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BECU Dollars + Sense LESSONS THAT LAST A LIFETIME THINK BEFORE YOU SINK College 101: In state or out? SIGN ON THE DOTTED LINE Many publicly funded colleges and universities offer lower tuition to students who live “in state” and graduated from local high schools. It pays to be smart with money Only spend on what you really need Attending a public school across the country from home means But only if you read the contract first By following some simple rules when it comes to spending, saving, One of the best ways to keep money in your pocket is to have a plan for how you will be charged a higher, out-of-state tuition rate not discounted The sticker price shown in ads typically does not include ongoing ownership borrowing and planning for your money, it’ll be easy to have cash on to spend it. with taxpayer dollars. costs such as car insurance premiums, maintenance costs, fees for borrowing hand when you need it—no matter how old you are or how much money (also known as interest payments) or fees for late payments. money you make. A lot of the time, you’ll find that the true “costs” of ownership just aren’t worth Compare the in-state cost for one year at Washington’s public the price. universities against out-of-state costs in neighboring states: Always take the time to calculate the true cost of ownership before you commit to buying. Goals for managing your money Did you know? Here’s what you can do now to make sure there will be money in your wallet Goals for saving money 60 percent of Americans say they do not have when you need it: 4 Don’t pay more than you really need to. Always have a plan before you buy. even $500 in savings to cover an emergency.1 UNIVERSITY OF OREGON — EUGENE, OR Check your budget Tuition and fees = $33,442 Books and supplies = $1,122 $48,496 Read contracts — know what you’re on the hook for and avoid Review your monthly budget and find the money before you buy. Living costs = $13,932 surprise charges. Do your homework Cost of attendance = $48,496 Save up — Have several months’ worth of payments saved before Explore all options; there might be a better or less costly alternative. borrowing money. Set goals UNIVERSITY OF IDAHO — MOSCOW, ID3 Put down — Pay as much as you can with cash, rather than paying Have a plan for how you’ll spend your money in Tuition and fees = $22,040 100 percent with credit. You’ll save money in the long run by paying the next few years, as well as the next few months. Books and supplies = $1,214 $35,448 less in borrowing fees. Expect the unexpected Living costs = $12,194 Money made easy Don’t wait until you’re out of cash. Have a plan Cost of attendance = $35,448 Get rich quick! Money-saving tips Rules of thumb for managing to handle surprise expenses. Putting aside even just a few dollars each month will make your bank your money: account grow. UNIVERSITY OF WASHINGTON — SEATTLE, WA Spend wisely Tuition and fees = $10,753 Which of these money-savers have you tried? • Spend less than you earn Books and supplies = $825 $29,764 • Pay bills on time and in full Do I have the money for this? Living costs = $18,186 “Set it and forget it” with automatic monthly transfers from checking to savings Is there a cheaper option? Cost of attendance = $29,764 Borrow from the library instead of buying from a store Save often Will I have to make monthly payments? Where will I get the money for this? • Always have cash savings on hand Open a short-term CD to save and earn interest • Invest money to make money Do I need to borrow it? WASHINGTON STATE UNIVERSITY — PULLMAN, WA2 Content In Education Newspapers Sponsored Tuition and fees = $11,041 Shop used items instead of new Books and supplies = $960 Borrow carefully $26,899 Put cash gifts into a separate savings account • Borrow only what you can Living costs = $14,898 afford to pay back Cost of attendance = $26,899 Take advantage of student discounts IN REAL • Maintain a healthy credit score LIFE Avoid sticker shock Plan ahead Don’t be shocked by the total price tag when you make a big purchase. • Plan ahead for big expenses Here’s a sample breakdown of what you can expect to pay for common • Get insurance to protect yourself life expenses. • Buy an older model phone Down payment First month’s Late fees $25 Monthly loan $1,000 Pet Fee parking fee $100 IN REAL • Join a family plan Surcharges repayments Room and board Tuition $200 LIFE Phone loan (60 months Sales tax $13,080 Credit Check $35 • Carpool with friends and other and fees Cleaning Sponsored Newspapers In Education Content In Education Newspapers Sponsored