CINXE.COM
Managing Your Finances | The FGLI Community Initiative
<!DOCTYPE html> <!--[if lte IE 8]> <html lang="en" dir="ltr" class="ie8"> <![endif]--> <!--[if gt IE 8]><!--> <html lang="en" dir="ltr" prefix="content: http://purl.org/rss/1.0/modules/content/ dc: http://purl.org/dc/terms/ foaf: http://xmlns.com/foaf/0.1/ og: http://ogp.me/ns# rdfs: http://www.w3.org/2000/01/rdf-schema# sioc: http://rdfs.org/sioc/ns# sioct: http://rdfs.org/sioc/types# skos: http://www.w3.org/2004/02/skos/core# xsd: http://www.w3.org/2001/XMLSchema#"> <!--<![endif]--> <head> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <!-- GGGGGGGGGGGG GGGGGGGGGGG fGGGGGG ;GGGGG. GGGi GGGG CGGGG: GGG GGGG lGGGGt GGL GGGG .GGGGC GG: GGGG GGGGG .GG. ;CGGGGGGL GGGG .LGGGGGGGL GGGGG iGG GGG: ,GGGG GGGG tGGf ;GGGC LGGGGfGG GGGG CGGG; GGGG GGGL GGGGt lGGGGL CGGG; GGGG CGGGCCCCCCCCCCCCC GGGG GGGG, GGGG GGGG GGGG tCGG; CGGG, GGGG GGGG GGGG GGGG CGGG. GGGG GGGGL GGGG GGGGC CGGG. GGGG :GGGGC : ,GGGGG. GGGGG: .LGGGGG,.tG GGGG GGGGGGt,..,fGC ,GGGGGGGGGGGGGGf iGGGGGG CGGGGC GGGGGGGGGG LGGGGGGGC --> <meta http-equiv="Content-Type" content="text/html; charset=utf-8" /> <meta name="Generator" content="Drupal 7 (http://drupal.org)" /> <link rel="canonical" href="/financial-guidance/money-manual/managing-your-finances" /> <link rel="shortlink" href="/node/45" /> <link rel="shortcut icon" href="https://fgli.yalecollege.yale.edu/sites/all/themes/yalenew_base/images/favicon.ico" type="image/vnd.microsoft.icon" /> <meta name="viewport" content="width=device-width, initial-scale=1, maximum-scale=10, minimum-scale=1, user-scalable=yes" /> <title>Managing Your Finances | The FGLI Community Initiative</title> <!--[if IEMobile]><meta http-equiv="cleartype" content="on" /><![endif]--> <link rel="shortcut icon" sizes="16x16 24x24 32x32 48x48 64x64" href="https://fgli.yalecollege.yale.edu/sites/all/themes/yalenew_base/images/favicon.ico" type="image/vnd.microsoft.icon"> <link rel="icon" sizes="228x228" href="/sites/all/themes/yalenew_base/images/touch-icon-228.png"> <link rel="apple-touch-icon-precomposed" sizes="228x228" href="/sites/all/themes/yalenew_base/images/touch-icon-228.png"> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css/css_xE-rWrJf-fncB6ztZfd2huxqgxu4WO-qwma6Xer30m4.css" media="all" /> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css/css_Pom4wGAzS3jaM9pQc-jho03hH8io-PfDtvNGOLlhxME.css" media="all" /> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css/css_8gPpL832lFv1SpBPuNiMMo16aM72v9d5__21_YnVjXI.css" media="all" /> <link type="text/css" rel="stylesheet" href="//maxcdn.bootstrapcdn.com/font-awesome/4.7.0/css/font-awesome.min.css" media="all" /> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css/css_zaOco2G8k_Y9ZPkHcPipwrYE0eu9i_I-umrYSytTB3U.css" media="all" /> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css/css_SbupwLY96NaCH1HAe9Sy9EfHqQ1Kyj0Oq1Ed_4OscR4.css" media="all" /> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css_injector/css_injector_1.css?sgelsz" media="all" /> <!--[if (lt IE 9)&(!IEMobile)]> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css/css_nBvgsRGFO8eRuGybs3zqi1R0F_76QazEf5KpSL9kQhA.css" media="all" /> <![endif]--> <!--[if gte IE 9]><!--> <link type="text/css" rel="stylesheet" href="https://fgli.yalecollege.yale.edu/sites/default/files/css/css_059BxwQdO3W6gC_prw0ohrQj1fWv8MiFJkqt4YP0qJk.css" media="all" /> <!--<![endif]--> <script type="text/javascript" src="https://fgli.yalecollege.yale.edu/sites/all/libraries/respondjs/respond.min.js?sgelsz"></script> <script type="text/javascript"> <!--//--><![CDATA[//><!-- document.cookie = 'adaptive_image=' + Math.max(screen.width, screen.height) + '; path=/'; //--><!]]> </script> <script type="text/javascript" src="//ajax.googleapis.com/ajax/libs/jquery/1.8.3/jquery.min.js"></script> <script type="text/javascript"> <!--//--><![CDATA[//><!-- window.jQuery || document.write("<script src='/sites/all/modules/contrib/jquery_update/replace/jquery/1.8/jquery.min.js'>\x3C/script>") //--><!]]> </script> <script type="text/javascript" src="https://fgli.yalecollege.yale.edu/sites/default/files/js/js_Hfha9RCTNm8mqMDLXriIsKGMaghzs4ZaqJPLj2esi7s.js"></script> <script type="text/javascript" src="https://fgli.yalecollege.yale.edu/sites/default/files/js/js_onbE0n0cQY6KTDQtHO_E27UBymFC-RuqypZZ6Zxez-o.js"></script> <script type="text/javascript" src="https://fgli.yalecollege.yale.edu/sites/default/files/js/js_DTAfYFrWdyPCGwWtVg2VmSbP1KqFAlfZyeAcFZTbiNY.js"></script> <script type="text/javascript" src="https://www.googletagmanager.com/gtag/js?id=UA-1769455-30"></script> <script type="text/javascript"> <!