This month

Working and managing your money

• Feature — Income and expenses: A balancing act
• Your turn — Sticking to a budget
• Stay on track — A checklist of "to-dos"
• Take notice — Important dates
• All about AIEmail — Subscribe, suggest, review

Feature

Income and expenses: A balancing act

Put simply, the word "income" is used to describe the money you make, and the word "expense" is used to describe what you spend.

Why is understanding these concepts so important? As you leave high school and move forward in your education and career, you will need to monitor your income and expenses more closely. If you don't, you run the risk of not being able to reach important life goals, like owning a car or a home, paying for an advanced education, or living a comfortable lifestyle.

If you're like many high school students, you probably have some regular income (through a part-time job, errands, or an allowance), and you have expenses (organization or sports dues, CDs, movie tickets, clothes, and others). Depending on your situation, you may have already taken some responsibility in monitoring your spending. For example, many students who own cars usually have to pay for their own gas and insurance.

Have you ever sat down to compare what you "make" with what you "spend?"

If not, now is a good time to start. Very soon and very quickly, your spending and saving habits (or lack thereof) will have a greater impact on your life and your future. If you haven't developed effective money management skills, you will quickly find yourself facing difficulty in meeting even basic needs.

This week keep a record on a regular sheet of paper with a line down the middle. On the left side, write down all of the money you get (your income), whether it's in the form of work, an allowance, or other means. On the right side, write down all of the money you spend. Next to what you make or spend, write down a note so you can remember what the amount was for, and the date you received or spent it.

You might ask your parents if you can take a look at their checkbooks to see what kind of information you would typically write down in the check register. Starting a bank account is another way to learn to track the difference between what you make and what you spend.

For a listing of Web sites focusing on money management, many geared toward teens, visit the "Managing Your Money" section (www.AIE.org/Links/Money/index.cfm) of AIE.

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Your turn

Sticking to a budget

Learning how to budget your money is an important part of being an adult. Once you've created a budget, the difficult part is actually sticking to it! Here are some tips that can help:

• If you have credit cards, pay them off each month.
• Resist the urge to buy on impulse.
• Beware the dangers of shopping with a friend who spends more than you do.
• Take your lunch to school or work at least a few days a week.
• Avoid vending machines and convenience stores.
• Visit your ATM once a week, and plan ahead to figure out how much cash you'll need
• Entertain at home!

Source: PBS's In The Mix: Financial Literacy (www.pbs.org/inthemix/shows/show_money.html)

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Stay on track

Checklist for this week

For freshmen, sophomores and juniors

Strong work habits begin with volunteer service or summer job responsibilities. Remember these basic rules:

• Be punctual.
• Dress neatly and appropriately.
• Place your name tag and any other job-related materials in a location where you can easily find them before leaving the house.
• Keep a list of skills that you learned or were required for your job.
• When you receive your first paycheck, be sure to verify that all information on the check is correct.
• Record the name, title, phone number, and address of your employer or volunteer supervisor. You'll need it later for job and school references.

For more advice on finding a job, visit the "Get A Job" section (www.AIE.org/HighSchool/Jobs/index.cfm) of AIE.

For seniors and parents

Choosing the right college can be an overwhelming process because there are so many options available. Before making your college decision, consider the following:

• What courses and degree programs are offered?
• What are the admission requirements and can you meet them?
• How much does it cost to attend the college and can you afford it?
• Where is the school located?
• How big is the college or university?
• What is the social life like on campus?

Review the tips listed below regarding visits to college campuses:

• Before the visit:
  
  
  • Call the college's admissions office and verify the times of campus tours and information sessions.
  • Schedule an appointment with an admissions representative.
  • Set up a time for an interview.
  • Schedule an appointment with other campus personnel (coaches, faculty, financial aid officers, etc.).
  • If classes are in session, arrange to attend a class.
  • Arrange to eat in the dining hall.
  • Prepare to take a copy of your transcript and resume. While not required, these documents may prove to be helpful in conversations.

• During the visit:
  
  
  • Take a campus tour.
  • Ask questions.
  • If there are summer classes in session, attend a class.
  • Visit key student areas.
  • Meet with an academic advisor or faculty member.
  • Stop by the financial aid office and pick up information about the college's financial aid process.
  • Visit a residence hall room if your tour did not include a stop already.

• After the visit:
  
  
  • Record the name, title, phone number, and e-mail address of campus staff or personnel with whom you talked.
  • Write down your impressions about the aspects of the college that you liked.
  • If a staff member was particularly helpful during your visit, send a note of thanks to that person.

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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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