Managing Money

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Video Re-cap

  • The 5 Successful Tips to Budgeting:
  • Know how much income you have.
  • Know what your expenses are.
  • Prioritize needs and wants.
  • Check to see what you are spending each day, week, and month.
  • Assess your finances monthly.

how much Money do you need Monthly?

The Texas Reality Check website helps you figure out how much you need to cover your living expenses in various cities in Texas, and how much certain jobs actually pay.

Check Your Credit Report Annually

If you are between 14 and17 ½: Ask your caseworker if a credit report has been run for you.
If you are 18 or older: you can check your credit report on Annual Credit It’s free.

Never Co-Sign on a Loan!

Never, never, never co-sign a loan for anyone. No matter what! Co-signing means you agree to pay for whatever the person is buying if they aren’t able to pay for it.

Here’s an example of how this can get you into trouble. Let’s say your boyfriend or girlfriend buys a car and you co-signed for it. You break up and find out they can’t pay for the car. Your credit score will continue to drop lower until the payments are made and the car is paid off. The car will be re-possessed, meaning someone will come and take it wherever it is. This will affect your credit score for years.

Avoid Payday Loans

Although payday loans are quick and meet an immediate financial need you should be informed of the pros and cons to taking out these type of loans.

More Resources

Young male signing up for credit report on laptop