--//--><![CDATA[//><!-- window.dataLayer = window.dataLayer || [];function gtag(){dataLayer.push(arguments)};gtag("js", new Date());gtag("set", "developer_id.dMDhkMT", true);gtag("config", "UA-1769455-30", {"groups":"default","cookie_domain":"fgli.yalecollege.yale.edu","anonymize_ip":true}); //--><!]]> </script> <script type="text/javascript" src="https://fgli.yalecollege.yale.edu/sites/default/files/js/js_tlrLbES_-obH6Lh3hw49Qt2uSY_AH8q9KolRKfUDBPo.js"></script> <script type="text/javascript" src="https://fgli.yalecollege.yale.edu/sites/default/files/js/js_UNPtX_ZGxcpSkJyp8ls50mHCG5a_tcqRFqN4KjkfLso.js"></script> <script type="text/javascript"> <!--//--><![CDATA[//><!-- jQuery.extend(Drupal.settings, {"basePath":"\/","pathPrefix":"","setHasJsCookie":0,"ajaxPageState":{"theme":"yalenew_wide","theme_token":"e-nYz31Os3m0TuWT0uFtttpz9qiuuZ9Y_96pTTwiue4","js":{"0":1,"sites\/all\/themes\/yalenew_base\/js\/jcaption.min.js":1,"sites\/all\/libraries\/respondjs\/respond.min.js":1,"1":1,"\/\/ajax.googleapis.com\/ajax\/libs\/jquery\/1.8.3\/jquery.min.js":1,"2":1,"misc\/jquery-extend-3.4.0.js":1,"misc\/jquery-html-prefilter-3.5.0-backport.js":1,"misc\/jquery.once.js":1,"misc\/drupal.js":1,"misc\/form-single-submit.js":1,"sites\/all\/libraries\/superfish\/sfsmallscreen.js":1,"sites\/all\/libraries\/colorbox\/jquery.colorbox-min.js":1,"sites\/all\/modules\/contrib\/colorbox\/js\/colorbox.js":1,"sites\/all\/modules\/contrib\/jscrollpane\/js\/jquery.jscrollpane.min.js":1,"sites\/all\/modules\/contrib\/jscrollpane\/js\/jquery.mousewheel.js":1,"sites\/all\/modules\/contrib\/jscrollpane\/js\/script.js":1,"sites\/all\/modules\/contrib\/custom_search\/js\/custom_search.js":1,"sites\/all\/modules\/contrib\/google_analytics\/googleanalytics.js":1,"https:\/\/www.googletagmanager.com\/gtag\/js?id=UA-1769455-30":1,"3":1,"sites\/all\/libraries\/superfish\/jquery.hoverIntent.minified.js":1,"sites\/all\/libraries\/superfish\/sftouchscreen.js":1,"sites\/all\/libraries\/superfish\/superfish.js":1,"sites\/all\/modules\/contrib\/superfish\/superfish.js":1,"sites\/all\/themes\/omega\/omega\/js\/jquery.formalize.js":1,"sites\/all\/themes\/omega\/omega\/js\/omega-mediaqueries.js":1,"sites\/all\/themes\/yalenew_base\/js\/modernizr.min.js":1,"sites\/all\/themes\/yalenew_base\/js\/jquery.fitted.js":1,"sites\/all\/themes\/yalenew_base\/js\/appendAround.min.js":1,"sites\/all\/themes\/yalenew_base\/js\/scripts.js":1},"css":{"modules\/system\/system.base.css":1,"modules\/system\/system.menus.css":1,"modules\/system\/system.messages.css":1,"modules\/system\/system.theme.css":1,"sites\/all\/modules\/contrib\/adaptive_image\/css\/adaptive-image.css":1,"sites\/all\/modules\/contrib\/calendar\/css\/calendar_multiday.css":1,"modules\/comment\/comment.css":1,"modules\/field\/theme\/field.css":1,"modules\/node\/node.css":1,"modules\/search\/search.css":1,"modules\/user\/user.css":1,"sites\/all\/modules\/contrib\/views\/css\/views.css":1,"sites\/all\/modules\/contrib\/ckeditor\/css\/ckeditor.css":1,"sites\/all\/libraries\/colorbox\/example4\/colorbox.css":1,"sites\/all\/modules\/contrib\/ctools\/css\/ctools.css":1,"sites\/all\/modules\/contrib\/jscrollpane\/css\/jquery.jscrollpane.css":1,"sites\/all\/modules\/contrib\/typogrify\/typogrify.css":1,"sites\/all\/modules\/contrib\/custom_search\/custom_search.css":1,"\/\/maxcdn.bootstrapcdn.com\/font-awesome\/4.7.0\/css\/font-awesome.min.css":1,"sites\/all\/libraries\/superfish\/css\/superfish.css":1,"sites\/all\/libraries\/superfish\/css\/superfish-smallscreen.css":1,"sites\/all\/themes\/omega\/omega\/css\/formalize.css":1,"sites\/default\/files\/fontyourface\/font.css":1,"\/sites\/all\/libraries\/fontyourface\/YaleDesign-italic-bold\/stylesheet.css":1,"\/sites\/all\/libraries\/fontyourface\/YaleDesign-italic-normal\/stylesheet.css":1,"\/sites\/all\/libraries\/fontyourface\/YaleDesign-normal-bold\/stylesheet.css":1,"\/sites\/all\/libraries\/fontyourface\/YaleDesign-normal-normal\/stylesheet.css":1,"sites\/all\/themes\/yalenew_base\/css\/globalnew.css":1,"public:\/\/css_injector\/css_injector_1.css":1,"ie::wide::sites\/all\/themes\/yalenew_base\/css\/grid\/yalenew_default\/wide\/yalenew-default-wide-12.css":1,"sites\/all\/themes\/yalenew_base\/css\/grid\/yalenew_default\/fluid\/yalenew-default-fluid-12.css":1,"sites\/all\/themes\/yalenew_base\/css\/grid\/yalenew_default\/narrow\/yalenew-default-narrow-12.css":1,"sites\/all\/themes\/yalenew_base\/css\/grid\/yalenew_default\/wide\/yalenew-default-wide-12.css":1}},"colorbox":{"opacity":"0.85","current":"{current} of {total}","previous":"\u00ab Prev","next":"Next \u00bb","close":"Close","maxWidth":"98%","maxHeight":"98%","fixed":true,"mobiledetect":true,"mobiledevicewidth":"480px","specificPagesDefaultValue":"admin*\nimagebrowser*\nimg_assist*\nimce*\nnode\/add\/*\nnode\/*\/edit\nprint\/*\nprintpdf\/*\nsystem\/ajax\nsystem\/ajax\/*"},"jScrollPane":{"class":".scroll-pane"},"custom_search":{"form_target":"_self","solr":0},"googleanalytics":{"account":["UA-1769455-30"],"trackOutbound":1,"trackMailto":1,"trackDownload":1,"trackDownloadExtensions":"7z|aac|arc|arj|asf|asx|avi|bin|csv|doc(x|m)?|dot(x|m)?|exe|flv|gif|gz|gzip|hqx|jar|jpe?g|js|mp(2|3|4|e?g)|mov(ie)?|msi|msp|pdf|phps|png|ppt(x|m)?|pot(x|m)?|pps(x|m)?|ppam|sld(x|m)?|thmx|qtm?|ra(m|r)?|sea|sit|tar|tgz|torrent|txt|wav|wma|wmv|wpd|xls(x|m|b)?|xlt(x|m)|xlam|xml|z|zip","trackColorbox":1,"trackDomainMode":1},"urlIsAjaxTrusted":{"\/financial-guidance\/money-manual\/managing-your-finances":true},"superfish":{"1":{"id":"1","sf":{"delay":"300","animation":{"opacity":"show"},"speed":"fast","autoArrows":false,"dropShadows":false},"plugins":{"touchscreen":{"behaviour":"0","mode":"useragent_predefined"},"smallscreen":{"mode":"window_width","breakpoint":980,"breakpointUnit":"px","accordionButton":"2","title":"Main menu"}}}},"omega":{"layouts":{"primary":"wide","order":["fluid","narrow","wide"],"queries":{"fluid":"all and (max-width: 739px)","narrow":"all and (min-width: 740px) and (max-width: 1024px)","wide":"all and (min-width: 1025px)"}}}}); //--><!]]> </script> </head> <body class="html not-front not-logged-in page-node page-node- page-node-45 node-type-page yalenew-wide context-financial-guidance one-sidebar sidebar-first nav-blue-dk block-blue-med nav-sans block-font-serif block-outline"> <aside role='complementary' id="skip-link" aria-label="Skip to main content"> <a href="#main-content" class="element-invisible element-focusable">Skip to main content</a> </aside> <div class="region region-page-top" id="region-page-top"> <div class="region-inner region-page-top-inner"> </div> </div> <div class="page clearfix" id="page"> <header id="section-header" class="section section-header" role="banner"> <div id="zone-topper-wrapper" class="zone-wrapper zone-topper-wrapper clearfix"> <div id="zone-topper" class="zone zone-topper clearfix container-12"> <div class="grid-3 region region-topper-first" id="region-topper-first"> <div class="region-inner region-topper-first-inner"> <div class="topper-logo yalecollege"><a href="http://yalecollege.yale.edu" class="yale-college y-college"><span class="logo"><img class="imgleft" src="/sites/all/themes/yalenew_base/images/YaleShieldHead.png" alt="Yale Shield"></span><span class="element-invisible">Yale College</span>Yale College</a> </div> <div id="moved-main-nav-wrapper"> <button aria-expanded="false" id="nav-ready" class="nav-ready"><span class="element-invisible">Open Main Navigation</span></button> <div id="moved-main-nav" class="moved-main-nav" data-set="append-main-nav"></div> <button aria-expanded="true" id="nav-close" class="nav-close nav-hidden"><span class="element-invisible">Close Main Navigation</span></button> </div> </div> </div> <div class="grid-9 region region-topper-second" id="region-topper-second"> <div class="region-inner region-topper-second-inner"> <div class="block block-search block-form block-search-form odd block-without-title" id="block-search-form"> <div class="block-inner clearfix"> <div class="content clearfix"> <form class="search-form" role="search" aria-label="Site Search" action="/financial-guidance/money-manual/managing-your-finances" method="post" id="search-block-form" accept-charset="UTF-8"><div><div class="container-inline"> <div class="form-item form-type-textfield form-item-search-block-form"> <label for="edit-search-block-form--2"><i class="fa fa-search"></i> </label> <input title="Enter the terms you wish to search for." class="custom-search-box form-text" placeholder="Search this site" type="text" id="edit-search-block-form--2" name="search_block_form" value="" size="15" maxlength="128" /> </div> <div class="form-actions form-wrapper" id="edit-actions"><input