Managing Stipends
What is your stipend?
A fixed amount of money paid to cover expenses
What are the best ways to track your spending?
Itemize your spending or just writing it down
How do you prioritize your spending between your wants and needs?
How much should you save from each stipend?
$25- Max
Be clear about what you want to achieve. Set a timeline to figure out how much money you need to save to do what it is you want to do.
Eating out Vs Cooking? What the best choice?
Cooking
Do you add all of your income to your budget?
Yes
How can I improve my money management skills?
Showing up to trainings like this! Educate yourself. If your unsure ask a question.
Is hair and nails a need or a want?
Want.
What is an Overdraft?
A overdraft is a negative balance in your bank account that come from spending more than you have.
What are some common money management mistakes to avoid?
Not tracking your spending. Misuse of Credit Cards
Examples (Overdraft)
Is a cellphone bill a need or a want?
Need
What should you do if you use up all of your stipend?
Cooking and eating leftovers if you were ordering out.
How can I reduce my daily expenses without feeling deprived?
Using what is already available, Couponing, and making smart choices
Examples (eating at home) (Public Transportation)
Is paying the Wifi bill a need or a want.