finances

What’s in a Name? Considering Name Brand Vs. Generics When Purchasing Food

uncchsmedia2 Comments

This blog post was originally published on April 7, 2015.

Picture this:

You’ve made your grocery list, or you swing by the store to get some staples for the week ahead. Like many of us, you’re on a budget, so you’ve got an eye for deals and saving money. As you scan your food options, you notice that in addition to the many eye-catching (and slogan-worthy) brands offered for your favorite foods, there are also those more plain, but much cheaper options. And you ask yourself: Is saving the money worth it? Is that food going to be as good?

I’ve often wondered this myself, and took some time to learn about the differences between generic and name brand foods. Continue reading →

What’s in a Name? Considering Name Brand Vs. Generics When Purchasing Food

Brittany O., MPH, CHESLeave a comment

Picture this:

You’ve made your grocery list, or you swing by the store to get some staples for the week ahead. Like many of us, you’re on a budget, so you’ve got an eye for deals and saving money. As you scan your food options, you notice that in addition to the many eye-catching (and slogan-worthy) brands offered for your favorite foods, there are also those more plain, but much cheaper options. And you ask yourself: Is saving the money worth it? Is that food going to be as good?

I’ve often wondered this myself, and took some time to learn about the differences between generic and name brand foods. Continue reading →

Credit Cards – Friend, Enemy, or Frenemy?

HealthyHeelsLeave a comment

Credit Cards – Friend, Enemy, or Frenemy? 

 

Do me a favor – take a minute and open up your wallet.  If it’s anything like mine, it’ll have various IDs (OneCard, license, etc.), debit card, business cards, maybe some type of rewards card. In any case, your wallet is probably filled with all types of plastic cards.  One of the most prominent pieces of plastic in my wallet, though, is that sleek, transparent credit card. It beckons to me. It yells out “SWIPE ME! GO ONLINE AND BUY STUFF WITH ME!” Occasionally the card wins, but for the majority of the time, I’m able to turn down the volume to a whisper.

creditcard

The ability, nowadays, to spend on a credit card is easier than it has ever been. Credit is widely available (although, admittedly, not as widely available since the Great Recession) there is no shortage of methods to spend it: swiping a physical card, making online purchases, or using smartphone apps.  It’s no surprise that college graduates, on average, have up to $3,000 in credit card debt.  Though that may pale in comparison to the tens of thousands of dollars in student loan debt that many students carry, when you consider that most credit cards have an interest rate that hovers around 14% things can get ugly fast! That’s right, every time the monthly balance is not paid down in full, another 14% is tacked on, exponentially increasing your debt to the credit card company. If numbers are your thing, or you’re just interested in the way that interest rates work, check out this more in-depth, but easy to read article about credit card interest rates.

 

Why am I sweating this credit card stuff?  The reason is simple: having a stellar credit history and score will be a vital tool once you’re out there in the “real world.”  Virtually every large purchase you make—a car, home, or even if you’re renting a place—will require that you have strong credit. Having a squeaky-clean credit history can actually save you money, because you’ll be in a great position to get the best rate on your loan as possible.

 

Credit history can also be important when you are job searching.  Although there is almost no evidence linking credit history with job performance, in a study released just last year, nearly half of all employers check a potential job candidate’s credit history as part of a background check, and many have been denied employment based on a poor credit history alone! So not only does your money depend on good credit, your job might too!

 

You might be saying to yourself, “OK. I get it. Credit is really important and I should have a good credit history, but where do I begin?” Great question!  Here are a few simple things you can do right now:

 

  1. Here’s an obvious, but important step.  The best way to ensure a rock star credit history is to pay any and all bills on time – all the time! Life happens and there may come a time when you’re not able to pay a bill on time. If this happens, be sure to call your credit card company and notify them.

 

  1. Check out UNC’s online financial literacy program, CashCourse. It’s free to register and has plenty of useful information about credit cards and other financial topics.

 

  1. Monitor your credit report! By federal law, you are entitled to a credit report free of charge every year. Check the report for an inaccuracies or errors.

 

If you’re interested in other ways that you can improve your credit history and score, check out this great resource.