style="display:none;" type="submit" id="edit-submit" name="op" value="" class="form-submit" /></div><input type="hidden" name="form_build_id" value="form-UB7jD6wr0zy240ezVSXDwqCHuD97Glm6lovwrqeMUjQ" /> <input type="hidden" name="form_id" value="search_block_form" /> </div> </div></form> </div> </div> </div> </div> </div> </div> </div><div id="zone-branding-wrapper" class="zone-wrapper zone-branding-wrapper clearfix"> <div id="zone-branding" class="zone zone-branding clearfix container-12"> <div class="grid-10 region region-branding" id="region-branding"> <div class="region-inner region-branding-inner"> <div class="branding-data clearfix"> <h2 class="site-name"><a href="/" title="Home">The FGLI Community Initiative </a></h2> </div> </div> </div> </div> </div></header> <main id="section-content" class="section section-content" role="main"> <div id="section-content-inner"> <div id="zone-menu-wrapper" class="zone-wrapper zone-menu-wrapper clearfix yale-wide-menu"> <div id="zone-menu" class="zone zone-menu clearfix container-12"> <div id="original-main-nav-wrapper"> <div id="original-main-nav" data-set="append-main-nav"> <div id="main-nav"> <div class="grid-12 region region-menu" id="region-menu"> <div class="region-inner region-menu-inner"> <nav id="main-menu-navigation" role="navigation" aria-label="Main Menu" class="navigation"> <div class="block block-superfish block-1 block-superfish-1 odd block-without-title" id="block-superfish-1"> <div class="block-inner clearfix"> <div class="content clearfix"> <ul id="superfish-1" class="menu sf-menu sf-main-menu sf-horizontal sf-style-none sf-total-items-5 sf-parent-items-5 sf-single-items-0"><li id="menu-2850-1" class="first odd sf-item-1 sf-depth-1 sf-total-children-4 sf-parent-children-0 sf-single-children-4 menuparent"><a href="/our-community" class="sf-depth-1 menuparent">Our Community</a><ul><li id="menu-2851-1" class="first odd sf-item-1 sf-depth-2 sf-no-children"><a href="/our-community/what-fgli" class="sf-depth-2">What is FGLI?</a></li><li id="menu-2852-1" class="middle even sf-item-2 sf-depth-2 sf-no-children"><a href="/our-community/mission-statement-our-vision" class="sf-depth-2">Mission Statement & Our Vision</a></li><li id="menu-2853-1" class="middle odd sf-item-3 sf-depth-2 sf-no-children"><a href="/our-community/our-team" class="sf-depth-2">Our Team</a></li><li id="menu-2854-1" class="last even sf-item-4 sf-depth-2 sf-no-children"><a href="/our-community/alumni" class="sf-depth-2">Alumni</a></li></ul></li><li id="menu-2855-1" class="active-trail middle even sf-item-2 sf-depth-1 sf-total-children-5 sf-parent-children-1 sf-single-children-4 menuparent"><a href="/financial-guidance" class="sf-depth-1 menuparent">Financial Guidance</a><ul><li id="menu-2860-1" class="first odd sf-item-1 sf-depth-2 sf-no-children"><a href="/financial-guidance/finlit-managing-your-money-yale" class="sf-depth-2">Financial Literacy (FinLit)</a></li><li id="menu-2887-1" class="middle even sf-item-2 sf-depth-2 sf-no-children"><a href="/financial-guidance/deans-office-services" class="sf-depth-2">Dean's Office Services</a></li><li id="menu-2859-1" class="middle odd sf-item-3 sf-depth-2 sf-no-children"><a href="/financial-guidance/emergencies-and-unexpected-expenses" class="sf-depth-2">Emergencies and Unexpected Expenses</a></li><li id="menu-3002-1" class="active-trail middle even sf-item-4 sf-depth-2 sf-total-children-4 sf-parent-children-0 sf-single-children-4 menuparent"><a href="/financial-guidance/money-manual" class="sf-depth-2 menuparent">The Money Manual</a><ul><li id="menu-2856-1" class="active-trail first odd sf-item-1 sf-depth-3 sf-no-children"><a href="/financial-guidance/money-manual/managing-your-finances" class="sf-depth-3 active">Managing Your Finances</a></li><li id="menu-2857-1" class="middle even sf-item-2 sf-depth-3 sf-no-children"><a href="/financial-resources/earning-money" class="sf-depth-3">Earning Money</a></li><li id="menu-2858-1" class="middle odd sf-item-3 sf-depth-3 sf-no-children"><a href="/financial-guidance/money-manual/saving-money" class="sf-depth-3">Saving Money</a></li><li id="menu-3003-1" class="last even sf-item-4 sf-depth-3 sf-no-children"><a href="/financial-guidance/money-manual/borrowing-money" class="sf-depth-3">Borrowing Money</a></li></ul></li><li id="menu-3004-1" class="last odd sf-item-5 sf-depth-2 sf-no-children"><a href="/financial-guidance/funding-programs" class="sf-depth-2">Funding