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July Money Tip for Students

Friday, 07 06, 2012

Tim Ballard
(502) 696-7372
tballard@kheaa.com
http://www.kheaa.com/

One of the biggest steps to financial security is learning the difference between a need and a want, according to the Kentucky Higher Education Assistance Authority (KHEAA). Students who have learned that difference will find that their bank accounts grow more quickly.

Needs include clothes, food and, for most students, transportation.

With clothes, a want may mean wearing only designer items even though they cost more than other clothes that last just as long and look just as good.

When it comes to food, students might want to eat a deluxe cheeseburger at a fast food restaurant every day, even though they can save money by making their own sandwich and brown-bagging it.

If a student needs a car to drive to and from school, a want would be a new sports convertible instead of a reliable, used car with good gas mileage and less flash.

Basically, each time students are faced with a purchase, they should ask themselves if they really need it or if they can get by with a less expensive substitute — or without it completely. If they can, they should stick the money they don’t spend in a savings account so it’s there when they really need something.

KHEAA is the state agency that administers Kentucky’s grant and scholarship programs, including the Kentucky Educational Excellence Scholarship (KEES).

To learn how to plan and prepare for higher education, go to www.gotocollege.ky.gov. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602-0798; or call 800-928-8926, ext. 6-7372.

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