RelationshipsRelationships

And Managing Your MoneyAnd Managing Your Money

RelationshipsRelationships• Quality of relationships built in college Quality of relationships built in college

can have a positive or negative can have a positive or negative influence oninfluence on– ability to concentrate, ability to concentrate, – feelings of self-confidencefeelings of self-confidence– ability to do well academicallyability to do well academically

• Many forms of college relationshipsMany forms of college relationships– Room matesRoom mates– InstructorsInstructors– Boyfriend/girlfriendBoyfriend/girlfriend– Relationships with family, friends, etc. that Relationships with family, friends, etc. that

you had when you started college you had when you started college

College FriendsCollege Friends

• One of the best things about going to One of the best things about going to college is meeting new people!college is meeting new people!

• Most students learn as much from Most students learn as much from college friends as from college college friends as from college professors!professors!

• Try to “diversify your friends” Try to “diversify your friends” make friends with people who are make friends with people who are notnot just like you just like you

Developing Romantic Relationships Developing Romantic Relationships in Collegein College

• Many opportunities to meet new people Many opportunities to meet new people ifif you you take advantage of themtake advantage of them

• Fewer or no controls on sexual expressionFewer or no controls on sexual expression• Many people have first intimate sexual Many people have first intimate sexual

relationship in college (but remember 25% of relationship in college (but remember 25% of college students never have sex while in college). college students never have sex while in college).

• If thinking about marriage If thinking about marriage realize that the realize that the younger the couple is, the more likely the younger the couple is, the more likely the marriage will failmarriage will fail– may be best to wait until college is over and both may be best to wait until college is over and both

partners know who they are and what they want out of partners know who they are and what they want out of life life

• Whatever your sexual orientation Whatever your sexual orientation there will be there will be others at college who are the same as youothers at college who are the same as you– healthy to develop an attitude of tolerance to all sexual healthy to develop an attitude of tolerance to all sexual

orientationsorientations

Breaking UpBreaking Up

• Happens to about 1/3 of freshmenHappens to about 1/3 of freshmen• Hard to do but if have to Hard to do but if have to

– Do it cleanly and calmlyDo it cleanly and calmly– Try not to be impulsive and angryTry not to be impulsive and angry– Explain feelings Explain feelings talk them out talk them out– If partner gets angry If partner gets angry try to avoid try to avoid

getting angry toogetting angry too– Time really does heal all woundsTime really does heal all wounds– So does hanging out with true friendsSo does hanging out with true friends

Off-limit RelationshipsOff-limit Relationships

• Your teachers (including graduate Your teachers (including graduate assistants)assistants)

• Anyone who works over or for youAnyone who works over or for you• Best to stay away from co-workers Best to stay away from co-workers

(sometimes hard to do)(sometimes hard to do)• Married personsMarried persons• Rock/Pop starsRock/Pop stars

Relationships with parents Relationships with parents during collegeduring college

• Some parents “let go” better than others but all of Some parents “let go” better than others but all of them are trying to do what they think is best for them are trying to do what they think is best for you.you.

• Remember: your parents have never had Remember: your parents have never had youyou in in college before and are learning as they go, just like college before and are learning as they go, just like you.you.

• Be aware of their concerns/worries Be aware of their concerns/worries – Doing things that may harm you (wild parties, drugs, risk-Doing things that may harm you (wild parties, drugs, risk-

taking such as unprotected sex (or any sex), etc)taking such as unprotected sex (or any sex), etc)• Try to see your actions from your parents point of Try to see your actions from your parents point of

view and keep them informed about view and keep them informed about mostmost things. things.• Parental clock always seems to lag behind reality Parental clock always seems to lag behind reality

(know you are older but still picture you as a child)(know you are older but still picture you as a child)• Impossible to know what they are going through Impossible to know what they are going through

until you become a parent yourself.until you become a parent yourself.

RoommatesRoommates

• Can be heaven or can be hellCan be heaven or can be hell• Does not have to be your best friend, just Does not have to be your best friend, just

someone with which you can comfortably share someone with which you can comfortably share your living spaceyour living space

• Best to put mutual rights and responsibilities in Best to put mutual rights and responsibilities in writingswritings

• If problems come up If problems come up talk it out and/or ask talk it out and/or ask residence hall counselor.residence hall counselor.

