Chapter 3 Power Point: Time & Money

Habits for Success

CHAPTER 3

Time and Money: Managing Important Resources Keys to Effective Learning, 6e Carol Carter, Joyce Bishop, and Sarah Lyman Kravits

Keys to Effective Learning 6e,Ch03

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Habits for Success

Habit for Success:

Think Before You Act

Keys to Effective Learning 6e,Ch03

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Habits for Success

Time and money are crucial resources no student can do without.

The key is to make smart decisions about how you spend them.

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Habits for Success

Success in school depends upon having…

• The time to study and attend classes.

• The money to pay tuition and expenses.

• The flexibility to find more of both of these resources when you are running low.

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Habits for Success

Time is money.

• It takes you one week, working for 20 hours at $10 an hour, to earn $200.

• If you buy a new cell phone for $200, that cell phone has cost you a week of work.

With any purchase, ask yourself: Is it worth the time it took to earn that money?

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Habits for Success

Cost of day-to-day expenses

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Habits for Success

What kind of time and money manager are you?

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Habits for Success

To explore your money and time management style: Identify time-related needs and preferences.

• Create a personal time profile • Consider your profile when creating a schedule

Note your unique way of managing money.

• Think about whether you are a “spender” or “saver” • Consider how your money habits reflect your values • Think about whether you look toward the future or focus on the “now” when it comes to money

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Habits for Success

How can you manage your time?

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Habits for Success

Build a schedule • Choose a planner (electronic or paper) • Schedule and prioritize tasks, events, commitments

Make your schedule work for you • Plan regularly • Look at the term all at once • Use to-do lists

Fight procrastination Keys to Effective Learning 6e,Ch03

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Habits for Success

Almost everyone procrastinates— puts off tasks until another time.

Why? • Perfectionism – better not to try than to be less than perfect • Fear of limitations • Facing an overwhelming task • Lack of belief in one’s self

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Thinking before you act is the key to combating procrastination.

Keys to Effective Learning 6e,Ch03

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Habits for Success

Anti-Procrastination strategies • Analyze the effects • Set reasonable goals • Break tasks into smaller parts • Start whether or not you “feel like it” • Ask for help • Don’t expect perfection • Reward yourself Keys to Effective Learning 6e,Ch03

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Habits for Success

How can you manage your money?

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Habits for Success

Never assume you are not eligible for aid.

Ask questions and apply early.

• Student loans • Grants • Scholarships Keys to Effective Learning 6e,Ch03

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Habits for Success

A balancing act: Juggling work and school Ask questions as you investigate: • What do I need in terms of money, location, and hours?

• What are the pros and cons of each potential job?

• What option gives me the most of what I need?

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Habits for Success

Many students work

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Habits for Success

Basic budgeting steps • • • •

Figure out what you earn -- $$ in.

Figure out what you spend -- $$ out.

Evaluate the difference --  or .

Adjust spending or earning – get creative with ideas.

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Habits for Success

College students are big business for credit companies.

Sallie Mae

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Habits for Success

Think before you act when you pay with credit • Would I buy it if I had to pay cash?

• Can I pay it off at the end of the month?

• What will I have to give up if I buy this?

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Habits for Success

Real People Think Before They Act

The Three Doctors George, Sam,

and Rameck

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Habits for Success

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”

Ayn Rand

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