Kentucky Higher Education Assistance Authority
January Money Tip for Students

Students with jobs are encouraged to set long-term financial goals beyond paying the current month’s bills.

The biggest goal should be to save money for retirement. For college students, another important goal is to graduate with as little debt as possible.  Financial goals may also include saving for a vacation or a new car. Whatever the goal, have a plan to achieve it.

To plan for your financial future, make a list of your short and long-term goals. Estimate how much you will set aside from each paycheck to save for those goals. Make sure your estimate is reasonable. You will have a better idea of how to reach your goals when you know for how long you will need to save.  That may mean cutting back on some things such as dining out or shopping.  It might even mean getting a part-time job, if your schedule permits.

Remember that how much you earn may affect your financial aid package. Dependent students are expected to be able to use more of their earnings to pay for college because the financial aid system assumes their parents are paying for most of the students’ day-to-day expenses.

Whatever your goal may be, you have a much better chance of reaching it if you have a plan in place.

To learn how to plan and prepare for higher education, go to www.GoHigherKY.org. For more information about Kentucky scholarships and grants, visit www.kheaa.com; write KHEAA, P.O. Box 798, Frankfort, KY 40602-0798; or call (800) 928-8926, extension 6-7372.

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