Fast Fin Lit Tip #1: With the passage of the SECURE Act in December 2019, graduate students are now allowed to contribute to retirement savings accounts, such as IRAs and Roth IRAs. The yearly contribution is capped at $6,000 per individual. Please note that due to federal laws, graduate students may not use their stipends to contribute to the University's retirement savings plan. Graduate students are encouraged to research their external retirement plan options, which are offered by most banks and retirement benefit providers.

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Fast Fin Lit Tip #2: One of the best ways to save money is to "set it and forget it." Automating your finances allows you to establish strong financial habits, without the headache of constantly remembering what you need to do by specific dates. Examples of automations include monthly transfers to a savings account, yearly IRA contributions, and scheduled bill payments, such as for rent and credit card bills. 

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Fast Fin Lit Tip #3: As we adapt to the realities of COVID-19, we know that many Princetonians will be scattered around the globe rather than returning to New Jersey for the start of classes. For graduate students, especially those who receive University stipends, it's extremely important to make sure you're signed up for Direct Deposit with a US-based checking or savings account. Unlike checks sent in the mail, which can be lost or delayed if you move addresses due to COVID-19, Direct Deposit is quick, easy, and allows your stipend to process remotely without any delays. Find out more here: https://finance.princeton.edu/our-organization/covid-19-finance-and-treasury-business-operations

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Fast Fin Lit Tip #4: It's time to start thinking about your 2020 taxes, if you haven't done so already. For domestic students, Princeton graduate stipends do not have taxes automatically withheld. Conversely, for international students, your stipends automatically have 14% withheld--unless your country has a specific tax treaty pertaining to fellowship income with the U.S., which you can check on Glacier. But regardless of your citizenship status, it's your responsibility to carefully verify how much you owe to the IRS, which will vary by your specific situation (income levels, investments, etc.). Spending some time now to budget and pay your taxes can help you avoid expensive repayments later in the year. For more information, visit this website, where the Office of Finance and Treasury has compiled resources: https://finance.princeton.edu/risk-management-tax-rents-mortgages/tax-compliance.

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Fast Fin Lit Tip #5: It’s easy to overspend on impulse buys when you aren't paying close attention to your finances. Tracking your spending helps you to keep your financial goals in mind. This can be as simple as writing down your spending on a small paper in your wallet or purse, or it can be a more sophisticated method, like tracking expenses on Excel or via budgeting apps. Regardless of how you do it, tracking your spending and minimizing impulse purchases will help you get to your bigger financial goals more quickly.

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Fast Fin Lit Tip #6: Given the increasing risk of identity theft, it’s important to monitor your credit report regularly to make sure your account is not impacted by fraudulent activities. You can access a free credit report from each of the three reporting agencies–Experian, TransUnion, and Equifax–at this link. Furthermore, you can take preventive measures to decrease your risk of identity theft, such as creating strong passwords for financial information; deleting suspicious spam or phishing emails; maintaining secure browsers and virus protection for your computer; and safeguarding your personal information online.

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Fast Fin Lit Tip #7: Setting up a savings account with automated transfers from your paycheck or stipend can help you prepare for "rainy days"--that is, moments of high unexpected expenditures, or times when you may not be making any income. Whether the financial challenge is small or large, you can make sure you're ready with at least three to six months of living expenses--meaning money for food, rent, and other basic expenses-- set aside in your savings. Especially given the continued financial impacts of the COVID-19 pandemic, it's more important than ever to be financially prepared for whatever unexpected challenges that may arise.

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Fast Fin Lit Tip #8: Each credit card you use will have a certain credit maximum that you can't exceed, such as a $10,000 or $20,000 limit. But your goal shouldn't  be to use all of the money available to you on credit. Rather, when you use most of the credit available to you, this has a negative impact on your credit rating. Limit your credit use to 30% or less of your available credit.

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Fast Fin Lit Tip #9: You may need some tough advice from time to time to help you stay on track to reach your goals. Having a financial accountability partner can help with that, as they can help you talk through your financial decisions, whether big or small. Your financial accountability partner doesn't have to be a finance professional--it could be a friend, a partner, a co-worker, or someone else. Just pick someone who you can be completely honest with and who truly has your best interest at heart.

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Fast Fin Lit Tip #10: Unsubscribe from promotional emails. It's easy to make an impulse buy when your favorite brand is having a flash sale, or if you get an alert about promotions with your preferred food delivery service. Unsubscribe from those promotional emails to avoid the temptation!

