What is your money personality?

Every individual has a unique relationship with money, even if we’re unaware of it. This relationship often begins forming long before we earn our first dollar. The ways in which this relationship expresses itself is what we refer to as our money personality.

Contributing factors

Our money personality is not something we’re born with—it’s something we develop over time, influenced by a mix of experiences, environments, and emotions.

• Observed Behaviors: We often model financial habits after the people around us—especially parents, guardians, or mentors.
• Messages we’ve heard: From social media, schools, or communities, we internalize messages about what money means and the role it plays it our lives.
• Personal Experiences: Your past with money leaves a lasting imprint. Everything from earning your first paycheck, to receiving financial aid, and experiencing scarcity or abundance—all influence your sense of financial security.
• Cultural & Social Influences: Cultural values and community norms impact how we view saving, spending, and debt.
• Emotions & Mindset: Your emotional relationship with money plays a huge role. Feelings can guide (or misguide) financial behavior, often without us realizing it.
• Life Stage & Environment: Your money personality may shift as your life circumstances change, each stage reshapes your priorities, goals, and how you relate to money.

Why this matters

Understanding your money personality helps you make more informed financial decisions, change unhelpful habits, and build a money mindset that reflects your personal goals, not just your past.

Why financial goals matter

Financial goal setting is all about defining what you want to achieve with your money. Whether it’s saving for a study-abroad trip, building an emergency fund, or paying off student loans—by identifying clear objectives and crafting a specific plan, you’ll stay motivated and be empowered to make informed decisions about spending, saving, and investing.

Setting goals is the first step in turning the invisible into the visible.

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Types of goals

• Short-term goals: These goals are those you want to achieve within a few months to a year. Due to their relatively brief timeline, they often involve smaller amounts of money and quick action steps.
  • Save for a new laptop
  • Create a starter emergency fund
  • Set aside funds for a weekend trip
• Mid-term goals: These goals generally span one to three years in duration, and require more planning and resources.
  • Pay down a portion of student loans
  • Purchase a used vehicle
  • Save for a study-abroad program
• Long-term goals: These goals usually extend beyond three years and often require significant financial resources and planning. Long-term goals benefit from consistent saving and budgeting over an extended period of time.
  • Save for graduate school
  • Purchase a home
  • Eliminate long-term debt obligations

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What makes a goal SMART?

SMART goals are a popular method for setting objectives in a clear, organized way that increases your chances of success. The framework operates on the following tenants:

• Specific: Clearly define what you want to accomplish. Instead of a vague goal like “save money”, be precise: “save $500 in a starter emergency fund”.
• Measurable: Ensure there’s a way to track your progress. With a monetary goal, you can monitor your savings account balance to see how close you are to achieving your target.
• Achievable: Set goals that are challenging but reasonable. If you’re on a tight budget, saving $500 in a single month may be unrealistic, but $20-50 dollars may be achievable.
• Relevant: Make sure the goal aligns with your broader priorities. If you don’t have an emergency fund, focusing on this goal may be more relevant than saving for a luxury purchase.
• Time-Bound: Attach a deadline to your goal. Having a clear endpoint creates a sense of accountability and keeps you motivated.

Resources

Corresponding appointment type: SMART Financial Goals

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Smart Goals WorksheetClick Link to Download

Craft your own SMART goals with this Google worksheet.

What is a budget?

A budget is simply, a plan for your money. It shows you how much money you have coming in and how much you spend over a specific period of time. Budgeting helps you make choices about what’s a priority and ensures you don’t overspend. By creating and sticking to a budget, you give each dollar a purpose—whether that’s covering essential expenses, saving for the future, or treating yourself on occasion.

A budget is telling your money where to go instead of wondering where it went.

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How to create a budget

Creating a budget doesn’t have to be complicated. You can simply start by recording all sources of income—this might include a part-time job, financial aid, scholarships, or support from loved ones. As a college student, your income may be limited or irregular. By developing budgeting skills now, you will be positioned for success after graduation, when tackling larger goals.

