Managing Financial Responsibilities

Managing Financial Responsibilities

Don’t Put All Your Eggs Into One Basket

Kathleen E. High, M.Ed., Education and Career ConsultantDream Chasers & Goal Setters

Understanding How toMeet Your Financial Responsibilities

• Change Your Expectations• Establish a Source of Income• Lower Your Financial Responsibilities• Strategies and Tips for Reducing Expenses• Solutions for Emergency Situations

Change Your Expectations• This Approach Is Time and Energy Consuming• Everyone’s Situation Is Different• More Than One Way To Meet Your Needs• Know Your Priorities• Live within Your Means – Even If Your Means Have

Dropped• Change Your Lifestyle• Distinguish the Difference between “Needs” and

“Wants”• Adopt a Collectivistic Mindset• For A Season and For A Reason

“Needs” vs. “Wants”

Establish a Source of Income• Ongoing Sources of Income• Employment• You and/or Your Spouse• Part-Time• Temporary

• Rental Income

Financial Aid For Students• Two Types:• Need-based• Merit-based

• Types of Aid• Grants • Scholarships• Work Study• Loans• School-Sponsored Special Discount Programs

Other Financial Assistance Programs• Unemployment• Severance Packages• Disability• Veteran’s Benefits• Employer-Sponsored Tuition Reimbursement

Programs• Retirement

Short-Term Sources of Income• Your hobbies/Interests• Selling Assets• Yard/Garage Sale• Selling Back Textbooks• Buyer’s Remorse

Lower Your Financial Responsibilities• Fixed Expenses• Variable Expenses• Required/Optional Expenses• Debt Management Consultants• Refinance Loans• Downsize

Strategies and Tips For Reducing Expenses• Shop Around• Coupon Shopping• Buy Less Expensive Versions• Buy Used Instead Of New• Trade/Barter• Carpool and/or Use Public Transportation

Strategies and Tips For Reducing Expenses(Cont’d)• Student Support Services• Resources For Small Businesses And Non-profit

Businesses• Adopt An Environmentalist Perspective• Reduce• Reuse• Recycle

• When Things Need To Be Replaced• Hire Students• Entertainment• Do It Yourself

Solutions For Emergency Situations• Utilize Multiple Resources• Identify Support Systems• Bankruptcy• Emergency Social Services• Lending Institutions• Living on Credit Cards

Apply This To Your Life• Changing Your Perspective• Lowering Your Financial Responsibilities• Strategies and Tips For Reducing Expenses• Identify Your Support System(s)?• Solutions for Emergency Situations