Budgeting

Getting your finances in order can be overwhelming. Part of being on your own is ensuring you pay all your bills on time, not just to keep the lights on but also to build a positive credit rating.

Use the budgeting worksheet below as a guide. Your expenses will include not only rent and utilities but also food, clothing, and money for social activities.

(Click to enlarge)

Tips to Keep Your Credit Record Clean

1. Find a budgeting system that works best for you, and be consistent with it.

2. If you max out your credit card, don't open another one. Pay off the balance you already have.

3. Avoid frequent trips to the ATM, as many charge fees over $1.50 just to use them.

4. Pay your credit card balance in full when you receive your statement to avoid paying interest.

5. Never pay the minimum payment, or the balance will take years to pay off.

6. Avoid using your credit card for cash advances, as there are transaction fees and interest rates near 20%. Don't take out a cash advance to pay your bill for another card.

7. When dining with friends, don't collect cash from them and pay with your credit card. It's like paying an extra 18% to get cash.

8. Pay for items like clothes, food, and incidentals with a debit card instead of a credit card.

9. If the credit card company sends you a blank check to use for extra expenses, the money used can be treated as a cash advance. Always read the fine print on balance transfer checks and cash advances.

10. Use J-Cash around campus for meals, laundry, and vending machines.

11. Prioritize building your savings for emergencies.

12. Beware of filing bankruptcy because it stays on your record for 10 years and is unlikely to forgive your student loans. Talk to a nonprofit credit counseling service first. Avoid "credit doctors because most are scams.

13. Check out the readings on financial wellness provided by Student Financial Support and consider attending their Financial Wellness events!

If you have questions about establishing a budget or about credit in general, Consumer Credit Counseling Service is a non-profit organization recommended by the Maryland State Attorney’s Office.

If you have questions about how living off campus may affect your financial aid, contact the Financial Aid Office at 410-516-8028.