MONEY MAGICSarah Scruggs, Community Engagement SpecialistMigdalia Gomez, Community Engagement Manager

HUECU.ORG/COVID-19-HELP

KNOW WHAT DRIVES YOU

FINANCIAL GOALS

KLONTZ MONEY SCRIPT INVENTORY

https://www.nerdwallet.com/blog/finance/money-personalities-which-one-describes-you/ Recommending quiz. Not endorsement for paid services.

• Money Avoidance

• Money Worship

• Money Status

• Money Vigilance

BUDGET FOR SUCCESS

MONTHLY EXPENSES

NET

MONTHLY INCOME

CREATE YOUR SPENDING PLAN

OR

Needs/Fixed Costs

Wants/Flexible

Spending

Savings/Financial

Goals

Emergency savings, retirement, etc.

20%

Entertainment, clothing, dining out, etc.

30%

Home, travel, medical

expenses, etc.

50%

SAMPLE MONTHLY BUDGET

SAMPLE BUDGET WORKSHEET

KNOW YOUR BANK

Visit your financial institutions website to learn what resources are available for you.

MAXIMIZE YOUR MONEY

• Set up balance/spending alerts

• Use separate accounts

• Automate savings

• Adjust your budget frequently.

• Use cash

• Find discounts

• Review your spending

• Create mental shortcuts

89%

75%

81%

76%

REDUCING FOOD EXPENSE

• Cook

• Freeze leftovers

• Buy appetizers instead of entrees

• Share food/potlucks

• Carry easy snacks/meals

• Prep meals for the week

• Before going food shopping

• Eat

• Make a list (with prices)

• Know what you have in the house

89%

75%

81%

76%

GENERAL (STUDENT) DISCOUNTS

• Restaurants

• Theaters

• Museums

• Amazon Prime

• Newspapers

• Bookstores

• Clothing stores

• Libraries

• Existing memberships

• Cable/Phone Bills

MONEY TIPS FROM LOCALS• Use/ask for coupons

• Charlie Card instead of ticket

• Carry a reusable water bottle and bag

• Meal prep on Sundays

• Rotate online subscriptions

• Find affordable supermarkets (Market Basket, Aldi, Trader Joes)

• Buy frozen vegetables

• Split meals with friends

AFFORDABLE GROCERIES IN BOSTON

http://bit.ly/cheapfoodmap

STAY INFORMED

Visit blog.HUECU.org for additional content.

TACKLE YOUR DEBT

LIST YOUR DEBTS

And monthly payments!

Visit www.HUECU.org/HUB for this and other handouts.

Amount APR Terms Monthly Payment

$10,000 7.5% 120 months $119$5,000 18.0% 60 months $127

CALCULATE THE COST OF YOUR DEBT

Total Interest Paid

$4,244$2,618

Total Amount

Monthly Payment

Total Interest

$15,000 $246 $6,862

HAVE A STRONG CREDIT SCORE

Credit Score APR Monthly

PaymentAdditional Cost

in a year720-850 4.23% $741 $0690-719 5.68% $757 $192660-689 7.73% $780 $468620-659 11.29% $822 $972590-619 16.28% $882 $1,692500-589 17.71% $900 $1,908

<500 Not eligible ---- ----

If your credit improves, you may be able to refinance your debt.Source: Myfico.com – 36 month car loan - $25,000

Additional Costafter 3 years

$0$576

$1,404$2,916$5,076$5,724

----

75%

76%

GREENPATH FINANCIAL WELLNESS

Empowering people to lead financially healthy lives.

• Free for HUECU community• Budget counseling• Credit report review

• Immediate counseling• Confidential • Flexible Hours

Monday –Thursday 8 a.m. - 10 p.m. Friday 8 a.m. - 7 p.m.Saturday 9 a.m. - 6 p.m.

HUECU.org/GreenPath877-337-3399

• Credit Card Balance Transfers • Personal Loans• Debt Consolidation Loans• Student Refinancing Loans

LOOK FOR LOWER RATES Extending the terms

• may lower payment, butincrease total loan payments.

Benefits and conditions • of the original debt, may not

apply once you refinance.

OUTSMART YOUR DEBT

INTEREST RATE

MONTHLY PAYMENT

INTEREST OVER LIFE OF THE LOAN

TOTAL COST OF LOAN

Current Loan

18% $254 $5,236 $15,236

Refinancing (same term)

10% $212 $2,748 $12,748

Pay more minimum

10% $254 $2,170 $12,170

$10,000 loan at 18% for 5 years

Round Up 10% $275 $1,963 $11,963

Paid off in 3.7 years and save $3,273 in interest.

HUECU.ORG/CALCULATORS

KNOW YOUR OPTIONS

HUECU.ORG/COVID-19-HELP

FINANCIAL SUPPORT

HARDSHIP LOAN OPTIONS

FAMILY MEMBERSHIP

CREATE YOUR MONEY STRATEGY

LET’S BE FRIENDS

@myhuecu

Migdalia_Gomez@harvard.eduSarah_Scruggs@harvard.edu