A-Team members discuss money management strategies

Maurice Burns

A-Team Member

I know this goes without saying, but if you spend all the money you make, you will always be broke. While surfing the internet I found that 78 percent of NFL football players file bankruptcy within 5 years of retirement. I found that absurd considering the fact that most professional athletes make more in one season than many will make in their entire lives, but it serves as a prime example of how living lucratively can be harmful even when you make a lot of money. Recently I've been fortunate enough to have made a little more money than usual, but I've noticed that I've spent more money as a result. It's a habit I think many of us have naturally, but we should learn from our friends in the National Football League and learn to invest the money so it lasts.

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Billy Schmitz

A-Team Member

College students generally do a substandard job of managing their money. For some of us, it is because we are just poor and managing what little money we have is difficult. For others, we make bad financial decisions. I can relate to each problem. My two main tips for you are these: track your personal spending and think about how much you would have to work when deciding to buy something. I use an app called Mint to help me track my spending. Check it out; it really opens your eyes to see what areas you are not handling well. The second tip really enlightens you if you work an hourly job. Say you're thinking of buying a jacket for $60. You may reason it's on sale, but if you make minimum wage, that is 9 hours of work--before taxes. Using that strategy will help you make better decisions.

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Jen Gradl

A-Team Member

Watch your spending when traveling. This summer I went to England, and I ended up going a little "spending crazy." I wanted to spend money on all of the attractions and buy clothes so I could say "I bought this in England." But about two weeks into my vacation, I realized that I had overdrawn in my account by almost $500, and I still had one week left of vacation. So, when planning any type of weekend getaway or whatever, make sure you budget yourself accordingly. Also, if you go out of the country, make sure you check the exchange rates because 30 pounds does not mean $30, it means like $60.

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Alex Frisby

A- Team Member

Save any extra money you get

Alex Frisby

I know this sounds simple, but it really does make a difference. It would be really easy to notice you have an extra $50 in your bank account and head to TJ Maxx and blow it on a brand new pair of shoes. However, saving that $50 will benefit you more in the long run than those $50 pair of shoes will, not matter how cute they are.

For most this seems like such a simple and easy task to accomplish, but it's so much harder than you would think. My first advice would be to set up an actual savings account that you can't access very easily. Then put a little bit of money in the account every month. Even if it's only $10 it will add up over time and when that unexpected expense comes along you will have the money to cover it without giving up the necessities like food that you need to stay alive.

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Benny Dorris

Benny Dorris

A-Team Member

College students generally do a substandard job of managing their money. For some of us, it is because we are just poor and managing what little money we have is difficult. For others, we make bad financial decisions. I can relate to each problem. My two main tips for you are these: track your personal spending and think about how much you would have to work when deciding to buy something. I use an app called Mint to help me track my spending. Check it out. It really opens your eyes to see what areas you are not handling well. The second tip really enlightens you if you work an hourly job. Say you're thinking of buying a jacket for $60. You may reason it's on sale, but if you make minimum wage, that is 9 hours of work -- before taxes. Using that strategy will help you make better decisions.

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Kacie Sandlin

Kacie Sandlin

A-Team Member

Don't be a personal ATM. Even though it's a sincere gesture to loan a friend a spare dollar for a soda, that can pave the way to a destructive path concerning money. One week could only call for a soda, but before you realize it you've shoveled out the money for their rent. Be sure that friends are genuine before agreeing to loan money to them. Otherwise, you'll be stuck in a hole where your money continues to fall to the bottom. That leaves you with two choices: dig to reach your lost funds or throw all the excess dirt on the friendship.