Next, track your current spending habits by writing down every expense or purchase made over the span of a few weeks to a month, reviewing bank statements can be an effective way to accomplish this step. The idea is to identify your spending by dividing expenses into categories.

• Needs (tuition, food, housing, transportation)
• Wants (dining out, streaming services, vacation)
• Savings & Debt Repayment (student loans, credit cards, emergency fund)

The last step is to subtract your expenses from your income. Do your expenses exceed your income? Reviewing your budget can help you find opportunities for improvement. Whether that is increasing your income, spending less on eating out, or saving something for the future, your budget serves as the foundation of your financial house.

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Tips for successful budgeting

• Set personal goals: Whether you’re saving for spring break, a new laptop, or starting an emergency fund—goals will provide you with clarity and help you stay motivated.
• Find your preferred method: From pen and paper, to spreadsheets, to robust apps—there are countless resources available to help you budget effectively. Finding the method of budgeting that works best for you is an important step.
• Automate payments and savings: Setting up autopay for fixed expenses and savings contributions can help you stick to your budget more easily.
• Review and adjust regularly: Life changes quickly in college, revisit your budget regularly to ensure it stays current to your personal circumstances, such as a new job, change in living situation, or new savings goal.
• Reward yourself: People tend to think budgeting is intended to remove joy from one’s life, but nothing could be further from the truth. Budgeting is simply intended to ensure you plan for the things you enjoy, celebrating a successful month of budgeting or achieving a financial milestone is a great practice.

Resources

Corresponding appointment type: Budgeting Basics

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Budgeting Google Spreadsheet

This Google Spreadsheet serves as a user-friendly budgeting method. Placeholder information is present to provide contextual examples.

You Need A Budget

YNAB “You Need A Budget” provides a 1-year free trial for college students (bmail required).

EveryDollar

How do credit cards work?

A credit card is a financial tool—usually issued by a bank, credit union, or other financial institution—that extends a revolving line of credit up to an approved limit. Each time you use it, you’re effectively borrowing money, similar to a short-term loan. At the end of each billing cycle (often monthly), you receive a statement detailing your total spending and the amount owed. If you pay the full balance on time, you typically avoid interest and fees. However, paying only the minimum or missing the due date results in accrued interest, fees, and penalties.

Choosing the right card

Not all credit cards are created equal, and while it can be tempting to apply for any card you see, researching which credit card is best for your personal circumstances is worthwhile. There are some credit card features that are important to consider before applying.

• Student Credit Cards: Designed specifically for college students who have little to no credit history. Student credit cards often have a more lenient approval process, lower credit limits, and rewards tailored for students. Student credit cards are a great option for building credit history, helping you qualify for more credit products in the future.
• Annual Percentage Rate (APR): The interest rate you’ll pay on any outstanding balance carried beyond your credit card’s grace period. While expressed as a yearly rate, interest can be applied and compounded daily on the unpaid portion of your balance. Credit cards often carry higher interest rates than other forms of lending, which can lead to a significant amount of debt if not used responsibly.
• Annual Fees: Some credit cards charge an annual fee for maintaining an open account. Annual fees can vary widely depending on the card’s features and perks—ranging from no annual fee to over $100 a year.
• Rewards Programs: Many credit cards offer reward incentives—varying from cash back on purchases, air fare mileage, hotel points, and more. It’s important to choose a rewards program that aligns with your spending habits to maximize benefits.
• Secured Credit Cards: These cards are contingent upon providing a security deposit (often equal to your credit limit) to the financial institution. This deposit reduces the risk to the card issuer. While secured credit cards may have lower limits, they otherwise function like any other credit card, helping you build positive credit history through consistently making on-time payments and keeping your balance in check.

Why credit matters

Your credit score is a numerical value representing how reliable you are at paying back borrowed money. A good credit score may help you qualify for certain loan products, lower interest rates, lower insurance premiums, and more. There are five major factors that contribute toward your current credit score (FICO).

• Payment History (35%): How often you pay your bills on time
• Credit Utilization (30%): How much you owe compared to your available balance
• Length of Credit History (15%): How old your existing lines of credit are
• Credit Mix (10%): How many different types of credit you have
• New Credit (10%): How often you apply for new lines of credit

Is a credit card right for you?