Programs</a></li></ul></li><li id="menu-2861-1" class="middle odd sf-item-3 sf-depth-1 sf-total-children-4 sf-parent-children-0 sf-single-children-4 menuparent"><a href="/academic-mentorship" class="sf-depth-1 menuparent">Academic Mentorship</a><ul><li id="menu-3001-1" class="first odd sf-item-1 sf-depth-2 sf-no-children"><a href="/academic-mentorship/academic-strategies-program" class="sf-depth-2">Academic Strategies</a></li><li id="menu-2866-1" class="middle even sf-item-2 sf-depth-2 sf-no-children"><a href="/academic-mentorship/tutoring-services" class="sf-depth-2">Tutoring Services</a></li><li id="menu-2862-1" class="middle odd sf-item-3 sf-depth-2 sf-no-children"><a href="/academic-mentorship/professional-development" class="sf-depth-2">Professional Development</a></li><li id="menu-2863-1" class="last even sf-item-4 sf-depth-2 sf-no-children"><a href="/academic-mentorship/research-opportunities" class="sf-depth-2">Research Opportunities</a></li></ul></li><li id="menu-2867-1" class="middle even sf-item-4 sf-depth-1 sf-total-children-5 sf-parent-children-0 sf-single-children-5 menuparent"><a href="/social-support" class="sf-depth-1 menuparent">Social Support</a><ul><li id="menu-2874-1" class="first odd sf-item-1 sf-depth-2 sf-no-children"><a href="/fgli-life/fgli-facebook-group" class="sf-depth-2">FGLI Facebook Group</a></li><li id="menu-2876-1" class="middle even sf-item-2 sf-depth-2 sf-no-children"><a href="/social-support/student-groups" class="sf-depth-2">Student Groups</a></li><li id="menu-2873-1" class="middle odd sf-item-3 sf-depth-2 sf-no-children"><a href="/social-support/undocumented-yale" class="sf-depth-2">Undocumented at Yale</a></li><li id="menu-2872-1" class="middle even sf-item-4 sf-depth-2 sf-no-children"><a href="/fgli-life/mental-wellness" class="sf-depth-2">Mental Wellness</a></li><li id="menu-2871-1" class="last odd sf-item-5 sf-depth-2 sf-no-children"><a href="/social-support/fgli-library" class="sf-depth-2">FGLI Library</a></li></ul></li><li id="menu-2875-1" class="last odd sf-item-5 sf-depth-1 sf-total-children-3 sf-parent-children-0 sf-single-children-3 menuparent"><a href="/getting-involved" class="sf-depth-1 menuparent">Getting Involved</a><ul><li id="menu-2870-1" class="first odd sf-item-1 sf-depth-2 sf-no-children"><a href="/getting-involved/weekly-newsletters" class="sf-depth-2">Weekly Newsletters</a></li><li id="menu-2877-1" class="middle even sf-item-2 sf-depth-2 sf-no-children"><a href="/getting-involved/register-fgli-alum" class="sf-depth-2">Register as an FGLI Alum</a></li><li id="menu-859-1" class="last odd sf-item-3 sf-depth-2 sf-no-children"><a href="/calendar" class="sf-depth-2">Calendar</a></li></ul></li></ul> </div> </div> </div> </nav> </div> </div> </div> </div> </div> </div> </div> <div id="zone-content-wrapper" class="zone-wrapper zone-content-wrapper clearfix"> <div id="zone-content" class="zone zone-content clearfix container-12"> <div id="breadcrumb" class="grid-12"><nav class="breadcrumb" role="navigation" aria-label="You are here"><a href="/">Home</a><span class="tic"> > </span><a href="/financial-guidance">Financial Guidance</a><span class="tic"> > </span><a href="/financial-guidance/money-manual">The Money Manual</a><span class="tic"> > </span>Managing Your Finances</nav></div> <div id="moved-sidenav-wrapper" class="moved-sidenav-wrapper grid-12"> <div id="moved-sidenav" class="moved-sidenav" data-set="append-sidenav"></div> </div> <div class="grid-9 push-3 region region-content" id="region-content"> <div class="region-inner region-content-inner"> <a id="main-content" tabindex="-1"></a> <h1 class="title" id="page-title">Managing Your Finances </h1> <div class="block block-system block-main block-system-main odd block-without-title" id="block-system-main"> <div class="block-inner clearfix"> <div class="content clearfix"> <article about="/financial-guidance/money-manual/managing-your-finances" typeof="foaf:Document" class="node node-page node-published node-not-promoted node-not-sticky author-124 odd clearfix" id="node-page-45"> <!-- --> <span property="dc:title" content="Managing Your Finances" class="rdf-meta element-hidden"></span><span property="sioc:num_replies" content="0" datatype="xsd:integer" class="rdf-meta element-hidden"></span> <div class="content clearfix"> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><img alt="" src="/sites/default/files/images/IMG_1044%281%29.jpg" style="width:100%" width="1600" height="757" /></p> <h2>“How much money do I need to earn to meet my expenses?”