Helpful Financial Information
Finding the right repayment plan to successfully pay off your student loan(s) is a big decision. With all the technical language used, even understanding the terms of your loan can lead to confusion. GCU's Financial Literacy Program is here to offer you support from the time you graduate through the life of the loan.
TG™ Learning Center
GCU has partnered with TGTM Texas Guaranteed Student Loan Corporation where you can create an account and complete financial literacy modules including:
Setting Goals, Credit Basics and Monitoring Spending.
Click here to learn more
Financial Tip of the Month
Focus On Expenses, Not Just Income
Listen closely. In workplaces across America you'll hear this refrain: "If only I made more money. Then I'd have plenty to live on."
It's important to earn a sufficient salary to pay the rent, keep the lights on, service the car and purchase school supplies. But the income side of the ledger tells only half the story. Expenses are the other half.
Retirement planners often tell clients to take a hard look at expenses they expect to incur when full-time employment draws to a close. But even if you're decades from retirement, it makes sense to scrutinize your routine and not-so-routine expenses on an annual (or more frequent) basis. Folks who accumulate wealth over a lifetime generally develop a habit of living within their means. In other words, they've whittled down their expenses to a level commensurate with their income. By one means or another, they've learned to stick to a budget and save for the future.
Does that mean they never take a vacation? Or buy a newer model car? Or send their kids to college? No.
It does mean, however, they've learned to sacrifice in the short term for long-term benefits. They refuse to live paycheck-to-paycheck until the paychecks dry up.
Here are four expenses that can often be trimmed with minimal pain:
- Cable or satellite television. Watching pay-per-view events and TV packages with premium channels can drain your budget in a hurry. Take a break from TV for a week and use the time to read a book or play cards with friends. Your thinking may change. You may find that the cost of premium television begins to outweigh the benefits.
- Auto fuel. Consolidate trips to the store, the school and the church. Planning ahead is a relatively painless way to minimize visits to the gas pump.
- Telephone services. If your wireless bill is beginning to resemble a phone book - with most of the records logged against your kids' phones - maybe it's time to shop around for less expensive plan.
- Vacations. America is a huge country (just ask someone who lives in Europe). It's also a great place to explore on a budget. Road trips, especially if planned for the off season, can provide a wealth of memories for a reasonable price.
Take steps to increase your earning potential, but don't forget the other side of the ledger.
Source: J.P. Spillane, CPA, PA
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