In any college, student's mind is the goal of graduating college and getting "that
one" job that he or she has always wanted. To achieve this dream, students may incur
debt while earning their credential. In today's ever-so-changing landscape the cost
of living sometimes seems unbearable. Tack on student loan debt for some students,
and this can be very overwhelming as students begin their careers.
Jefferson Community & Technical College encourages students to take an interest in
their personal finances, budgeting, saving, credit scores, managing debt, and much,
much more. We hope the information we offer students create a unique insight into
managing their money.
Below, students will find useful tips to help manage their finances as well as links
to resources that should encourage and provide students with a knowledge of how to
manage their finances in a responsible manner.
Manage Your Money
- Open a checking or savings account to establish a relationship with a bank. Opening
and using a savings account effectively will protect you financially and your money
can grow with interest accrued. Organization is key to managing your finances. Keep
your financial information in one secure location.
Create a Budget
- Stop chasing your money! A budget is a simple, but powerful plan that shows how much
money you make, helps categorize how you actually spend your money, and how you spend
your money. A budget helps to capture all your income and expenses. Creating a budget
helps you make better financial decisions. By creating a budget, you will not only
make smarter decisions, but you will be able to understand how to live within your
means. Budgets help you protect your hard earned money.
Begin a Savings Account
- Try to save at least 10% of your income. If 10% seems to be too much--start with a
comfortable percentage. No amount is too small. Have the mindset that pennies saved
eventually make dollars! Opening a savings account will not only help secure money
during a hard time, but it can help for an emergency, or even reaching a goal such
as purchasing your first home.
Prioritize Your Debt
- Paying all your debts on time will help you establish and maintain a good credit history.
It is very important that your bills and other debts are a first priority in your
newly created budget.
Student Loan Debt
- Make absolute sure that you borrow only what you need for your college expenses. Look
for scholarships, grants, work opportunities, and other types of financial assistance
before borrowing a student loan. If a loan is necessary, be sure to know everything
about the loan and especially understand repayment.
Understand Credit Reports
- A credit report is a collection of information about you and your credit history.
It contains history of money borrowed and how you are paying those loans back. It
is updated each time the credit bureau receives new data. Having a good credit score,
helps creditors know if it is safe to lend you money. A bad credit score can potentially
ruin the chances of opening a bank account, buying a home, or even getting a job.
So How Do You Manage Your Finances?
The below links provide valuable information on how to take control of your finances
and understand keys to secure a healthy financial future.
These links are being provided as a convenience and for informational purposes only;
they do not constitute an endorsement or an approval by Jefferson Community & Technical
College. Jefferson bears no responsibility for the accuracy, legality, or content
of the external site or for that of subsequent links. Contact the external site for
answers to questions regarding content.
- The information provided at CashCourse will help you make informed financial decisions
throughout your college years and into your professional life.
Practical Money Skills for Life
- This great resource offers tools and tips to help students improve their financial
future by gaining a better understanding of personal finances. Includes tips on credit,
life events such as buying a home, and provides information on focusing on your savings.
Website is provided by the Kentucky State Treasurer.
- The Kentucky Higher Education Assistance Authority (KHEAA) offers instructional videos
on financial literacy. KHEAA also offers a digital magazine on how to manage your
finances. Jefferson has provided the link to KHEAA as well as their magazine, It's