</h2> <p>Making an effective financial plan for your time at Yale begins with knowing how much money you as an individual will need for the coming year. Helpfully, Yale estimates how much money you will need in your <a href="https://finaid.yale.edu/award-letter/understanding-your-award">financial aid award letter</a>. This estimate is called the <a href="https://finaid.yale.edu/award-letter/financial-aid-terminology/student-effort">Student Effort</a>. In your award letter, the Student Effort can be determined by adding the amounts for the <a href="https://finaid.yale.edu/award-letter/financial-aid-terminology/student-summer-income-contribution">Student Summer Income Contribution</a> and <a href="https://finaid.yale.edu/award-letter/financial-aid-terminology/student-employment">Student Employment</a>. The standard Student Effort for 2017-2018 was $4450 for first-year students and $5950 for upper-level students; for high financial need students, the standard student effort for 2017-2018 was $4450 for first-years and $5050 for upper-level students.</p> <p><strong>Important: </strong>The Student Effort is <strong>*not*</strong> how much you owe the university. Instead, the Student Effort is<strong> the estimate of the amount of money you should try to earn </strong>in a given year through summer employment and employment on campus<strong> to cover your personal expenses and bills.</strong></p> <p>Student expenses may include (but are not limited to):</p> <ul> <li>Computer, books, and other course materials</li> <li>Expenses related to extracurricular activities</li> <li>Travel to and from Yale</li> <li>Clothing</li> <li>Cell phone and cell phone plan</li> <li>Entertainment</li> <li>Personal expenses</li> <li>Small savings for personal emergencies or unanticipated events</li> <li>The remainder of any tuition, room & board bill after Yale grants and outside scholarships have been applied and your parents have paid their <a href="https://finaid.yale.edu/award-letter/financial-aid-terminology/parent-contribution">Parent Contribution</a>. For most students, this is the only expense for which you will have to write a check to Yale, and usually it is a small portion of the overall expected Student Effort.</li> </ul> <p>Just as you control how you spend on which school-related expenses (or whether you do), you decide when and how to earn this money.</p> <p><em>Potential additional expenses:</em></p> <p class="rteindent1">For a few families, one potential additional expense beyond those anticipated by the Student Effort is the <strong>Hospitalization/Specialty Care Plan</strong>. Most families waive enrollment due to having an adequate insurance plan outside of Yale. <strong>All students who receive a start-up grant will receive a grant through financial aid to cover the cost of the Hospitalization/Specialty Care insurance.</strong> Students not receiving a start-up grant should go to Undergraduate Financial Aid to speak with a counselor to determine what options they may have to assist with the cost of the plan.</p> <p class="rteindent1">Some students may have families that have relied on them to contribute to family expenses during high school and they may need to offer some limited but ongoing financial support to their families. <strong>If this is your situation, it is important to discuss with your family how much you can realistically earn and contribute (if anything) over and above the expected student effort.</strong> Keep in mind that reducing your financial contribution to family, if possible, while in college may make it more possible for you to increase your financial support after graduation. <em>If you need additional support, reach out to the Woodbridge Fellow or a mentor to discuss things further.</em></p> <p class="rteindent1">Other students may not have stable family support off-campus and may struggle with obtaining housing and food over breaks. <strong>Reaching out to your Residential College Dean and on campus networks</strong>, including the <a href="https://dwighthall.org/yale-harbor-scholars-program">Yale Harbor Scholars Program</a>, can make a difference.