This month

Working and managing your money

• Feature — Learning to increase income and decrease expenses
• Your turn — Service-learning programs
• Stay on track — A checklist of "to-dos"
• Take notice — Important dates
• All about AIEmail — Subscribe, suggest, review

Feature

Learning to increase income and decrease expenses

If you have followed AIEmail for the past two weeks, you know that we have been exploring the importance of managing your money. This week, we look at ways to increase your income and decrease your expenses. (Past issues can be found in the AIEmail archive.) (www.AIE.org/AIEmail/aiemail_archive.cfm).

If you have not already, create a list of your weekly income and expenses on a regular sheet of paper. Draw a line down the middle of the page. On the left side, write down all of the money you get from your allowance, working, or other means. The total of all these amounts combined is your income. On the right side, write down all of your expenses, or the things you spend money on such as organization or sports dues, movie tickets, clothing, etc. Then, write down the amount of money spent or earned next to each expense and source of income.

Increasing your income

Think about all of the different ways you currently generate income, and all of the different ways that you could make an income in the near future.

What are some ways that students make money? Well, some are obvious. For example, maybe you offer babysitting services, mow lawns and provide yard cleaning. Or, perhaps you have a part- time job. In addition, maybe you receive an allowance, or receive money as gifts for your birthday or for holidays.

Can you think of other ways to increase income? On the back side of your paper, draw another line down the middle of the page, and label the left side "income ideas." Write down all the different ways you can think of to bring in more money.

Decreasing your expenses

In addition to increasing income, there are many ways you can probably decrease your expenses. Think creatively, and your ideas can have a big effect on the money you save.

What are some creative ways to save money? For example, if you like to go to the movies, perhaps you can go to the matinee shows earlier in the day rather than pay the higher prices in the evening. If you're planning on a big purchase, you can pay attention to sales or search for coupons that may be available. If you're looking to get a piece of sports equipment, consider buying it used at a garage sale, at the local Goodwill or Salvation Army store, or borrow it rather than purchasing it brand new.

Can you think of other ways to cut down on your expenses? On the back side of your paper, label the right side "saving ideas." Write down all the different ways of saving money you can think of in this column.

Put your plan to work

Now that you have a list of ways to make money and save money, circle two on each side. During the upcoming week commit yourself to putting these four ideas into action, and afterwards make a note of the money you saved.

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Your turn

Service-learning programs

Before you know it, you will be going to college. One of the things that colleges and universities look for in their applicants is service to the community. Perhaps you are already involved in Boy Scouts or Girl Scouts, or volunteer at the local museum. If so, you are involved in what is known as "service-learning."

Service-learning gives people the opportunity to learn while doing interesting and important things for their community. You might help keep a park's gardens weeded and well tended. While doing so, you would be helping out your city or town, and you would be learning about different plants and how to keep them healthy.

This summer you should look around your neighborhood and community. How could you get involved? What could you do to make something better? What volunteer opportunities are there in your area? Make a list. Do a little research online and find out about some of the activities in which other students have taken part. Keep track of your activities. Take notes and think about how these activities helped others and how you felt about your participation.

Many schools in the U.S. are involved in service-learning activities throughout the school year. If your school doesn't already have some projects in mind, get involved. Talk to your guidance counselor and start something new at your school next year. Good luck!

Some helpful links:

• Northwest Regional Educational Laboratory — Service Learning Gets Kids Involved
  The Northwest Regional Educational Laboratory Web site gives a good overview of service-learning and some ways you may already be involved.
  www.nwrel.org/comm/monthly/servicelearning.html
• Corporation for National & Community Service
  The Corporation is the nation's largest grant maker supporting service and volunteering. Through their Senior Corps, AmeriCorps, and Learn and Serve America programs, they provide opportunities for Americans of all ages and backgrounds to express their patriotism while addressing critical community needs.
  http://nationalservice.gov
• Alternative Learning Center — Activities and Service Learning
  Several different projects and ideas for service-learning activities are featured.
  alternative.baltimorecityschools.org/Activities

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Stay on track

Checklist for this week

For freshmen and sophomores

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

• ACT
  This site has information on the ACT Test, college searches, and financial aid.
  www.actstudent.org
• College Board
  You can use this site to locate other schools that have similar characteristics to colleges that you are interested in attending.
  www.collegeboard.com
• NACAC
  The NACAC site features lists of online college fairs and other helpful sites.
  www.nacacnet.org/MemberPortal/

For juniors, seniors, and parents

• Books — Most bookstores and libraries carry books to assist you with practice problems and questions for the PSAT/NMSQT, ACT, and SAT.
• Computer software — Many good programs are on the market at reasonable prices. Visit ACT (www.actstudent.org) or College Board (www.collegeboard.com) to go through sample problems of the tests.
• Classes — Your school, area community education services, or local or national test prep company may offer classes.

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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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