 

While a strong credit history is just one piece of the puzzle for optimal financial wellness, getting a head start now is a huge step in the right direction.  One that will literally pay off for the rest of your life!
This blog was written by Dennis Carmody. Dennis is an MPH candidate in the Health Behavior department at the UNC Gillings School of Global Public Health. He is currently enjoying his summer practicum with the great folks at UNC Student Wellness.

 

 

 

How to stay healthy in financially challenging times

Sara Stahlman1 Comment

The current financial situation in the US hits on many levels for students.

For many students, it’s personal – your savings, credit card bills, and fun money.

For many students, it’s school – “Someone who financially supports me just got laid off. Will I have to leaveCarolina?”  “How will I afford rising tuition costs?”  “How will my work/school balance change?”  “How will this all ultimately impact my academic success and my future?”

For many students, it’s all of these things and the larger picture – the future of the our society.

What to do?

It’s easy during times like these to get stuck in a negative frame of mind.  We encourage you to consider some quick ideas for staying positive.

  • Pay attention to the news, but give yourself a break.  You cannot change the country’s economic state by worrying about it for hours on end.  Consider setting a time each day to check in on what’s happening, and then letting it go when that time has elapsed.
  • Use your mental energy to think about things you can control.  What about your current situation is causing you stress?  What can you actively do to change that situation for the better?
  • Remember the basics of stress management.  Seek support from friends, family members, and advisors.  Do the things that bring you joy, and particularly seek the ones that are cost free!  Examples might include: taking a walk on a brisk sunny day, practicing deep breathing, going for a jog, playing cards, journaling about your feelings, watching your favorite movie on your computer., or calling your best friend.
  • Re-frame!  How might you view this situation with a positive spin?  What are the good things that can come out of challenging times?
  • Use this as a reminder for financial planning.  What are the areas of financial management you need to revisit? Where can you cut out spending?  How can you safely save?  learn more at: http://www.cashcourse.org/unc
  • Still searching for a way to feel better?  Tell the President Obama your vision for America at http://www.whitehouse.gov/contact/submit-questions-and-comments

Money Doesn’t Grow on Trees

Sarah Weller PegnaLeave a comment

Loans? Stocks? Bonds? Interest? Whenever I start to read my bank statement/ apply for a loan/ pretty much do anything that would make me financially responsible I just hear: blah, blah, blah blah blah! Jibberish!!

I can’t imagine that I’m alone in that feeling, so I started researching financial management. A quick search on “saving money” revealed the following… Have a garage sale. Rent a room in your house. Cut up your credit cards. In conclusion, I give the advice I found on the internet a solid “Pthhhhh.” Not really getting me anywhere.

UNC and the interwebs do have some options that can help.

CashCourse.org has accurate, easy to understand and college-centric financial management information. Just make yourself a free account using your UNC email address. It covers loans, saving for spring break, studying abroad,  jobs, taxes and more.  There are even worksheets and tools that you can use to help get your finances in order, meet a savings goal or determine your spending allowance.

The Dean of Students Office provides financial literacy events on campus such as “Ballin’ on a Budget” and “Swiper, No Swiping. Debunking Credit Myths.” You can hop into one of those or request one for your organization.

Mint.com (and many apps like it) offer easy tracking of your finances, the ability to set budget goals, and notify you when things aren’t going to plan. It’s been a lifesaver for me because it automates my budget process and makes it easy to see when I’m missing the mark.

In the meantime, the first step to financial management is setting a budget. That term puts fear into my bones, but really it’s just seeing what’s happening with your money and setting intentions for what you want to have happen with your money. Credit and debit cards make it easy to not even notice the final cost of things we purchase – $2.78 and $278 both are one swipe. But we all need to pay attention to the difference of costs on our bottom line. Some money management experts recommend reverting to cash so that price differences are tangible – you have to physically count out different amounts of cash to pay. You can also set limits more readily – when the cash in your wallet is gone, you’re done spending. More tips and suggestions are available using those resources above.

Financial health is a big part of overall health. Stress about money is one of most consistent stressors of college students. So get that stress and your money under control.