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Fast Fin Lit Tip #11: Tracking your net worth is a very under-utilized financial tool that can give you a snapshot of your financial progress over time. All of the budgeting hacks and savings tools are great, but sometimes it’s easy to get off-track when using them. Tracking your net worth can be a great way to analyze where you’re currently at and how far you’ve come over the years, which can provide more motivation to continue improving your financial picture.

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Fast Fin Lit Tip #12: Prioritize your physical and mental health, even in times of stress. Not only does staying healthy improve your quality of life, but it can also help you to significantly decrease your medical expenses. Furthermore, poor lifestyle habits (like smoking) can be bad for your health and for your wallet.

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Fast Fin Lit Tip #13:  Pay more than the monthly minimums on your credit cards. While compound interest can work in your favor in terms of bolstering savings and investments over time, it can also work against you by dramatically increasing the size of your debts. This is especially the case when you take on high-interest debts, such as credit cards that charge 19% interest.

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Fast Fin Lit Tip #14: Implement the 72-hour rule. Before making any impulse purchases, or just a large purchase in general, pause and take 72 hours to think it through. After 72 hours, you will likely have forgotten about the purchase entirely -- and you may have saved yourself hundreds of dollars in the process! Over time, this rule can be the difference of saving thousands of dollars, and can help you shift your spending habits to focus on things that actually add value to your life and align with your long-term financial plan.

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Fast Fin Lit Tip #15: Increase your savings rate as your income increases. As you start to earn more money and increase your total income, it’s important not to let go of your good financial habits. When your income increases, you should strive to increase the amount you’re saving on a monthly basis, and not the amount you're spending.

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Fast Fin Lit Tip #16: Take advantage of employer-matched 401(k) and HSA (health savings account, which allows you to save money tax-free against medical expenses) contributions when available. Every plan through your employer will likely be structured differently, so it’s important to carefully read through your compensation and benefits package in detail to fully understand how to best utilize these programs. Remember, these programs exist for a reason, and by not taking advantage of them, you're passing up opportunities to help fund your retirement.

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Fast Fin Lit Tip #17: If you find yourself consistently overspending on your budget, take a break from the credit cards and use cash instead. Research has shown people spend more on average when paying with a credit card, both because it's easy and because the pain of spending feels reduced. So take a break from the plastic and break out the cash instead!

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Fast Fin Lit Tip #18: You can negotiate more than just your salary at a job interview. Your work hours, official title, maternity and paternity leave, vacation time, and which projects you’ll work on could all be things that a future employer may be willing to negotiate. These non-monetary benefits can still add real value to your quality of life.

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Fast Fin Lit Tip #19: It's important to stay vigilant to spot potential scams. Even as a student, scammers can target different aspects of your financial life -– from finding a new apartment to getting a scholarship –- in the hopes of compromising your financial security. Stay alert and read up on tips here.

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Fast Fin Lit Tip #20: Keep separate savings and checkings accounts. Here’s a universal truth: If you see you have money in your checking account, you will spend it. Period. The fast track to building up savings starts with opening a separate savings account, so it’s less possible to accidentally spend your vacation money on another late-night online shopping spree. Set up automatic deposits from your checking account to your savings account to make this process even more seamless.

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Fast Fin Lit Tip #21: Try DIY as a way to save money during the holidays. Instead of spending too much money on store-bought decorations and gifts, break out the DIY supplies! In addition to saving money, DIY can be a great stress reliever, and you can also customize your creations to your heart's content. For cheap DIY supplies, check out consignment stores and budget stores.

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Fast Fin Lit Tip #22: Pay attention to fees when you invest. The fees you pay on your funds, also called expense ratios, can eat into your returns. Even something as seemingly low as a 1% fee will cost you in the long run –- so be cognizant and compare options to find the right investing options for you.

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Fast Fin Lit Tip #23: You can have too much money in savings. It's rare but possible. If you have more than six months' savings in your emergency account (nine months if you're self-employed), and you have enough money socked away for your short-term financial goals, then it's time to start thinking about investing.

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Fast Fin Lit Tip #24: Evaluate purchases by calculating the cost per use. It may seem more financially responsible to buy a trendy $5 shirt than a basic $30 shirt—but only if you ignore the quality factor! When deciding if the latest tech product, kitchen gadget, or clothing item is worth it, factor in how many times you’ll use it or wear it. It can be worthwhile to spend more on items you know you'll love and use for years to come.

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Fast Fin Lit Tip #25: Create a financial calendar. If you don't trust yourself to remember to pay your quarterly taxes or periodically check your credit report, think about setting appointment reminders for yourself to complete these tasks.

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Fast Fin Lit Tip #26: When observing the spending habits of others, remember that the benefits of buying are public, but the downsides are private. It’s easy to capture the fun of a new purchase or an expensive vacation on social media. But no one posts a selfie when they’re shocked by their credit card bill or learn that they have a poor credit score. Especially when it comes to money, someone’s financial appearance can be very different than the whole picture.

