Student Employment. Personal Expenses and Budgeting. Credit Cards and Building Credit. Summer Opportunities

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Garry Griffith
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1 Student Employment Personal Expenses and Budgeting Credit Cards and Building Credit Summer Opportunities

2 Q: Do I have to work on campus? A: No you are not required to work. Q: How does the Campus Job work? 1) Complete an I-9 form 2) Apply for a job ( 3) Get hired! 4) Get paid every two weeks!

3 Federal Work-Study (FWS) helps pay wages for qualifying students on campus. Some campus departments with smaller budgets rely on FWS workers. Not everyone qualifies for FWS. Princeton and the government have different standards for financial aid. In many cases, Princeton s methodology is more generous.

4 Dining Services Relatively easy to get hired, nice perks. Library Difficult to get hired, good job stability. Venue Services (Frist, Richardson, etc.) Fun work environment, people-oriented jobs.

5 Athletics Jobs tend to be seasonal. Academic Departments Many departments hire office assistants. These jobs are often limited to FWS students. TigerCall Help raise money for the University. Schmooze with Alumni!

6 Income, Expenses, and Tracking

7 Checking Use this to pay bills, write checks, make purchases where cash isn t best. Easier to organize, manage, and access. Safer than storing money in your room. Savings Start saving now and put money away on a regular basis. Earn interest! Every little bit helps. Even if not much, be consistent.

8 Building a budget does not need to be complicated. There are three main components: 1. Income 2. Expenses 3. Spending/Saving Figure out what works for you. Successful budgets are not the most complex, but the most applicable.

9 Identifying Your Income Financial aid Part-time job Parental help *Savings - = Evaluating Your Expenses Needs vs. wants Fixed vs. variable expenses Smart Spending & Saving Put leftover into savings Spend wisely and in accordance to your plan Adjust your budget and plan as necessary Recognize your spending habits

10 Where is my money going? What do I need? What do I want? Is it necessary for safety and survival? Will my enrollment be jeopardized? Categorize expenses, e.g., food, clothing, entertainment, transportation. Rank expenses. Needs should come first. Then rank wants in order of desire. Expenses > Income? What expenses can be cut? Can I shop around for other options? Spend smartly look for sales, rebates. Avoid impulse spending. Don t be afraid to say no.

11 Books ($425 per term on average) Weekends/Fun Personal items (toiletries, etc.) Travel The sooner you make travel plans, the better! Winter Clothes Sophomore Eating Club Dues Summer

12 TIGERPAY

13 Frist charges can add up!

14 Use cash for small want expenses (envelope method). Look into budgeting apps/websites, e.g., Mint.com, GoodBudget, your own bank s app. Consider renting or buying used textbooks. Ask about student discounts! Take advantage of free campus opportunities.

Credit Borrowed money pay back at end of each month.

15 Debit Money taken immediately out of checking account. Does not count toward credit history. Credit Borrowed money pay back at end of each month. Build credit history. Both Can be used for online purchases. Debit Credit

16 Buy now, pay later. For example, a credit card is handy if you need a plane ticket today. A tool to build credit. A solid credit history can help you in getting an apartment, or a car loan after graduation.

17 You tend to spend more than if you use cash. Interest accrues if you can t pay off the balance each month.

18 Too much debt can hinder you from saving and investing after college. If you don t make timely payments, you will establish poor credit history. This can complicate life after college.

19 1) Pay basic expenses on time (cell phone, etc.) 2) Get a credit card and pay on time and in full monthly - Spend as little as $5 a month on your credit card and pay the balance off each month to build credit. 3) Do not bounce checks or overdraw your account

20 1) Contact a bank. 2) Provide a co-signer or demonstrate income. 3) Get approved for the card. You may need to get a secured credit card. This means that you would provide a deposit to the bank in order to get your card approved.

21 Life after college! Your credit history and score can affect: Apartment Rentals Job Offers Auto Financing Home Mortgage Insurance Rates

Programs through Princeton: Princeton in Civic Service (PICS) Non-profit internships Provides summer stipend International Internship Program (IIP) Variety of for-profit and non-profit internships

22 Programs through Princeton: Princeton in Civic Service (PICS) Non-profit internships Provides summer stipend International Internship Program (IIP) Variety of for-profit and non-profit internships abroad Cost of living stipend provided for aid students Global Seminars (PIIRS) Partially funded; you must apply for aid to the program. Princeton In. (Princeton in Beijing, Asia, Munich, etc.) Contact the Office of International Programs (OIP) for more information. Sponsored by Academic Departments Partially funded; you must apply for aid to the program.

23 Opportunities outside of Princeton: Two great places to look: Princeton Career Services website (HireTigers) Princeton Student Employment website (

24 Q: Does Financial Aid pay for summer activities? A: Not typically. However, loans are available in some circumstances. Q: What if I don t save money over the summer? A: If you can t meet the Summer Savings Expectation in your aid award, contact the Financial Aid Office. We can offer grant aid to replace half of a summer savings deficit.

The Financial Aid Office: Geared primarily toward normal academic year expenses (tuition, room, board, etc.). However, the FA Office can also help review your options for other funding.

25 The Financial Aid Office: Geared primarily toward normal academic year expenses (tuition, room, board, etc.). However, the FA Office can also help review your options for other funding. When in doubt, give us a call. SAFE One stop shop for summer funding and other academic and extracurricular activities. Office of Campus Life website. Additional resources listed at

26 Questions? (609)

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