</p> <p><strong>If you think it is likely you will encounter any of these additional challenges, consult as soon as you can with trusted deans, advisors, peer counselors, or the Woodbridge Fellow </strong>(jorge.anaya<a href="mailto:jose.lopez@yale.edu?subject=Concerning%20specific%20financial%20circumstances">@yale.edu</a>)<strong> </strong><strong>for advice on how to manage them</strong><strong>.</strong><strong> </strong><span>You are not alone. Asking for advice and suggestions about how to manage these issues in the long term and before you find yourself in an acute financial or housing crisis will help provide some relief from worry and stress.</span></p> <h2>“How can I meet the estimated Student Effort?”</h2> <p>The most common ways students meet the estimated student effort is through summer jobs and student employment during the academic year. The Student Summer Income Contribution and Student Employment amounts in your Financial Aid award letter provide guidelines for how much you should try to earn during the summer and the school year. If you have earned an <a href="https://finaid.yale.edu/costs-affordability/types-aid/scholarships-and-grants">outside scholarship or grant</a>, those awards can be used to pay down your Student Effort after other bills directly payable to Yale have been covered. Occasionally, students may take on a small <a href="https://finaid.yale.edu/costs-affordability/types-aid/loan-options">student loan</a> to meet this effort.</p> <p>Any questions you have about your Financial Aid award or paying for your college expenses should be directed to a financial aid counselor at Yale’s Undergraduate Financial Aid office: <a href="https://finaid.yale.edu/">finaid.yale.edu</a>.</p> <h2>Budgeting</h2> <p>Budgeting well is critical towards your success in managing finances without creating additional stress. Your budget may include an itemized list of expenses, such as books, travel, personal expenses, food and leisure, as well as a list of income sources to meet those expenses. Budgeting as a college student can be tricky, as both your income and your expenses can fluctuate from week to week. There may be times in the semester when you have more in your bank account than you need, and other times when you can’t work as many hours as you’d like to academic or extracurricular projects. Therefore, <strong>budget with a long-term view.</strong><span> Keep in mind plans for travel and other activities you may need to pay for at the end of semesters, and try to keep as much money as you can in your bank account. You will never know when you might need money for emergencies or unexpected opportunities.</span></p> <p><span>The </span><a href="https://studentaid.ed.gov/sa/prepare-for-college/budgeting">U.S. Federal Student Aid website</a><span> offers excellent information, advice, and tools for budgeting. The most important thing is to </span><strong>keep track of your income and expenses on a weekly basis</strong><span>, with an eye towards future big expenses, such as books and materials, travel, and clothing.</span></p> <p><span>For a more in-depth look at managing your finances and budgeting while at Yale, please look at this <a href="/sites/default/files/files/ManagingYourFinances.pdf">presentation</a> curated in collaboration with the Academic Strategies Program.</span></p> </div></div></div> </div> <div class="clearfix"> <nav class="links node-links clearfix"></nav> </div> </article> </div> </div> </div> </div> </div> <div class="grid-3 pull-9 region region-sidebar-first sidebar yale-wide-sidebar" id="region-sidebar-first"> <div class="region-inner region-sidebar-first-inner"> <div class="original-sidenav" data-set="append-sidenav"> <div id="additional-nav" class="addnav-ready"> <span class="additional-nav-button"><a id="additional-nav-button" role="button" aria-expanded="false" tabindex="0"><span class="ready">Additional Navigation</span><span class="close">Close</span></a></span> <nav class="block block-menu-block block-1 block-menu-block-1 odd block-without-title" id="block-menu-block-1" role="navigation"> <div class="block-inner clearfix"> <div class="content clearfix"> <div class="menu-block-wrapper menu-block-1 menu-name-main-menu parent-mlid-0 menu-level-2"> <ul class="menu"><li class="first leaf menu-mlid-2860 menu-financial-literacy-(finlit)"><a href="/financial-guidance/finlit-managing-your-money-yale">Financial Literacy (FinLit)</a></li> <li class="leaf menu-mlid-2887 menu-dean's-office-services"><a href="/financial-guidance/deans-office-services">Dean's Office Services</a></li> <li