UTSA The University of Texas at San Antonio myUTSA News Directories Calendar Giving to UTSA Apply to UTSA

GETTING STARTED

“Money comes; money goes. Always, FOLLOW the money!"

This is a popular phrase heard in both movies and politics.  It means FIRST knowing where your money comes from and THEN where it goes.  It's kind of like a baby crawling before he walks. The "money walk" begins with knowing what you have and where it goes before you can accumulate wealth. Managing cash flow is the firm foundation of personal finance and wealth-building.


Must I have a spending plan and why?

There are important questions that must be asked and answered in order to manage one's cash flow. What do I have? Where does my money come from? How much do I spend? How much can I save?

If you avoid them, you may find yourself in deep debt, flat broke, or dependent on relatives for your future well-being.

For example, do I shop for a Lexus if I can only afford a Ford Focus?  Do I buy a very expensive outfit when the rent payment is due?  Do I have to have an iPod when a “generic” MP3 player will deliver the tunes I want? Do I buy lunch every day or bring something from home? Do I need the textbook for class or spend the money on my hair and nails? Do I splurge for a spring break trip or conserve gasoline for school and work?

Do I buy what I want without considering what I need?

How you think about money and what's happening to you at the point of shopping contribute to your spending habits. Take the offsiteBeat Your Brain quiz (click on the image):

watch video

 

And the answer is…

a resounding YES! You need to know the answers to the questions above and write them down or you'll spend the money in a heartbeat on stuff that you wish you hadn’t!  Then really “follow” the money by tracking your spending at least for awhile until you know where it goes or how to stop the cash flow if you overspend. 


Resources for following the money:

Interactive Tools:

Worksheets and Tip Sheets:

    Rowdy Cents worksheet (MS Word doc) and in PDF-create a spending plan; list income, expenses and evaluate needs vs. wants.

    Budget Tips for New Roadrunners -an overview of what expenses to expect over a semester and a beginning monthly budget sheet for someone new to college. (Good for parents to know, too.)

    Money Management Excel worksheet -extensive listing of income and expenses; tracking sheet included

    other siteQuicken's Mint - a free online budgeting and tracking tool

    Here are a few budgeting tips for college students from Mint.com founder.

 

Follow money into the future:

Financial goals– follow the money into the future even if it’s just a semester away.  Consider a few future“wants”, like a house, a boat, a luxury vacation, a great retirement, but be realistic in how to plan for these expenses.



     

It’s not the kind of clothes I wear, the car I drive, or technology I have that
makes me “well off”.  It’s knowing what I need and planning for what
I want that keeps me on the road to financial success.

 

 

© The University of Texas at San Antonio, One UTSA Circle, San Antonio, TX 78249-1644, (210) 458-4011 Contact . Identity Guidelines . Policies . Emergency Preparedness . Required Links . Open Records

This web site was designed by Rebekah P., a UTSA student, and developed by Linda Chalmers, M.Ed.