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Fast Fin Lit Tip #27: If you have extra money in your budget, consider making a charitable donation. The COVID-19 pandemic and the associated economic and social impacts have devastated many in our communities, from friends and family to local businesses to city governments. If you have some money to spare, consider giving to someone in need or to a charitable organization — your contribution might be needed now more than ever.

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Fast Fin Lit Tip #27: Now is the time to start investing! Because of the power of compound interest, the money you put into investments today will yield higher returns for you in the future, and these benefits increase over longer stretches of time. Investing in your twenties and thirties will mean financial security and stability for decades to come. Check out this handy compounding interest calculator from NerdWallet to see how this could work for you.

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Fast Fin Lit Tip #28: Use the new Net Pay Tool within My Financials in TigerHub to understand how the University calculates the take-home pay you receive each month and to forecast your future income and expenses for your own financial planning purposes. To access the Net Pay Tool, navigate to the Student Financial Center tile in TigerHub, open My Financials, and click on the calculator icon.

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Fast Fin Lit Tip #29: Take a daily money minute. This 60-second act helps you to identify problems immediately, keep track of your goal progress, and set your spending tone for the rest of the day!

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Fast Fin Lit Tip #30: If you are banking online, take the utmost precautions. For example, you should avoid checking your banking information on public, non-protected WiFi (e.g. at Starbucks), as they are much easier to hack. Make sure to update your passwords frequently and follow all password parameters on sites (the more complicated the password the harder it is to hack your account). And finally, never provide personal information like your bank account number or social security number online or over the phone unless you are certain you are dealing with a trusted source. When in doubt, don’t do it!

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 Fast Fin Lit Tip #31: If you are a renter, make sure you have robust rental insurance. Renters insurance is crucial to protecting the contents of your home from unexpected events, like burglary or a fire. Most rental insurance policies are also fairly inexpensive, so shop around to find the best rates and coverage for your needs.

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 Fast Fin Lit Tip #32: Take inventory of your subscriptions. If you're using autopay on all of your subscriptions, now is a great time to make sure you're actually tracking each one. Otherwise, you may be paying for subscription services that you don't really want or need.

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Fast Fin Lit Tip #33: Save money by cooking more meals at home. Rather than daily orders of your favorite fast food or expensive restaurant meals, now is the time to brush up on your cooking skills. If you need recipe ideas, check out budget food websites like Budget Bytes, which can help you learn how to make fast, nutritious, and cheap meals at home. 

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Fast Fin Lit Tip #34:  If you're planning to move this summer, think about buying secondhand furniture. Furniture depreciates very rapidly, meaning that it will quickly lose value relative to the initial cost you pay at the store due to normal usage. Rather than buying all brand-new furniture, consider buying secondhand as a way to save money and decrease waste. You can find great deals online, or you can check out local thrift stores as well. Happy bargain hunting!

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Fast Fin Lit Tip #35: Before you sign any rental agreement, make sure to read the fine print. Every rental lease is different, and your preconceived expectations about your landlord or management's responsibilities might not be reflected in the actual legal document. To avoid any unpleasant surprises, especially if something goes wrong, make sure to understand the full details of what you're agreeing to first.

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Fast Fin Lit Tip #36: Consider buying off-brand products. If you're looking to save some cash, one easy way to do so is by buying off-brand or store-brand products, rather than your favorite name brands. Generally speaking, off-brand products will have a nearly identical makeup to your favorite name-brand options, but will be a fair bit cheaper because they don't have fancy marketing campaigns. You can buy off-brand soap, cookies, cereal, and much more: the possibilities are endless!

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Fast Fin Lit Tip #37:  The IRS has extended the tax filing deadline for 2020 taxes. The new deadline for filing taxes is May 17, 2021. Quarterly estimated tax payment deadlines remain unchanged.

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Fast Fin Lit Tip #38:  This summer, consider drafting a financial vision board. If you struggle with the motivation to start adopting better money habits, crafting a vision board with your goals can help! The vision board can also serve as a visual reminder of your goals, to help you stay on track with the budgets you've set.

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Fast Fin Lit Tip #39:  Now is the time to work on improving your credit. There are multiple steps you can take, including working with a nonprofit credit counseling organization to tackle your debt; opening and using a secured credit card responsibly; consistently paying your bills on time and in full; keeping your credit cards open over the long-term; and quickly disputing any credit errors. Remember, you can also track your credit history with a free yearly credit report, a service offered by Equifax, TransUnion, and Experian.