Phase 1: Foundational Steps
Establishing the basics of financial management and personal values.
- Identify Your Financial Values: Reflect on what a fulfilling life looks like for you. Understanding your priorities early—whether it's travel, security, or career flexibility—will help you make more intentional spending decisions.
- Schedule a 1:1 Peer Coaching Session: Meet with a SAM coach to discuss your current situation and set personalized financial goals.
- Establish Local Banking: Open a bank account that is easily accessible in the Amherst area to ensure you can manage cash and speak with a representative when needed.
- Attend a Financial Workshop: Watch the Essential Money Skills for Every Stage of Life webinar to learn essential strategies.
- Build Your Support Team: Learn about your Financial Wellness Team. Connect with the Career Center, follow SAM for updates, and identify mentors or staff who can help you understand your tuition bills and financial aid.
- Research Credit Options: If you choose to get a credit card, learn about how they work, potential pitfalls, and what you can gain from using credit strategically.
- Review Logistics: Familiarize yourself with your tuition bill, student health insurance options, and available UMass student discounts.
- Complete Financial Aid Requirements: Submit the FAFSA and apply for scholarships annually to maximize your funding options.
Personal Finance Goals:
- $500 saved for your post-graduation transition.
- $125 earmarked for emergencies.
Phase 2: Systems & Security
Refining your budget and protecting your financial identity.
- Conduct a Mid-Point Review: Schedule a follow-up coaching session to adjust your goals based on your experiences from your first year.
- Update Your Budget: Revise your monthly spending plan to reflect changes in your lifestyle, income, or academic needs.
- Expand Your Banking Knowledge: Utilize iGrad’s Beyond Checking and Savings course to learn about more advanced banking tools and interest-bearing accounts.
- Assess Identity Risk: Complete the ID Theft Risk Assessment on iGrad to learn how to protect your personal and financial information.
- Focus on Career Development: Visit Career Development & Professional Connections to learn more about internship opportunities. Securing a summer internship can provide both income and valuable professional experience.
- Plan for Off-Campus Living: If you plan to move off-campus, research the costs of rent, utilities, and groceries to create a realistic transition budget.
- Prepare for Global Education: If you plan to study abroad, review the Managing Money Abroad guide to understand currency exchange and international fees.
- Monitor Your Credit: Regularly check your credit score to ensure accuracy and track your progress.
Personal Finance Goals:
- $1,500 saved for your post-graduation transition.
- $375 earmarked for emergencies.
Phase 3: Planning & Refinement
Aligning your finances with long-term goals and addressing debt.
- Strategic Consultation: Schedule a Phase 3 coaching session to focus on post-graduation financial readiness.
- Assess Your Money Personality: Take the Your Money Personality assessment on iGrad to understand the "why" behind your money decisions.
- Establish Accountability: Find a trusted peer or mentor to discuss your financial goals with. Shared accountability increases the likelihood of reaching milestones.
- Understand Student Loans: Research the specifics of your student loans, including interest rates, grace periods, and total balance. Start with this short online module, Repaying Your Student Loans.
- Organize Financial Records: Create a system for storing important documents, such as tax forms, lease agreements, and loan statements.
- Optimize Your Credit Score: Implement strategies to improve your credit score, such as maintaining low balances and ensuring on-time payments.
- Prepare a Yearly Blueprint: Create a comprehensive budget for your final years of college, including any remaining study abroad or research costs.
Personal Finance Goals:
- $2,500 saved for your post-graduation transition.
- $625 earmarked for emergencies.
Phase 4: Launch & Transition
Solidifying your foundation for professional life and long-term security.
- Final Strategy Session: Schedule a final coaching session to review your post-grad budget and repayment plans.
- Learn Retirement Basics: Research retirement vehicles like IRAs and 401(k)s. Understanding the power of early contributions is vital for long-term wealth.
- Secure Employment: Work with the Career Development & Professional Connections to finalize your job search. Remember to budget for transition costs like professional attire or relocation.
- Navigate Benefits & Taxes: Learn how employer-sponsored health insurance works and familiarize yourself with basic income tax filing requirements.
- Create a Repayment Manifesto: Finalize a concrete plan for student loan repayment to avoid surprises after the grace period ends.
- Explore Micro-Investing: If your budget allows, begin contributing small amounts to an investment account to build long-term assets.
- Achieve the "Dignity Fund": Reaching your final savings goal provides you with the flexibility to make career and life choices based on fulfillment rather than immediate financial necessity.
Personal Finance Goals:
- $3,500 saved for your post-graduation transition.
- $875 earmarked for emergencies.
Need assistance with any of these steps? Schedule an appointment with Smart About Money today.