Budgeting
These are expenses over which you have a greater measure of control
What are variable expenses?
This acronym is a good way to plan out a goal
What is S.M.A.R.T.?
This is the income threshold that, after reaching, you are required by law to start filing federal returns. (However, you can still file with less to get money back from paychecks!)
What is $15,750?
These three platforms are great places for people, especially students, to search for and apply to jobs
What are Handshake, LinkedIn, and Indeed?
These are expenses over which you do not have any or very little direct control
What are fixed expenses?
This budgeting style does not work very well as savings and goal savings are left until last: Income – Debts – Expenses = Available for Savings and Goals
What is the ineffective way?
This tax program provides students up to $2,500 for education related expenses, of which 40% of the amount, up to $1,000, can be refunded after tax liability has reached $0.
What is the American Opportunity Tax Credit?
This website is essential for researching company culture and seeing "honest" reviews from current female employees about pay and work-life balance
What is Glassdoor?
This budget category is necessary because no budget is ever perfect and a "catch-all" is also useful in case of unexpected expenses
What is miscellaneous or emergency fund?
This budgeting style helps you save a lot as after paying off debts, you "pay yourself" before paying your expenses: Income – Debts – Pay Yourselves (Savings and Goals) – Expenses = Other Savings
What is the better way?
Unlike the AOTC, this tax credit program has no "4-year limit" and can be used for grad school or job skills, even though $2,000 max amount is non-refundable (20% of up to $10,000 of educational expenses)
What is the Lifetime Learning Tax Credit?
Research suggests you have a 50% chance of an interview with one of these, compared to just 3% without one
What is a referral?
Samantha has been having a difficult time budgeting. She has been paying for a Spotify subscription, a Walmart + Membership, an Apple Music subscription, a Netflix subscription, a Disney + membership, and an Amazon music subscription. What might give Samantha more flexibility with her budget?
What is cut back on variable expenses? (such as 2 of the music subscriptions)
Daniela has been following the ineffective way and paying her credit card debts and rent before putting aside money to save for tuition and a car. How can she budget in the better way?
What is pay her credit card debts first, then set aside money for tuition and a car, then pay expenses?
Penelope had $0 tax liability before calculating her American Opportunity Tax Credit. She is eligible for the full $2,500 of the Tax Credit. How much will Penelope be able to receive as a refund?
What is $1,000? (Since she is already at $0 tax liability, 40% of the total $2,500 can be refunded)
Claire is working on her resume and is trying to frame her customer experience as best she can. She is deciding on whether to put "Discuss customer's issues" or "Resolve customer's concerns" as one of her bullet points. Which should she put?
What is "Resolve customer concerns"? ("Discussed" is a task. "Resolved" is a result. Recruiters hire for results!)
Tina has just been in a car accident. Luckily, she wasn't injured, but her car will need repair. She has $700 saved towards future gas expenses and $650 saved in her emergency fund that could each cover the $500 insurance deductible. Which should she use?
What is the emergency fund? (This is precisely the kind of emergency that it should be used for!)
After following the better way, Harley finds that she has $100 left after paying her debts, paying herself, and paying her expenses. What should she do?
What is to put the $100 towards other savings? (I would recommend looking into a ROTH IRA!)
Jennifer had $1,500 tax liability before calculating her American Opportunity Tax Credit. She is eligible for the full $2,500 of the Tax Credit. How much will Jennifer be able to receive as a refund?
What is $400? ($1,500 brings tax liability to $0. 40% of the remaining $1,000 is refundable)
Maya is a Junior looking for a summer marketing internship. She finds a "Dream Posting" at a top agency. The listing asks for 5 specific skills. Since she only has the first three of them, she decides not to apply. What is the "Rule of Thumb" Maya should follow instead of falling into this trap?
The 60% Rule. (If you have the "Core" skills- the first- apply! You can learn the rest on the job!)