Cheryl Winokur Munk

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643 appearances 14 recordings 1 series first heard Mar 2018 last heard Nov 2024

Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Common Money Mistakes College Students Make · 28 Aug 2023 podcast

And that will help you get off on a more solid financial future.

Well, a lot of times people don't think about all the extras that they're going to spend money on.

So they need to make sure to do a budget for all the things they could reasonably spend money on.

A lot of times monthly budget items or things can spiral out of control.

Food purchases, clothing, coffee shop runs, entertainment, all those things, if you don't set out

I always recommend that every time you spend something, write it down in your spreadsheet.

And this is just to get to develop good money habits.

I actually still do this myself.

So when I go to the grocery store, I put it in my spreadsheet and they say how much I spend to get a sense of how much I'm spending each month.

And so it's the same thing is true with a student.

If the student goes to buy coffee, put it in your budget, put it in a spreadsheet.

If you're going to buy a sweater, put that there.

This helps you understand what you're spending each month and can see areas where you may be able to cut back.

So if you have a bank account, as most students do, you should make sure you set up an alert to monitor your account balances.

And you want to make sure that you're not getting hit with overdraft fees.

The FDIC data shows that overdraft fees can run around $35 per transaction.

And if you are just continuing to overdraft your account, that can really add up.

There are some banks that no longer charge overdraft fees, so you can choose a different bank.

The other option is to go for something called overdraft protection.

That's going to allow funds to be automatically transferred from a linked account.

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