EDGE SQ 2016 Final (1)
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Transcript of EDGE SQ 2016 Final (1)
Apartment Renting Timeline • 4-6 Months Prior: Review finances, cut
unnecessary spending, increase savings, review
area apartments and average neighborhood
costs
• 3-5 Months Prior: Determine amount you can
afford
o Consider other expenses: utilities, first month costs,
furniture, groceries, cleaning supplies
o Determine where money is coming from
• 2-3 Months Before: Surf websites for
apartments and make appointments with
landlords
o Act fast
o Collect documents for cosigner (proof of employment
and salary, tax information, references, bank
statements, rental history
• 1-2 Months Before Move-In: Finalize and sign
lease terms, gather apartment fixings, finalize
budget
Maintaining a Good Relationship with Landlord
• Establish cordial relationship with landlord
• First visit = first inspection
• Review any questions in the lease
• Have your security deposit ready
• Quiet hours continue outside of the dorm
Additional Notes of Caution
• Read your lease in full
• Visit Student Legal Services
• Do not sign lease without examining
specific apartment unit you will be
renting
• Any changes to lease must be
included in writing of the lease
• Never sign a lease with blank spaces
• Get a copy of your lease
• Renter’s Insurance
Part II: Budgeting
B UDGET S HE ETMonthly salary
Short term savings
Long term savings
Utilities
Cable & Internet
Cleaning supplies
Groceries
Dining out
Clothing
$600.00
$60.00
$80.00
$50.00
$50.00
$12.50
$160.00
$80.00
$40.00
Entertainment $80.00
$472.50
===
=======
TOTAL =
What do you think?
50.8% of college-age adults agree with this statement:
“I have experienced repeated, unsuccessful attempts to control, cut back, or stop excessive money use.”
90 Day Challenge
• Track your expenses (or look at past bank statements) for 3 months
• Save all receipts
• Hate tracking expenses?
o Try using Mint or budgettracker.com to track spending
• Choose budget strategy
o Percentage allocation
o Categorical budget
o Envelope method
Budget Ratios While in School
• 80% Living Expenses: Rent/Mortgage (<40%), food, clothing, transportation, utilities, entertainment
• 10% Savings: 5% emergency fund, 5% irregular items/goal specific
• 10% Debt Repayments: student loans, credit cards, car payments
80% living expenses
10% savings
10% debt repayment
Cutting Back Expenses
• DePaul Demon
Discounts
discounts.depaul.edu
• Shop at smaller local
markets for produce and
meat
• Use coupons and apps
• Look at savings as a bill, pay yourself first
• Use direct deposit or bank transfers
• Have a set amount each month
Make Your Savings Automatic
Short term Less than 1 year
*Buy a new winter coat
Intermediate 1-5 years
*Build an emergency fund *Study Abroad
Long Term 5 years or more
*Pay off student loan debt in 10 years
Attach Goals to your Savings
Make ‘em S.M.A.R.T.
Specific Goal Measurable Time-Sensitive Attainable Realistic Action
Buy a new winter coat (short term) $200 4 mos.
$50/mth ($12.50/
week)
Cut back Starbuck’s lattes to twice a week
Build a study abroad fund (intermediate) $1,200 2 years
$50/mth ($12.50/
week)
Cut back weekend restaurant spending
Pay off student loans in 10 years
(long term) $27,000 10 years
$311/mth ($78/ week)
Keep debt low by searching for scholarships
Review and Adjust
• After each month, review your budget
o What worked?
o Where did you struggle?
• Make adjustments to resolve any issues or account for different expenses
B UDGET S HE ETMonthly salary
Short term savings
Long term savings
Utilities
Cable & Internet
Cleaning supplies
Groceries
Dining out
Clothing
$600.00
$60.00
$80.00
$50.00
$50.00
$12.50
$160.00
$80.00
$40.00
Entertainment $80.00
$472.50
===
=======
TOTAL =
Utility Costs (gas/electricity)
Studio 1br 2br 3br
$50 $60 $80 $120
Internet Only Cable + Internet
Bargain - $20.00/month Bargain - $50.00/month
Midrange - $50.00/month Midrange - $150/month
Luxury - $70.00.month Luxury - $200/month
Phone
Basic Plan - $50/month
Mid Range - $80/month
Unlimited Everything - $100/month
Using Loans for Off-Campus Housing Costs
• You can use a loan refund to pay for off-campus housing.
• Find an apartment within your budget
• Remember you and/or your parents have to pay loans back at some time with interest
Finding Your Loan Servicer
• Visit National
Student Loan
Data System
https://
www.nslds.ed.go
v/nslds/
nslds_SA/ to find
your servicer
Types of repayment options
• Standard
• Graduated
• Extended
• Pay as You Earn (PAYE)
• Revised Pay as You Earn (REPAYE)
Forgiveness
Additional forgiveness options are
available in many fields including:
• Public Service Loan Forgiveness
• Medical
• Teaching
• Law
• Federal Employment
• AmeriCorps / Peace Corps – Stipends
toward loan repayment after specific
time of service check with program for
details
• Visit
http://www.finaid.org/loans/
forgiveness.phtml for more information
Next Steps
• Develop monthly budget
• Review monthly budget
• Cut back on expenses if needed
• Examine your loan debt