This month

Working and managing your money

• Feature — Spending smarts: Wants and needs
• Web quest — Budget worksheets
• Stay on track — A checklist of "to-dos"
• Take notice — Important dates
• All about AIEmail — Subscribe, suggest, review

Feature

Spending smarts: Wants and needs

In last week's AIEmail, we asked you to keep a record of money that you received (income), and money you spent (expenses) during the week. Your list is probably anywhere from half a page to two or more pages.

Using a calculator, calculate your total income and your total expenses. Compare the two amounts.

Did you receive more than you spent? Or did you spend more than you received?

As you leave high school and your home environment, your spending habits will have a greater bearing on your life. Right now you probably don't have to worry about many of your living expenses, including a house payment or rent, grocery bills, gas, electricity, cable television, or transportation. Your parents probably pay for all of those things.

But as you venture forward, those responsibilities will become yours.

Now, look at your list of expenses. Of everything you've spent your money on, what do you consider a "need" and what do you consider a "want?" Draw a circle around everything that you identify as a need — that is, any item that was absolutely necessary.

In general, expenses that are necessary are those that are essential for:

• Providing you with adequate, healthy food and water.
• Keeping a safe place to live;
• Getting to and from school and work; and
• Having clean, appropriate clothing;

Next, look again at your list, and draw a line through those items that were unnecessary. As you consider each item, remember that they are unnecessary if they don't contribute to any of the items above. Examples may be designer or brand-name shoes or clothing, money spent eating in restaurants, vacations, and unnecessary long distance phone calls.

Save your list for next week, when we begin to explore ways of increasing your income and decreasing your expenses.

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Your turn

Budget worksheets

The In School and Out of School Budget Worksheets found on AIE can help you get an idea of what sort of income you will need during college and some of the expenses you need to plan for.

• In School Budget Worksheet (www.AIE.org/HighSchool/Paying/Earning/budgetworksheetinschool.cfm)
• Out of School Budget Worksheet (www.AIE.org/HighSchool/Paying/Earning/budgetworksheetoutofschool.cfm)

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Stay on track

Checklist for this week

For freshmen and sophomores

Summer leisure reading:

• Check with your local librarian or book store for recommendations.
• Set aside at least 30 minutes a day for your reading program.
• As you read, keep a spiral notebook handy to record new words that you encounter.

For juniors and seniors

Visit the Web pages below to learn more about colleges, financial aid, and admissions testing:

• ACT
  ACT is an independent, not-for-profit organization that provides more than a hundred assessment, research, information, and program management services in the areas of education and workforce development. On the Web site you will find information on the ACT Test, college searches, and financial aid.
  www.act.org
• College Board
  The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. On the Web site you can locate other schools that have similar characteristics to colleges that you have already identified as desirable.
  www.collegeboard.com
• NACAC
  The National Association for College Admission Counseling (NACAC) is an organization of more than 9,000 professionals from around the world dedicated to serving students as they make choices about pursuing postsecondary education. On their Web site you can find lists of online college fairs and other helpful sites.
  www.nacacnet.org
• AIE
  Don't forget to visit AIE, the site that brings you AIEmail, to access a wealth of information on college, financial aid, and admissions testing.
  www.AIE.org

For parents

Help your child improve his or her reading skills.

• Pick up a list of reading suggestions from the local librarian or staff at a nearby bookstore.
• Make yourself available for trips to the library or bookstore.
• Schedule time every evening for a few days to turn off the television and read.
• Keep a list of words unfamiliar to your teen on the refrigerator.
• Read the same books your teen is reading.
• Pack books for the summer vacation drive or plane ride.

To learn more about the importance of reading and the role of parental involvement in helping children learn to read, visit:
"Reading: Tips to Share with Parents" (www.ed.gov/parents/read/resources/readingtips/edlite-slide002.html) — an online presentation created by the U.S. Department of Education (www.ed.gov).

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Take notice

Important dates

Mark down these dates.

To get more information on the SAT or SAT Subject Tests, access useful tools, or register, visit the College Board's Web Site(www.collegeboard.com) or call (609) 771-7600.

To get more information on the ACT, access useful tools, or register, visit the ACT Web Site (www.act.org) or call (319) 337-1270.

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All about AIEmail

Subscribe, suggest, review

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