 |
|
|
|
Red to Black is a service that offers free financial counseling, seminars and presentations on personal finance topics such as money management, choosing a credit card, paying off debt, saving money, and comparing employer provided benefits when choosing a new job. To schedule a presentation on the Texas Tech campus or if you are a Tech student who would like to make an appointment for confidential financial counseling or planning, please call (806)742-9781. Back to TopWhat are some beginning steps to get my finances in order? Establishing a spending plan and limiting your credit card use are great beginning steps in getting your finances in order. Red to Black provides peer financial planners to work with Texas Tech students at no charge. Download our Monthly Spending Plan (in Adobe Acrobat) to get started!
Back to TopI have some questions about my taxes, where can I get more information? Taxes can be confusing, especially when the tax laws change. You might want to consider using a computer software program to help you do your taxes. There are several programs available that are inexpensive and will guide you through the tax forms and provide helpful hints and tips. We have several tax-related links on our Useful Resources page. Back to TopHow do I know if I'm getting in trouble with my credit? A sign that you are probably in trouble with your credit is if you do not have enough income to pay your basic monthly living expenses and debt payments. The 20% rule is another frequently used guideline which says that your monthly debt payments should not exceed 20% of your monthly income. Call Red to Black for free financial counseling at (806)742-9781. Check out the FTC article Fiscal Fitness: Choosing a Credit Counselor. Back to TopHow can I improve my credit rating?
Establishing a good history of payments is very
helpful when trying to improve a poor credit rating.
One free copy rof your credit report is
available once every 12 months from all three reporting agencies. Visit
w Equifax www.equifax.com Experian www.experian.com Trans Union www.transunion.com Back to TopWhat is credit scoring and how do I know what my score is? Your credit score is a number that rates how responsible you have been with credit. The number is based on your credit report and can be different with each of the three credit reporting agencies. The score is used by creditors like banks and credit card companies to decide whether to lend you money or let you have a credit card. Your score can also influence what interest rate your credit card companies charge you. To get your credit score, order it from www.myFICO.com How do I get the best interest rates? To obtain credit cards with the best interest rates, comparison-shop various providers' rates. For more information on choosing a credit card, download the Federal Trade Commission's article Choosing and Using Credit Cards. Back to TopWhat are some guidelines for choosing a credit card?
When choosing a credit card, use caution to
avoid companies that provide extremely low introductory rates that increases
to higher rates. Determine how long the rate being promoted will apply.
Also, compare annual charges among companies. The better your credit, the
easier it is to obtain a credit card with no annual charge. Back to TopWhat are some guidelines for using credit cards?
To maximize the use of credit cards, limit their
use and always pay the balance off at the end of each month. Back to TopHow can I resist the temptation to use my credit cards? There are several options in helping resist the temptation to use credit cards. The most severe but also the most successful method is to cut up and cancel your credit cards. Since many people find that extremely hard to do, a less severe option is to avoid carrying your credit cards with you. Then, if you have an impulse, you must return home to get your card before you can make the purchase. Usually by that time, the urge has passed. (If you still need more time, try the "FREEZE YOUR DEBT" method. Place your credit cards in a bowl of water and place them in the freezer. Then, you have to wait the extra time for thawing.) Back to TopWhat if my purse or wallet is stolen or missing? You should contact all of the companies for the cards you had in your purse or wallet when you first notice that it is missing and have them issue you new cards. For more information, check out our page on What to Do If You Lose Your Purse or Wallet. Back to TopHow would creating a spending plan help get me out of debt? Developing a spending plan will provide you with a better understanding of your income and how much you spend on various items each month. Creating a spending plan can help you have more cash for things you want by showing you where your extra money goes so you can choose what to spend it on. Try writing down every purchase you make for one month, you might be surprised. We have posted a sample Monthly Spending Plan that can be downloaded in Adobe Acrobat to get you started. Back to TopWhat is the easiest way to create a spending plan?
The best way to begin a spending plan is to
track your income and expenses for one month. Then, evaluate your monthly
income versus your monthly expenses. Determine if there are areas that you
may be spending more than you realized and set an amount your are
comfortable with.