The total amount of credit card debt in the United States is over $1 Trillion dollars. While credit cards can be an excellent way to build your credit history, they require financial discipline. By learning wise credit behavior now, you will position yourself for a healthier financial future, both during and after college.

Banking Basics

Banking is the foundation of many people’s financial lives. Simply put, banks and credit unions store your money, help you facilitate transactions, and offer products that allow you to save, borrow, and invest. Understanding how banks work and which products suit you best can save you time, money, and stress.

Types of bank accounts

Banks and credit unions offer two primary types of accounts to college students—checking accounts and savings accounts.

• Checking Account: This account is designed for everyday use, like paying bills, withdrawing cash, and making debit card purchases. Most checking accounts allow unlimited transactions per month and provide convenient tools like debit cards, checkbooks, and mobile banking. Some may be subject to a minimum balance or monthly service fee.
• Traditional Savings Account: This account is meant for storing money over time. While you can still withdraw funds when you need them, savings accounts typically encourage you to keep your balance intact, earning you interest over time. Interest rates vary depending on institution, as do potential minimum balance requirements and service fees.
• High-Yield Savings Account: This account operates similarly to a traditional savings account but offers a higher annual percentage yield (APY). High-yield savings accounts are also subject to minimum balance requirements, potential service fees, and withdrawal/transfer limitations.

Regardless of which account you use, it is important to understand the benefits and limitations of each account.

Managing your bank account

• Track your balance and transactions: Ensure you regularly monitor your bank statements and mobile banking app to ensure all charges are accurate, this also helps you mitigate potential fraudulent activity.
• Use alerts and auto-pay: Set up email or text alerts to notify you of low balances, deposits, or withdrawals. You can also schedule automatic payments to make sure bills are paid on time, helping to avoid late fees.
• Overdraft Protection: Some banks allow you to opt into overdraft protection. This banking feature can cover transactions in the event of insufficient funds, for a price. The ability to have your card “denied” in the event of insufficient funds may serve as a preferred outcome, as opposed to incurring unnecessary fees.
• FDIC Insured: Deposit accounts covered by the Federal Deposit Insurance Corporation (FDIC) in the United States. If an FDIC-insured institution is unable to meet its obligations to customers—the FDIC steps in to protect depositors by reimbursing them for insured funds, up to $250,000 per depositor, per insured institution, for each account category.

What is a credit union?

Credit unions are not-for-profit financial institutions that are owned and operated by the members who use its services. Unlike traditional for-profit banks, credit unions reinvest any earnings into member benefits, which often translates to better interest rates, lower fees, and a personal approach to customer service. Credit unions tend to prioritize community involvement and financial education, making them a popular choice for those looking for a community-oriented approach to banking.

Job Offer Evaluation

Congratulations—receiving a job offer is an exciting achievement. Before you say “yes”, it’s important to carefully review the entire package to ensure the offer aligns with your financial goals, career aspirations, and personal values. Below, we’ll break down the components of a standard job offer, highlight key considerations, and share some tips to help you make the best decision.

What are the components of a job offer?

