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Managing Financial Responsibilities. Don’t Put All Your Eggs Into One Basket. Kathleen E. High, M.Ed., Education and Career Consultant Dream Chasers & Goal Setters. Understanding How to Meet Your Financial Responsibilities. Change Your Expectations Establish a Source of Income
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Managing Financial Responsibilities Don’t Put All Your Eggs Into One Basket Kathleen E. High, M.Ed., Education and Career Consultant Dream 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
Establisha 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