payment @ $191.22) $800 fees $20 $4,979 | 6 Fee $150 • Join a car sharing group $40 $11,473.20 APRIL 22, 2018 SUNDAY, Did you know? Government Security Cheap thrills • Use a ride sharing service fees and Deposit “Sticker shock” is a condition that comes from seeing the true price of $500 You can still have fun Take advantage of in-state taxes $20 One year • an item and realizing the damage is much worse than you thought.5 Monthly cell Renting an even if you don’t have tuition phone bil Buying a car of college apartment a lot of dough. There $13,273.20 Transfer credits to your dream $215 $12,713 $4,279 are many ways to get • school 1http://money.cnn.com/2017/01/12/pf/americans-lack-of-savings/index.html, 2www.collegetuitioncompare.com/compare/tables/?state=W what you want without A&degree=Undergraduate&type=Public, 3www.collegetuitioncompare.com/compare/tables/?state=WA&degree=Undergraduate&type=Publ Live with roommates ic, 4www.collegetuitioncompare.com/compare/tables/?state=OR&city=Eugene&degree=Undergraduate, 5www.urbandictionary.com/define. spending tons of cash— • php?term=sticker%20shock, 6www.howtogeek.com/228902/the-iphone-6s-is-almost-here-time-to-lease-or-buy/, 7https://arstechnica. Books and 8 if you get creative. com/information-technology/2014/01/verizon-leads-top-wireless-carriers-in-bill-size-at-148-a-month/, www.collegetuitioncompare.com/ supplies $989 Last Month’s • Choose a lower-cost area state/?state=WA, 9https://trends.collegeboard.org/student-aid/figures-tables/state-grant-aid-undergraduate-student-2015-16 ($1340 in state aid grants), 10www.collegefactual.com/colleges/washington-state-university/paying-for-college/financial-aid/ (59% of students received $4955 Data overage Cell service Rent $1,647 SUNDAY, APRIL 22, 2018 | APRIL 22, 2018 SUNDAY, Total borrowing fees $2,473.40* 11 in avg scholarships at WSU), www.seattletimes.com/business/real-estate/seattle-area-rents-drop-significantly-for-first-time-this-decade-as- fee $1007 First Month’s Rent $1,647 fees $10 *Interest paid on the amount borrowed is part of the monthly new-apartments-sit-empty/ With grants and scholarships $6,335 3 payment amount 2 GO WITH THE (CASH) FLOW LIVE THE GOOD LIFE IN REAL LIFE BALANCE SPENDING WITH SAVING BUILD A CREDIT HISTORY WORTH REMEMBERING A tale of two credit histories Compare what you’ll pay up front if you have good credit against what A healthy budget saves more than it spends. Make it a habit to review Don’t have enough cash on hand for all the things you want or need to buy? You are not alone. Many financial institutions, you’ll need to pay if you have a poor credit history or none at all. your bank account and credit card balances at least once per month. credit card companies and retailers loan customers money “on credit” to make big purchases. When you pay with credit, Sign up for online banking or download your bank or credit union’s you borrow money from someone else and promise to pay it back in small amounts over time. mobile app to stay on track with your accounts quickly and easily. Each time you buy with credit you build up your personal credit history and reputation as a borrower. Companies look at Goals for spending your money your credit history to decide how likely you are to pay back a loan. People with “good” credit have a track record of Don’t get caught with an empty wallet during a crisis. paying their bills every month. Here’s how to keep from running out of money when you need it the most:13 Bad credit: A bad reputation No credit: Starting from scratch Making late payments or forgetting to pay bills will affect If you avoid using credit, you won’t have any debt to pay Cell phone Private student loan your credit history and give you a poor credit rating. back, but you also won’t have a borrowing history 1. Pay no more than 50 percent of your monthly income toward ($1,000 – $2,000) ($25,000) basic needs such as food, transportation and housing. • Can’t borrow money to show lenders. 20 2. Aim to save 20 percent of your monthly income for emergencies, • Pay more to buy a car • Can only spend what you save Good credit Good credit repaying debt or saving up for your future goal of buying a car. • $0 down payment • 8% borrowing fee • Pay more to rent an apartment16 • More requirements when borrowing money 3. Spend up to 30 percent of your budget • $83 monthly payment • 30 years to repay • High borrowing fees • Larger upfront payments required on fun stuff like eating out, for 12 months • Lower chance of identity theft • $183 monthly payment entertainment and travel.
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