1. Position Title & Responsibilities
   • Ensure the job title accurately reflects the role and responsibilities.
   • Review the job description and deliverables to confirm it matches what was discussed during the interview process.
2. Base Salary or Pay Rate
   • Understand the compensation structure of the job offer, whether you are compensated hourly or via annual salary.
   • Compare the salary or hourly pay rate to current market rates, utilizing various online databases to cross-reference findings (ONet, Robert Half, Salary.com).
     • User-submitted data can skew salary data accuracy. A variety of data points from multiple sources will provide optimal clarity.
   • Don’t forget to consider your rate of compensation based on years of experience and geographic location.
3. Benefits Package
   • Health Insurance: Medical, dental, vision coverage details, premium costs, and other policy considerations for your circumstances.
   • Retirement Plans: Availability of 401(k), 403(b), Pension, or other investment vehicles—including employer match and vesting schedule.
   • Paid Time Off (PTO): Vacation days, sick leave, and holiday policies.
   • Additional Perks: Relocation assistance, fitness stipend, meal allowance, tuition reimbursement, employee discounts, and more.
4. Work Schedule & Location
   • Are you expected to work on-site, remote, or a combination of both?
   • Clarify business hours, expectations for overtime, weekend work, or on-call availability—are you compensated for any of the aforementioned?
   • Does the organization align with your values concerning work-life balance?
5. Bonuses & Incentive Pay
   • Learn how performance is measured for bonuses or commission structure, if applicable (signing, performance, referral).
   • Understand the timeline for payout (monthly, quarterly, annually).
6. Contract Length & Employment Status
   • Is this a permanent role, full-time position, contract role, part-time, or temp-to-hire?
   • Consider whether there is a probationary period attached to specific milestones.
7. Non-Compete or Other Legal Clauses
   • Some job offers include non-compete or non-disclosure agreements.
   • Ensure you understand any restrictions these may place on future employment opportunities.
8. Start Date
   • Confirm when you’re expected to begin work.
   • If needed, discuss flexibility around the start date to accommodate prior commitments.

Evaluating a job offer is about more than just the salary figure. By carefully considering benefits, company culture, professional growth, and work-life balance, you’ll be better positioned to pick a role that meets your needs today and sets you up for success tomorrow. It’s worth taking the time to dive into the details and, when necessary, negotiate for the best possible outcome. A thoughtful decision now can have a significant impact on your overall career satisfaction and financial well-being.

Salary Negotiation

Negotiating your salary can feel intimidating, but it’s also a normal and expected part of the job search process. Employers anticipate candidates will ask questions and, when appropriate, negotiate compensation. By preparing ahead of time and approaching the conversation with confidence and professionalism, you can help ensure your offer reflects your value and sets you up for professional and financial success.

Why negotiate?

• Compounding Effect: Your starting salary often serves as the baseline for future raises and bonuses. Even a small increase now can significantly impact your long-term earnings.
• Market Alignment: Negotiations help ensure your compensation matches industry standards for your role, experience, and geographic location.
• Confidence & Value: Advocating for yourself demonstrates professionalism and self-awareness. Employers often see negotiation as a sign you understand your worth.

How to best prepare

• Do Your Research: Use multiple resources (e.g., ONet, LinkedIn, Glassdoor, Salary.com) to understand salary ranges for your role and location.
  • Salary data is often user-submitted, cross-reference your findings on multiple platforms.
• Know Your Value: Reflect on your skills, accomplishments, certifications, and unique experiences that make you a strong candidate.
  • Preparing a collection of success statements ensures you’ll be prepared to elaborate on past performance and projected success with employers.
• Define Your Priorities: Salary is important, but also consider other negotiables—signing bonus, professional development funding, remote flexibility, vacation time, and more.
• Practice Your Pitch: Rehearse how you’ll frame your request clearly, respectfully, and with supporting evidence.

What can you negotiate?

• Base Salary: The most common negotiation point. Be prepared to present a researched range rather than a single number.
• Bonuses & Incentives: Consider asking about signing bonuses, performance-based pay, or relocation assistance.
• Benefits: Health insurance premiums, retirement contributions, tuition reimbursement, or commuter benefits may have flexibility.
• Work Schedule & Flexibility: Hybrid or remote work arrangements, flexible hours, or additional PTO may be negotiable depending on the employer.

Tips for a successful conversation

• Wait For the Offer: Don’t negotiate until you’ve received a formal job offer.
• Express Enthusiasm: Reaffirm your excitement about the role and organization before discussing adjustments.
• Use Data, Not Emotion: Support your request with market research and the value you bring, rather than personal financial needs.
• Use a Collaborative Approach: Frame negotiation as a conversation, not a demand (e.g., “Based on my research and experience, I was expecting something closer to X. Is there flexibility here?).
• Know Your Bottom Line: Decide in advance what minimum offer you’d accept and be prepared to walk away if necessary.

If my income is limited, why bother budgeting?

