this recent post from Brad’s Deals has a pretty long list of all the places you can use your student ID to get a discount.

Also, as the post points out, don’t forget that you may be able to take advantage of these deals even after you graduate!  If you are already taking advantage of some great student deals, or know of any in your area, please feel free to post a comment.

August 12, 2013
by Carissa
0 comments

Saving Money by Cutting Cable

For most people, myself included, when I look at ways in which I can cut back every month, the buck stops when it comes to my cable.  After all, if I’m saving money by not going out as much, aren’t I going to rely more on TV for entertainment?  And since my cable is bundled with my internet service, it just seems logical to keep it all anyway.  Right?  Well, maybe not.

There have been so many advancements with streaming technology that you may be able to save yourself hundreds of dollars per year by cutting the cord and making the switch!  With Netflix, Hulu, YouTube, network websites and so many other ways to get your television fix, it does seem like cable companies may be going the way of the dodo.  By finding a good internet plan and subscibing to a few streaming services, many converts are swearing by this new way of watching television.

I don’t pretened to be an expert on this stuff, but the money saver in me was definitely intrigued by this article by Snarkfinance writer Mitchell Pauly.  He shows an example of $888 annual savings for a Comcast customer switching to streaming – when you put it like that, it certainly seems worth consideration!

Has anyone made the leap and gotten rid of their cable?  Tell us what you think!

July 30, 2013
by Carissa
1 Comment

Financial Aid and Tuition Updates

Your educational expenses play a huge role in overall financial literacy, so it’s important to be aware of any changes to costs or funding as you progress through your program.  With that in mind, here are a few important updates regarding recent changes that are happening here at Franklin.

First, effective Summer 2013, Franklin began disbursing financial aid in two installments.  This is a change from our previous disbursement schedule, which would apply all financial aid in one lump sum.  Please be sure to review the new 2013 fall and 2014 winter disbursement schedules to get a better understanding of when your aid will be applied.

Second, the new 2013-14 tuition rates will go into effect beginning in Fall term.  Planning for tuition increases can help you better manage your finances as you move forward in your educational journey, so please review our guest post from the Connections blog to see how you can do just that.

If you have any questions regarding the disbursement schedule or tuition rates, please feel free to contact our Financial Aid Department or post your questions as a comment.

May 22, 2013
by Carissa
0 comments

The Sandwich Generation

Taking charge of your finances is usually not just about the individual; whether you’re married, planning to get married, or have kids, your financial health can and will affect the lives of those around you.    To take it one step further, the American Institute of CPAs has a unique spin on this topic, addressing  the growing challenges facing many middle-aged Americans: worrying about their own futures, caring for children and/or college expenses, AND now having to assist aging parents or other relatives.  It has created a “Sandwich Generation” of people caught in between all of these responsibilities, and strengthens the argument that improving our own financial health is one of the best things we can to do help others.
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This article has some great tips on what you can expect with elderly care, how you can prepare now, and ways to juggle the needs of your children, your parents or relatives, and yourself!

If you have any experience with this or need some advice from others, feel free to leave a comment.

April 29, 2013
by Carissa
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Hey graduates – do you know how to handle your money?

It’s graduation season for many, and certainly a time to celebrate!  But the hard work is not done yet…

Having a plan in place to handle all your financial responsibilities is crucial to repaying or avoiding debt, and building wealth.  If you have not yet thought about what kind of saver/spender you want to be, I highly encourage you to put serious effort now into establishing healthy money habits for life. 

This infographic from Onlinecollege.org shows how to do just that, with sample budget guidelines, suggested savings goals, great places for new graduates to live and work, and other online finance tools to help you keep it all together. 

 New Grad’s Guide to Personal Finance

April 22, 2013
by Carissa
0 comments

Seven questions

Forbes.com has two articles, each with seven questions, that will 1) help you determine your level of financial literacy, and 2) help you reevaluate your spending strategies

Can seven questions really change your spending habits?  Maybe, depending on where you are in your financial journey.  But the key to improving financial literacy is to make a conscious effort to think about your spending and savings on a daily basis, and these questions will definitely get you thinking! 

If you’re ready to put some action into your thoughts, then you should also check out this “Investing for the Long Run” guide on how to improve your personal finances.  Provided by Morningstar, one of our library’s investment database subscriptions, it’s an all-in-one tool to guide you through basic budgeting and saving, all the way through planning your investment portfolio.

If you have any other resources that have inspired you on your path to financial wellness, leave us a comment and tell us about it!

April 12, 2013
by Carissa
0 comments

The Best of the Week

As we wrap up Financial Literacy Week here at Franklin, we wanted to share some highlights of the week’s events:

  • All of the workshops from this past week have been recorded via FranklinLive!, and are accessible through this page.
  • Students had the the opportunity to view and print their federal student loan history via the National Student Loan Data System.  Click here for instructions on how you can do this on your own!
  • Graduating students had a chance to learn more about Exit Counseling and ask questions via our staff led online Exit Counseling sessions.  Please view these sessions by clicking here.
  • Beginning next week and through April 29, Franklin students can donate non-perishable food items to the university library in order to have library fines erased!  Read more about Food for Fines.

 

Don’t forget that April is Financial Literacy Month, and so there are still plenty of opportunities for you get a handle on personal or school finances!  Here’s a “best of the web” compilation:

  • Thirty Steps to Financial Wellness  – a whole month’s worth of money management activities to get you started!
  • Free financial counseling – Apprisen is the local consumer credit counseling agency for Columbus, offering free initial counseling for those requesting money management help.  If you are outside of the Columbus area, click here for an agency close to you.
  • Money Smart Week – Morningstar, an investment research database in our library, is sponsoring investment webinars the week of April 20 – 27th.   Additionally, they have created a fantastic tool to get all of your finances in order so that you can begin to focus on investing.  Click here to view this handy guide.
  • Debt.org – Everything you need to know about student loans, managing student debt, paying back student loans — and that’s just one part of the website!  You can also explore personal debt, and how to get free debt consultation services.

We hope you have enjoyed this week’s activities, and continue to explore the many resources available to you to help you on your path to fiscal responsibility.  If there’s a favorite site of yours that has not been included, feel free to leave us a comment and tell us about it!

April 8, 2013
by Carissa
0 comments

Financial Literacy Week Starts Today!

Remember to visit the Financial Literacy Week events today through Thursday, both onsite and online!  These events are open to all students, faculty, and staff.  At the end of the week, we’ll draw winners for fuel cards and gift cards to Barnes & Noble, Starbucks, and Subway — but you have to participate to win, so click here to see today’s events, or check out the rest of this week’s activities.