San Mateo, CA (Vocus) 7 October 2010

Now that fall into this booming and schools, students move into new classrooms, dormitories, and the reality of financial management on a daily basis. For many students this is the first time, she is responsible for paying the bills is to make ends meet and live on their own.

To help, LLC Freedom Financial Network (FFN) and the Foundation to help charitable Glow partner to offer advice to draw new students and offer to use a budget, and avoid excessive debt.

â? Many students we work with? Students from low-income families? have not yet to a budget, a management? Said Peter Kim, executive director of the San Francisco Foundation Glow, which helps low-income students, the gap in university with the help and financial advice. â? If they manage to win the confidence, money and debt, this process leads to graduation and future success in the implementation of REACh.?

NFA and Glow have assembled these six tips for basic financial management. New students or someone starting their first financial planning, you can follow these steps to manage their first budget:

1 Live within your means. Borrowing for college can be an investment in the future, “said Housser, but students should avoid taking on additional debt to finance a lifestyle? how difficult it may be. â? Stay out of debt is far more rewarding in the long term, â? Housser said.

2 Create and use a budget. All students should have a budget, even if the income is derived solely from parents or scholarships. Budgeting can be done with software, a spreadsheet or paper and pencil. ? Housser s following:

A. Understand the baseline. In total, all entries of money, whether from wages, scholarships or savings. Then ranks the current monthly costs, fixed costs (rent) are variable costs are â? Must-buys? (Food, fuel, medicines, books, supplies), savings and spending.

B. Subtract expenses from income tax. If this number increase (cash flow) is negative, to find a way of either income or reduce expenses.

C. Map. On the first day of the month, a plan on where to spend money.

3 Save some income. Housser suggests 10 percent of every deposit paychecks directly into a savings account or money market. This is when the check from the parents, a part-time job or a person with a donation. The goal is an emergency fund for unexpected costs incurred to build coverage.

4 Pay your bills on time. Open every bill as soon as it arrives. Pay bills immediately or create a simple reminder. Schedule regular bills paid automatically online. Remember to be sure funds are available in the account payment due on the invoice. As students begin, regular bills and payments? same phone, Internet or another utility? they also begin to build credit scores. Payments on time, explained Housser are the most important element of a credit score.

5 Pay credit cards in full. Although the law on credit cards, the action took place in 2010, it is difficult for students in the age to get a credit card, some students still get a card. For those who Housser this? S is a basic rule, the full balance paid each month. This practice avoids the cost of high finance and build a credit score at the same time. Pay less than the full payment each month begins a new cycle that is hard to quit. Now, for example for a 000, if the borrower pays only the minimum requirements (assuming that the increase of 3 percent or) on a card with 19.9 percent in April, the total amount paid, 000 debt will be about, 850 for many years.

6 Create and manage a credit rating. A good rating affects individualism? S ability to borrow money and the interest it pays. Ratings may also have the ability to rent an apartment to rent a car or even get a job. Everyone can access the credit reports to check once a year free of charge to www.annualcreditreport.com and pupils at the age would be wise, and monitor their credit report at least once a year, said Housser. If the reports show the inaccuracies, correct them immediately. For those who do not have a credit card, pay student loans or car loans each month to build a credit history.

â? We believe todayâ? ae sad suffer from a lack of financial literacy, â? Said Andrew Housser, CEO of FFN. â? These two steps? as our partnership with the ticket? grasp.â we can make a difference in the lives of young people through financial education and future success more easily?

FFNâ? be combined to support the Foundation Scholarship Glow with hands on financial literacy efforts. The company helped fund the development and management of an adoption benefit program, mentoring in schools, scholarships for students monitored schools, the program of matching grants for scholarships and GLOWA? S Fundraising Dinner signature. Has also contributed to an NFA based financial literacy program on the Web. FFN staff serve as mentors for students in the program by supporting Glow college application process and financial aid and the creation and use of a personal financial budget.


About

Glow Foundation (www.glowfoundation.org)

Glow Foundation provides financial education, mentoring and scholarships to student loans high potential of local resources. learn addition to supporting access to low-income students at the university, Glow offers students the critical financial literacy and planning skills that enable them to be successful on their school days.

Since its founding in 2006, the organization in San Francisco based non-profit nearly 550 students through its program of financial education was used in the partner schools and youth around the Bay Area, and award scholarships to 90 students. Eighty percent of the organizationâ? S students are the first to visit her family in college.


About Freedom Financial Network

(www.freedomfinancialnetwork.com)

Freedom Financial Network, LLC (FFN), provides consumer debt through its Freedom Debt Relief and Freedom Tax Relief Act subsidiaries. works for the consumer to negotiate with creditors and the amount of capital lower, as the company served over 80,000 customers since 2002. The company holds Goldline Research Preferred Provider Certification for excellence in company debt.

in San Mateo, California, NFA has offices in Sacramento and Tempe, Ariz. The company, with over 600 employees, became one of the best places in both the Bay of San Francisco work areas of Phoenix, 2008 and 2009.


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