Even if funds are limited, budgeting helps you pinpoint where each dollar (however few) are going. You may discover a few small expenses—like daily coffee or convivence fees that add up faster than you realize. Learning to manage money early on sets strong financial habits for when you earn more in the future.

What if my income fluctuates each month?

If your income is variable and changes on a weekly/monthly basis, consider budgeting your income on a lower-than-average basis. This will ensure you live within your means and allows for any extra income to be used for savings or paying down debt.

How do I handle FOMO when I can’t afford to go out?

Allocate a modest monthly amount specifically for social activities. You may also want to suggest budget-friendly outings (board games, movie nights, campus events), and don’t be afraid to communicate honestly—friends often understand if you’re upfront about wanting to save money; it relieves the pressure to overspend.

What if I want to treat myself, is it okay to splurge sometimes?

Yes—within limits. Budget for fun, so occasional indulgences won’t derail your finances. If there is a larger purchase you want, save incrementally, so you can truly enjoy them guilt-free. If you’re prone to make impulse buys, wait 24-hours before making non-essential purchases, and see if you still feel the same about the purchase.

Do I really need an emergency fund while in college?

Over 1 in 4 people have no emergency savings. An emergency fund, even a modest one, is never a bad idea. Unexpected expenses in college do happen (car repairs, health challenges, tech breakdowns). Start small, aim for $500 and increase it over time. Having an emergency fund reduces your reliance on credit and keeps you from racking up high-interest debt.

Should I be saving or paying off debt first?

Everyone’s financial circumstances and support systems are different—generally speaking, it is good to have a small emergency fund ($500) available to prevent relying on credit for emergencies. After that, prioritizing paying off high-interest debt (credit cards) while contributing modestly to savings goals can be a powerful combination.

Will budgeting actually fix my money problems?

Budgeting is a tool, not a cure-all—it will not magically create cash, but it can thwart self-sabotaging spending habits. Budgeting can also reduce uncertainty and financial anxiety, helping you make clearer decisions. Over time, consistent budgeting practices leads to better control, fewer surprises, and a stronger financial foundation.

If I’m totally broke, is it okay to put essentials (like groceries) on my credit card?

If you’re in a situation where you have no other options, using a credit card for absolute essentials may be necessary—but it should not be your default approach. Relying on credit for daily living expenses can trap you in a cycle of debt. Consider if there are alternative resources available to meet your respected need. For example, is utilizing one of Binghamton University’s campus food pantries a possible solution?

I missed a payment on my credit card; did I just ruin my credit forever?

While missing credit card payments can damage your credit score, it is not a permanent stain on your credit profile. The key is to act quickly—get current on your overdue payments as soon as possible. Reach out to your lender and explain your situation, some institutions may be able to help with late fees or incurred interest. Most of all, ensure you position yourself to avoid missing payments in the future, this may include utilizing features like auto-pay or payment reminders.

Is having more than one credit card a bad idea in college, or can it help me build credit faster?

Having multiple credit cards in college can help you build credit faster—if used responsibly. However, managing more than one line of credit can also increase the risk of overspending and missing payments, which would harm your credit.

Should I use my refund check to splurge or save?

Financial aid refunds can feel like a bonus, but they’re typically borrowed money. If you don’t need the full amount for essentials (tuition, housing, books), consider returning the excess to reduce your loan balance.

Are buy now, pay later (BNPL) services a good option for students?

BNPL tools like Afterpay or Klarna may seem convenient, but they can encourage impulse spending and lead to missed payments or debt. If used, treat them like credit—only use for needs, track repayment schedules closely, and avoid stacking multiple BNPL plans.

Is investing the same as gambling?

Investing generally involves purchasing an asset or ownership interest that may generate value through business earnings, interest, dividends, or long-term appreciation. Gambling generally involves risking something of value on an event in hopes of receiving a reward, without acquiring a productive asset.

Can gambling still be harmful if I only use small amounts?

Small wagers may become harmful when they occur frequently, accumulate over time, interfere with other goals, consume substantial attention, or create pressure to increase the amount being wagered. Gambling may also affect sleep, concentration, academic performance, relationships, or emotional health even before a major financial loss occurs.