• Roommates will often provide you with a chance Roommates will often provide you with a chance to look at yourself in a way no other person can to look at yourself in a way no other person can do.do.

Managing Your Money• The American economy is very

complex.• Dealing with it, both in school

and out, takes care, thought, and foresight.

• Dealing with money is not something to be taken lightly.

Recognize the Incredible Value of

School• The majority of students who drop out of college have a GPA of 2.5 or above!

• Good money management frees you up to focus on your education.

• Money is often a necessary sacrifice during your college experience.

• Earning a degree will pay off tremendously it will entirely be worth it (see Table 1.1, p. 12 in text).

Sources of Income:Get a Part-time Job

• Try to find work you like to do• Look for jobs with light work loads• “ “ “ where you can be your

own boss• Ask about sudden schedule changes• Be aggressive in seeking your ideal

job to have while in college

Work With Caution

• It takes a lot of money to go to college, but it also takes a lot of studying and hard work.

• The same effort to earn the required fees may hinder one’s progress towards actually earning the degree itself.

• Students who work long hours are more at risk for failing and dropping courses.

• Failing and dropping courses costs money– money you cannot get back.

Investigate Work Study and College Internships

• Work study programs are funded by the federal government

• They enable you to work on campus or in the community

• Awarded based on financial need• Check for paid internships in your chosen

field of study• Can get good experience and interest of

future employers

Sources of Financial Aid

•Grants•Scholarships•Loans•Win the Lottery

(right!)

Grants• Federal Pell Grant

– Based on financial need– No academic requirements or GPA minimums– Requires filling out the Free Application for

Federal Student Aid (FAFSA)– Forms and information are available in your

school’s financial aid office.

• Search the Internet

Scholarships• Gift Aid: monetary award that is not paid

back.• Rewarded on the basis of

-Academic merit - A talent or skill-Group membership -Religious affiliation

• Putting together scholarship applications can pay off substantially

• Be wary of scholarship scams• Check with your financial aid office• Check the Internet

Student Loans• Loans must be paid back.• The Stafford Loan & Perkins Loan: federal loans for students.• Based on financial need.• Most government loans offer low interest rates

and deferred payment options.• Requires filling out the FAFSA.• Loans are available through other financial

institutions.

Recognize Income and Acknowledge Expenses

• Count it all: current and summer job income, money from parents, gifts, and financial aid.

• Know where it goes: regular expenses and variable expenses

• Be honest with yourself• Keep careful track of the

money

Learn Ways to Save• Large scale cutbacks.

– Cheaper housing.– Get a roommate or additional roommates– No car–make use of public transportation (now available

in Jonesboro).– Cook/prepare most meals yourself

• Small scale saving methods.– Clip coupons (can be time-consuming)– Shop at discount stores

• If you don’t have it, don’t spend it.

Where to put your hard-earned money…

• Checking accounts enable you to draw money regularly from your account funds through the use of checks.

• Savings accounts exist for the primary purpose of putting money in and rarely, if ever, taking it out.– Handout on compound interest

• Money market accounts are a more sophisticated type of savings account.

• Check for bank fees associated with each type.

Credit: Know the Basics• Work to establish good credit.

– Handle your accounts successfully.– Remain stable in your residence and

job if possible.– Make timely payments for rent, utilities,

loans, insurance, and credit cards.– Co-signing a loan with anyone means

you are responsible should they default.

– Pay credit card bills in full.– Consider what your credit report will

communicate to those who view it–such as future employers, mortgage lenders, etc.

Credit Cards and College Students

• If used effectively, credit cards can be beneficial, but they can also be deadly:– With a credit card, you are likely to spend one

third more. – If making minimum payment of $50 month on

a $2,000 credit card balance at 18% interest will take 61 months to pay off (costing $3,050).

– A $3,000 balance will take 149 months to pay off! (costing $7450)

Getting and Staying Out of Financial Trouble

• Protect your financial information.

• Understand the power of interest rates on credit cards.

• Deal with debt collectors sooner rather than later.

• Don’t work too many hours to pay off debt.

• Buy what you know you need, not what advertisers say you have to have.

Where does the money

go?