class="leaf menu-mlid-2859 menu-emergencies-and-unexpected-expenses"><a href="/financial-guidance/emergencies-and-unexpected-expenses">Emergencies and Unexpected Expenses</a></li> <li class="expanded active-trail menu-mlid-3002 menu-the-money-manual"><a href="/financial-guidance/money-manual" class="active-trail">The Money Manual</a><ul class="menu"><li class="first leaf active-trail active menu-mlid-2856 menu-managing-your-finances"><a href="/financial-guidance/money-manual/managing-your-finances" class="active-trail active">Managing Your Finances</a></li> <li class="leaf menu-mlid-2857 menu-earning-money"><a href="/financial-resources/earning-money">Earning Money</a></li> <li class="leaf menu-mlid-2858 menu-saving-money"><a href="/financial-guidance/money-manual/saving-money">Saving Money</a></li> <li class="last leaf menu-mlid-3003 menu-borrowing-money"><a href="/financial-guidance/money-manual/borrowing-money">Borrowing Money</a></li> </ul></li> <li class="last leaf menu-mlid-3004 menu-funding-programs"><a href="/financial-guidance/funding-programs">Funding Programs</a></li> </ul></div> </div> </div> </nav> </div> </div> </div> </div> </div> </div> </div> </main> <footer id="section-footer" class="section section-footer" role="contentinfo"> <div id="zone-footer-wrapper" class="zone-wrapper zone-footer-wrapper clearfix"> <div id="zone-footer" class="zone zone-footer clearfix container-12"> <div class="grid-2 region region-footer-first" id="region-footer-first"> <div class="region-inner region-footer-first-inner"> <div class="footer-logo"><a href="http://www.yale.edu" class="y-icons y-yale y-mark"><span class="element-invisible">Yale</span></a></div> </div> </div> <div class="grid-6 region region-footer-second" id="region-footer-second"> <div class="region-inner region-footer-second-inner"> <p class="copyright"> <a href="https://usability.yale.edu/web-accessibility/accessibility-yale">Accessibility at Yale</a> · <a href="http://www.yale.edu/privacy-policy">Privacy policy</a> <br> Copyright © 2024 Yale University · All rights reserved </p> <div class="block block-footer-message block-footer-message block-footer-message-footer-message odd block-without-title" id="block-footer-message-footer-message"> <div class="block-inner clearfix"> <div class="content clearfix"> <p><span>Yale College Office of Web Operations, 55 Whitney Ave., Suite 630, New Haven, CT 06510 USA. </span><a href="http://webops.yalecollege.yale.edu/request-service-contact-us" style="margin:0px; padding:0px; border:0px">Contact </a><span>the Web department.</span></p> </div> </div> </div> </div> </div> <div class="grid-4 region region-footer-third" id="region-footer-third"> <div class="region-inner region-footer-third-inner"> <div class="block block-menu sharing block-menu-social-buttons block-menu-menu-social-buttons odd block-without-title" id="block-menu-menu-social-buttons"> <div class="block-inner clearfix"> <div class="content clearfix"> <ul class="menu"><li class="first leaf menu-facebook"><a href="https://www.facebook.com/YaleUniversity" class="fa fa-facebook-square"><span>Facebook</span></a></li> <li class="leaf menu-twitter"><a href="http://www.twitter.com/yale" class="fa fa-twitter"><span>Twitter</span></a></li> <li class="leaf menu-itunes"><a href="http://itunes.yale.edu" class="fa fa-apple"><span>iTunes</span></a></li> <li class="leaf menu-youtube"><a href="http://www.youtube.com/yale" class="fa fa-youtube-play"><span>YouTube</span></a></li> <li class="leaf menu-sina-weibo"><a href="http://weibo.com/yaleuniversity" class="fa fa-weibo"><span>Sina Weibo</span></a></li> <li class="last leaf menu-tumblr"><a href="http://yaleuniversity.tumblr.com" class="fa fa-tumblr-square"><span>Tumblr</span></a></li> </ul> </div> </div> </div> </div> </div> </div> </div></footer> </div> <div class="region region-page-bottom" id="region-page-bottom"> <div class="region-inner region-page-bottom-inner"> </div> </div> <script type="text/javascript"> <!--//--><![CDATA[//><!-- (function() { var sz = document.createElement('script'); sz.type = 'text/javascript'; sz.async = true; sz.src = '//siteimproveanalytics.com/js/siteanalyze_66356571.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(sz, s); })(); //--><!]]> </script> <script type="text/javascript" src="https://fgli.yalecollege.yale.edu/sites/default/files/js/js_JMVekk522eOkII71K9F5yD4Su-iRqPdTR_-LxjPAtMk.js"></script> </body> </html>