Red to Black
offers free counseling to help Texas Tech students with topics like creating
a spending plan. What kinds of activities should I include in my spending plan? Any activity that is providing you with income and every activity that you are spending money on should be included in your budget, even if you spend less than $1 per month. The best way to determine what you should include is to write down every purchase for one month and then create categories from your list. We have created a sample Monthly Spending Plan that you can download in Adobe Acrobat. Back to Top
No way! An established spending plan can
actually help you achieve your goals. It allows you to have the money to do
the things you want to do. Back to TopIt's hard for me to stick to a budget. Any suggestions to make it easier? One reason people find it difficult to stick to a budget is because they compare it to dieting (being deprived). If you can focus on the results of budgeting (attaining goals: vacation, new car, home, etc.), it can help you say no to short-term wants so that those other goals can be obtained. Focus on the big things you can buy or do in the future if you stick to your budget, and not on the small things you're tempted to buy or do now. Back to TopWhat are some useful guidelines for obtaining student loans? First, consider limiting your student loans as much as possible. Exhaust all scholarship and grant possibilities first! Also, use all subsidized student loans before getting an unsubsidized loan. The federal government pays the interest on a subsidized loan while you are in school. If you get an unsubsidized loan, you pay the interest either while you are in school or it accumulates and you pay it as part of your loan payments after school. Remember, student loans do have to be paid back upon graduation and a large monthly student loan payment can be a huge burden. When trying to obtain a student loan, the Texas Tech Financial Aid Office is an excellent resource for information regarding student financial aid. Use all available resources, library, Internet and university to learn about scholarships, grants and student loans. Back to TopWhat is the difference between a student loan and a grant? The difference between a student loan and a grant is that the students must begin repaying a student loan 6 months after graduation and GRANTS DO NOT HAVE TO BE PAID BACK, as long as you complete your educational requirements. Back to TopAre there any alternatives to financing my college education with student loans?
Check into Scholarships and Grants. You do not
have to pay these types of educational assistance back. Back to TopIt's so hard for me to save money for the future. What are some small ways that I can start to save?
Many people find it helpful to save by setting
up automatic payroll deductions (or automatic transfers from checking) that
are sent to some type of planned savings account. Usually, the harder the
account is to get immediate cash, the better it helps a person resist
temptation. Back to Top
Whatever you do, do not ignore the problem.
Although the problem would resolve itself if left alone, doing so could
ensure your credit is ruined and decrease opportunities such as buying a
home, financing a business, etc. It will become much more difficult, if not
impossible to obtain financing. When a person starts thinking about giving
up, it really is a concern. Think about getting assistance. If you are a
Texas Tech student, you can contact
Red
to Black at (806)742-9781 and use our free
services. If you are a faculty or staff member at TTU, let us know you are
interested in our services. Back to TopWhat signs point to a need for financial counseling?
If you need more money than you make during the
month to pay your bills, if you have unopened or late bills sitting around
your house, and/or if you've been getting calls from collectors, or if you
feel depressed about your financial situation and need someone impartial to
talk to, you would benefit from financial counseling. Back to TopYes! In fact, rising debt among adults and college students is of huge concern across the nation. Many times we don't learn the necessary skills to handle our finances. Red to Black is about educating Texas Tech students so that they can increase their cash management skills and meet financial goals. We provide workshops and seminars year-round on topics such as understanding credit, paying off debt, creating a budget and evaluating employee benefits. To schedule a workshop or presentation, call (806)742-9781. Back to Top
|
|
|
Red to Black |
Quick Search
Red To Black
- R2B Home
- Faculty & Staff
- Peer Financial Planners
- Money Management
- Our Services
- FAQ
- Identity Theft
- Contact Us
Personal Financial Planning
- History of Financial Planning
- Courses in Financial Planning
- PFP Faculty & Staff
- The Center For Financial Responsibility
Texas Tech University
- TTU Home
- Academics
- Administration
- Alumni
- Athletics
- Campus Information
- Current Students
- Distance Learning
- Faculty & Staff
- Job Opportunities
- Libraries
- News & Events
- Off-Campus Sites
- Prospective Students
- Research
- Student Services
- Support TTU
- TTU System
- Web Sites
Red
To Black, Texas Tech University, 15th and Akron, Lubbock, TX 79409
806.742.9781
webmaster:
sharla.taylor@ttu.edu
Texas Homeland Security | Texas Public Information Act | Statewide Search | State of Texas | Compact with Texans | State Link Policy
Campus Webmasters | Maintained by: TTU IT Division | TTU Compliance with the DMCA | TTU Privacy Policy
TTU Home | Texas Tech University System | Texas Tech University Health Sciences Center
© Texas Tech University | All Rights Reserved |