2009
Hot Topics for High School Students

How to Cut Your Spending – And Save More for College

• Control yourself! It’s easy to see something in a store and buy it impulsively, but if you take a little time, promise to never buy something until you’ve thought about it for awhile, and set a spending limit that you won’t go over, you’ll find yourself spending less.
• Arm yourself with knowledge. Shop around, do research, know as much as you can about an item before making the decision to buy it. You may be able to get a better deal.
• Track your spending. It’s easy to let your cash slip away a little at a time on coffee, eating out, and other small expenses. If you write down every expense for a month, you may see how that adds up, and decide to cut back so that you have some of that cash for your college savings.
• Get a deal. Whether you wait for a sale, buy it used, or trade with someone who already has it, there are ways to get what you want for less.

• Wise Borrowing at http://www2.eac-easci.org/borrower/wiseb.shtml, and
• Mapping Your Future’s Manage Your Money at http://www.mappingyourfuture.org/Money/

Understanding Loans

When you agree to take a loan or borrow money on a credit card, you:

• Are promising to repay what you borrowed, in full.
• Are agreeing to pay interest, which is the money the lender earns in exchange for lending money to you.
• May also be required to pay fees to secure your loan, which help pay for the costs of the loan. These funds are sometimes taken out of the amount of money you actually receive from the loan.
• Will face serious consequences for not paying back your loan on time, as agreed. Employers, landlords, future lenders, and even insurance agents will check your credit history to make sure you are someone who repays the money you borrow. Don’t mess with your future by ignoring your responsibilities!

How to Compare Financial Aid Packages

• Compare the bottom line. Look at the total cost minus the financial aid offer.
• Understand that scholarships and grants don’t need to be repaid, so this type of aid is better than student loans, which do need to be repaid.
• Think about all the costs. Your transportation and personal expense costs may vary based on which college you choose. Take that into account as well.
• Borrow wisely - never borrow more in student loans than absolutely necessary.
• Plan to work. Whether you accept federal work-study funds from your college or find your own part-time job, it’s important that you contribute to your own educational costs.

Avoid Identity Theft

• Keep your private information private. This includes your Social Security Number, bank account information, phone number, and your mother’s maiden name.
• Never give out your information in response to a phone or email from a stranger.
• Never share your IDs or passwords with anyone.

Money – When to Give

• It helps others less fortunate than you.
• It gives you a great sense of satisfaction that you’ve made a difference.
• It provides you a chance to live on less than you’ve earned, which teaches you to be more disciplined with your money.
• You may not have a lot of money to give, but giving even a small percentage of what you earn is worth it.

• Give blood, if you’re eligible.
• Donate your time to a community organization or charity.
• Ask for donations to a charity instead of birthday gifts for yourself.
• Coordinate a bake sale or car wash for charity.
• Offer to do chores for someone in your community who needs the help.

2008